Investment property in Geelong has done well for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 12.70%
The five-year average increase in median property values for Geelong,3220 has given property investors a potential capital gain of 22.83% across each of those five years.
The most recent median price for Geelong is $608000, with sellers offering an average of -5.64% off the asking price.
A $380 per week rent on the median house gives suburb investors a gross yield of circa 3.25%, without taking into account capital value appreciation, which has been averaging out at 6.76%.
Investment property in Geelong has done pretty poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -1.86%
Taking the average capital gain, or increase in median house value, Geelong,3220 has racked up an average of -1.86% over the period. This ranks it number 1124th in the whole country for real estate investors looking at median house price increases.
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.33% offered to property buyers. Sellers in Geelong itself are offering an average vendor discount of -6.38% to real estate investors.
Property investors should expect to get $350 weekly from the median priced house in this suburb.
It’s no surprise that Geelong made Your Investment Property's top 100 in 2012, as this is one town that’s being spoken of with high regard in the property investment world Full summary
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It’s no surprise that Geelong made Your Investment Property's top 100 in 2011, as this is one town that’s being spoken of with high regard in the property investment world.
Looking ahead, the completion of the first stages of the $380m Geelong Ring Road and the mooted regional rail upgrade are expected to attract more Melburnians to this cheaper, quieter satellite city.
“The Geelong ring road has also been under construction for a couple of years,” says hotspotting.com.au founder Terry Ryder. “Geelong used to be a huge traffic bottle neck, so it’s more conceivable for people to live in Geelong and work in Melbourne.”
With median prices creeping up towards outer-Melbourne territory, there are question marks over its long-term growth prospects. That said, its medium-term outlook is strong, but keep an eye on whether local and state government initiatives succeed in putting Geelong on the map as a strong regional employment hub in its own right.