Geelong has had a quite poor year for property investment returns compared to the rest of VIC, giving investors a capital gain of 8.83% to date .
The five-year average increase in median property values for Geelong,3220 has given property investors a potential capital gain of 41.18% across each of those five years.
Vendor discounting in Geelong is giving property investors an average Vendor Discount of around -6.53%. This puts suburb at number 148th in VIC when ranking the most discounted suburbs.
A $400 per week rent on the median house gives suburb investors a gross yield of circa 3.10%, without taking into account capital value appreciation, which has been averaging out at 6.98%.
Property value increases in Geelong have tracked just lower than the VIC average of 4.90% over the last 12 months.
Over the longer term, Geelong has seen property prices show investors a 0.00% return over the last 3 years. This is an improvement over the last 12 months
Property investors looking for a bargain in Geelong should be aiming for at least -6.82% off the asking price, which is the average vendor discount being achieved at the moment.
Often selling an investment property can take time, and in Geelong the average time real estate has been on the market is 131.95 days.
The VIC suburb of Geelong, 3220 is in the Greater Geelong local government area.
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.