Over the last year, property investments in Geelong, 3220 have given investors a capital gain of 0.00%. This compares averagely with the 2.87% for VIC as a whole.
When looking at the potential capital gains offered to property investors over the last 3 years, Geelong comes in at number 313th in VIC.
At number 265th of VIC’s most discounted properties, Geelong is in the middle of the state/territory when listing in order of most discounted to least.
At number 515th in the list of Australian suburbs ordered by increase in median house value over the last year, Geelong, 3220 is in the top 40% with a property value increase of 3.98% recorded in median house prices.
Over the longer term, Geelong has seen property prices show investors a 25.43% return over the last 3 years. This is worse than over the last 12 months
In the last year 59 properties changed hands in Geelong, which puts it as the 134th most active market in VIC when comparing the number of sales per suburb.
A $420 per week rent on the median house gives suburb investors a gross yield of circa 3.70%, without taking into account capital value appreciation, which has been averaging out at 6.88%.
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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.