Geelong is in the TOP 20% in VIC when comparing median price capital growth over the last year. Geelong gave property investors a very good capital gain figure when compared to the rest of the state, with 8.14%.
Geelong,3220 was ranked 473 in Australia by increase in median property value over the quarter.
Geelong3220 is located in VIC which offers an average discount of -6.82% to property investors. Geelong itself is showing figures that indicate -5.43% is the average achievable by property buyers investing in the suburb.
With the median price for a house in Geelong being $757000 and the advertised rent reaching $430 the gross rental yield for property investors calculates out to be 2.95%
Property investors who have had real estate in Geelong, 3220 should be pleased with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 14.29%
Comparing Geelong,3220 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
Property investors looking for a bargain in Geelong should be aiming for at least -5.56% off the asking price, which is the average vendor discount being achieved at the moment.
At number 210 in a list of fastest selling suburbs, Geelong is in the TOP 20% of suburbs in Australia with an average of days on market 58.16 for properties listed there.
Property investors should expect to get $380 weekly from the median priced house in this suburb.
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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.