At number 1044th in the list of Australian suburbs ordered by increase in median house value over the last year, Geelong, 3220 is in the top 30% with a property value increase of 11.28% recorded in median house prices.
Geelong,3220 was ranked 3483 in Australia by increase in median property value over the quarter.
Sellers are offering property buyers an average discount of -5.43% to buyers in Geelong at the moment, which is less than average for the rest of VIC.
On average over the past year, suburb has had 7.67 sales per month, which equates to 92 per year.
Geelong, 3220’s gross rental yield is 3.03%
Geelong has had a very poor year for property investment returns compared to the rest of VIC, giving investors a capital gain of -23.53% to date .
When looking at the potential capital gains offered to property investors over the last 3 years, Geelong comes in at number 357th in VIC.
At number 68th of VIC’s most discounted properties, Geelong is in the bottom 30% of the state/territory when listing in order of most discounted to least.
Using the current median advertised rental of $350 and the average annual increase in value of a median property of 1.87%, investors should hope to achieve an overall return of 4.00%
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.