Property value increases in Geelong have tracked close to the VIC average of 11.63% over the last 12 months.
When looking at the potential capital gains offered to property investors over the last 3 years, Geelong comes in at number 333th in VIC.
LACK OF BUYER INTEREST may well be the reason that Geelong is offering property investors an average of -5.00. This rate of discount on properties puts Suburb at number 173th in terms of most discounted suburbs in VIC
With the median price for a house in Geelong being $690000 and the advertised rent reaching $395 the gross rental yield for property investors calculates out to be 2.98%
VIC has seen average median house prices change by 6.52% which means that Geelong, 3220 has done well for property investors by showing a capital gain of -3.51% over the last year
Geelong,3220 was ranked 1663 in Australia by increase in median property value over the quarter.
Vendor discounting in Geelong is giving property investors an average Vendor Discount of around -6.15%. This puts suburb at number 56th in VIC when ranking the most discounted suburbs.
In the last year 48 properties changed hands in Geelong, which puts it as the 187th most active market in VIC when comparing the number of sales per suburb.
Geelong, 3220’s gross rental yield is 3.68%
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.