Liveable cities by the sea offer attractive investment opportunities, however Geelong is racing into the spotlight for more reasons than one.
Victoria’s second largest city offers a holiday lifestyle within an easy commute of Melbourne. The charming city attracts ‘sea-change’ and ‘tree-change’ investors, as well as tourists, with the Great Ocean Road and the Surf Coast on its doorstep. Then there’s the bulk handling port, Avalon Airport and improved rail and road links, to make life easy. Exciting industry growth in education, scientific research, health and tourism adds to significant infrastructure plans across the region. It’s no wonder, therefore, that the population is one of the state’s fastest growing, second only to the Melbourne metropolitan area. In terms of diverse investments, Geelong offers a wealth of opportunities, now and into its sparkling future.
The population for the city of Greater Geelong is expected to rise to 393,216, between now and 2041. Forecasted to see the strongest growth is Armstrong Creek, with the potential to increase at 9.06% per year. Following closely behind is Northern and Western Geelong, with the largest urban growth project in regional Victoria predicted to accommodate more than 100,000 new residents. In over a decade, more than 5,000 jobs were created in the region, due to a health care and social services boom. With job growth soaring, Geelong’s economy has seen rapid transformation towards a bright future.
Geelong will be substantially funded by both federal and state governments to sustain and grow the population, with major infrastructure being constructed including the $4 billion Geelong to Melbourne Fast Rail project, the $600 million Geelong Health Precinct and $200 million investment in Geelong's new civic Precinct. Further infrastructure is also being planned with the extension of the Geelong Ring Road to improve commute times between North and South of region.
Geelong's city centre is being redesigned, with the $200 million new civic precinct providing a new focal point. Designed by world renowned Cox Architects, it will feature beautiful and sustainable mass engineered timber design, providing a contemporary workplace for Geelong based employees and over 2,600 square metres of new community space.
With rapid population growth and a construction boom, Geelong is a leader in the Victorian property market. House prices have steadily climbed in the region with the median Geelong house price now $838,814, and the newly established suburb of Armstrong Creek has a median price of $792,757. Geelong provides outstanding transport options, diverse economy and focus on innovative industry. Geelong's inviting mix of business, education and please is a property investors dream.
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