Published on August 15th, 2012
House prices on the rise in Geelong
Geelong is experiencing a property boom as investors snap up residential land and houses in the area, according to one source.
The Geelong Advertiser reports that interest in the region, which is an hour's drive from Melbourne CBD, is on the rise.
Building permits in the city continue to go up, and last month yet again topped the $40 million mark.
But it is plans to release a further 50,000 housing lots in the next 10-15 years that has caught the eye of homebuyers.
City council economic development portfolio holder Rod Macdonald said sustainable growth was a top priority for the region.
Cr Macdonald said that while building permit numbers can vary, the overall trend is towards increased investment.
"But what it does indicate, when you compare year on year, is that our market is holding up very well, and that's the message that I take from it," Cr Macdonald explained.
When asked about the key factors that were driving growth in Geelong, Cr Macdonald made it clear that building developments are helping boost the local real estate sector.
"I think it's potentially around the volume builders – the small guys are still finding it tough going to compete because there is a lot of competition at the moment and the volume builders seem to be getting the numbers through," he asserted.
At this point in time, the plans being put forward by council are still up for negotiation. However, it is clear that there is strong demand for property.
For buyers who are keen to invest, but might have been edged out at auctions in Victoria or other major cities, the chance to buy in a nearby location that is slightly more affordable may be an attractive option.