A new report highlights the areas in Geelong expected to experience growth in home prices, alongside a noticeable rise in residential property sales. Geelong recorded an increase of more than 39% in quarterly residential sales volume over the past year.
Analysts at Hotspotting ranked regional Victoria as the top future market according to the Autumn Price Forecast Index. The report indicates an accelerating recovery in the local property market, driven by the return of buyers and young investors.
The report covers 39 areas across Geelong where sales rates point to future growth potential. Most suburbs received positive ratings, with the exception of central Geelong, Waurn Ponds, Torquay, and Jan Juc, which are still in recovery phases.
The report identified promising growth areas such as Corio, Drysdale, East Geelong, Grovedale, Lara, and Ocean Grove. Quarterly sales in Geelong increased from 1,644 to 2,310 over the past year. Corio, in particular, saw significant growth, with sales rising from 16 to 43 over six quarters, while Ocean Grove recorded an increase from 69 to 117 over seven quarters.
According to Terry Ryder, founder of Hotspotting, the strength of the property market is directly linked to a diverse and robust local economy that creates jobs, boosting demand for housing, whether for rent or purchase.
The report comes alongside a new index showing that Greater Geelong continues to hold its position as the second most popular regional destination for businesses and individuals seeking a new environment outside major cities. However, migration to the area declined by nearly 14% over the past year.
Ryder noted that Geelong’s proximity to Melbourne makes it an attractive relocation destination, as many people prefer to stay connected to a major capital city while having the flexibility to work remotely, further enhancing its appeal as a residential and future investment location.
