Geelong’s Mixed Property Market Fortunes

Geelong’s Mixed Property Market Fortunes
October 13, 2015 Simon Pressley

With a median house value of $390,000, Australia’s twelfth biggest city has experienced mixed fortunes over recent years.

Geelong

 

While its seaside lifestyle and affordable housing are positive attributes, the local economy has been quite fragile for a few years. Job losses have occurred at major employers including the Shell refinery, Alcoa, Qantas and the closure of Target’s headquarters.

The pending closure of Ford’s manufacturing plant in 2016 will see 3,500 direct job losses at the Geelong and Broadmeadows plant.

Geelong_Jobs-PropertyMarket_2000-2015.08

 

In a move to help boost jobs for the region, the Victorian state government is lobbying for traditionally strong manufacturing precincts such as Geelong to participate in the lucrative Australian Defence Force fleet upgrade, specifically the $10 billion Land 400 project.

In October 2015, a 20-year Master Plan was approved to pave the way for progressive expansion of the nearby Avalon Airport.

“Avalon Airport has the potential to be a very significant driver of jobs, new industries and economic growth. With the Federal Government’s commitment to help fund an international terminal (contingent on an international deal being concluded), I am very keen to see Avalon finalise a commercial deal to bring international flights to our region,” said Corangamite MP Sarah Henderson.

http://geelongadvertiser.com.au/news/geelong/avalon-airport-gets-green-light-for-major-development/story-fnjuhovy-1227565699280

In a historical sense, over the last 15 years, the property market of the Greater-Geelong local government was ranked 228 best of the total 550 local government authorities in Australia.

Fast Facts

Population 225,000

Population growth rate last 10 years 1.5% per annum (Aust avg 1.7%)

Population growth rate 2014 1.6% (Aust avg 1.6%)

Unemployment rate Aug 2015 6.2% (Aust avg 6.1%)

Median age 39 (Aust avg 37)

Median household income $1,049 (Aust avg $1,234)

Median house value $390,000

Median rent $330 per week

Median unit value $310,000

Median rent $280 per week

Propertyology are Australia’s most respected Buyer’s Agents, not just analysts.


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