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