Buying an investment property in Geelong is a great choice for anyone looking to begin or expand their investment portfolio. Southwest of Melbourne, Geelong is a beautiful waterfront town consisting of older couples and families, young adults and established couples and families. With a high-demand market, Geelong is a sought-after area to live; therefore, investors will have no trouble finding a high-quality property and tenants to occupy it.
Release Property Management are based in Geelong and have been managing properties in the area for 14 years. As locals and passionate Geelong Property Managers, we’re providing a guide to everything you need to know when buying an investment property in Geelong.
The Geelong Property Market
Geelong has a high demand property market, with the median house price sitting at $840,000 and the median rent price at $415 per week. The majority of people living in Geelong are older couples and families, making up 17% of the population, independent youth who make up 16% of the population and finally, established couples and families who make up 14% of the population.
Due to this, the most sought-after properties will be three- or four-bedroom homes rather than one-bedroom units. When it comes to market demand, Geelong is high demand, with 962 prospective buyers and renters visiting properties on average. Buying a property in a high demand market will mean your chances of securing a fitting tenant are increased.
The Geelong Rental Market
Where the median house price in Geelong is relatively expensive, many who want to live in the area, but cannot afford a home will be looking to rent as an alternative. As mentioned before, the medial rent price is $415 per week, an affordable price, especially when split between a number of people in a share house.
As a result of recent changes to the workplace, with more people working from home, Geelong has seen an increase of renters moving from Melbourne to enjoy a more relaxed lifestyle. With this increase in demand for Geelong rental properties, landlords and property managers are seeing properties leased within two days of going on the market.
Geelong Amenities
As one of the most notable towns in Victoria, Geelong has a range of facilities that mean locals rarely have to leave the area to shop, play sport, receive medical care or dine out. As a waterfront town, Geelong has a range of different swimming pools such as the Bellarine Aquatic Centre, Lara swimming pool, Splashdown and Waterworld, just to name a few. For those who love to play sport, Geelong has a baseball centre, activity centre and the Geelong Arena. In addition, there is a range of community venues where locals can participate in activities and meet new friends. Some of the major shopping centres include Westfield Geelong, The Strand and Market Square.
Geelong Liveability
This year, Geelong was ranked among one of the most liveable regional cities in Australia. Many locals love living in Geelong because of its relaxed nature, yet plenty of opportunity for work. In addition, a trip into Melbourne city is only an hour’s drive, so locals have the luxury of being close to the big city while still experiencing a slower paced lifestyle.
Many who live and visit Geelong enjoy spending their weekends frequenting the many waterfront restaurants and bars, visiting the eastern beaches, the waterfront carousel or enjoying picnics in one of the many parks. There is also a selection of medical clinics and hospitals in the area, including the Geelong University Hospital and St John of God Geelong Hospital.
Release Property Management specialise in Geelong property management and are passionate about matching landlords with their perfect tenant. To find a property manager for your Geelong investment property, contact our team on 1300 853 857.