Everything Buyers Need To Know About Building And Pest Inspections
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Based on its average 5-year and quarterly capital gains CORIO, 3214 saw average growth in the long term.
A survey of average capital gains or median home price increase in suburbs across the country shows that CORIO, 3214 obtained a 7.07% growth over a ten-year period. It ranks 1199th on our list of suburbs that property investors should look into.
CORIO, 3214 in VIC belongs to the local government area of Greater Geelong (C).
CORIO, 3214 has a capital gain of 14.29% for the past year, which is lower than average compared to its 79.59% growth within a five-year period.
With the median home price in CORIO sitting at $440,000, and the average rent at $337.5, property owners could potentially earn a 3.99% increase in gross rental yield.
Figures from the previous quarter show that capital gains for real estate buyers in CORIO are low, as opposed to average gains per annum over the past five years.
Corio is a bayside suburb recognised for its longstanding industrial heritage. It is one of the largest suburbs in Geelong and is close to its central business district.
As an industrial town, Corio used to house the production facilities of major automotive and oil and gas giants, as well as mining and freight businesses. These companies engaged a huge chunk of the town’s workforce and were responsible for keeping the suburb’s economy in the pink of health. Many of its residents are skilled labourers, who take pride in the town’s earned reputation.
In its new life, the town is seeing a gradual departure from its heavy industrial past and is making way for quaint residential developments. Realtors report an increase in city dwellers buying houses in Corio due to its proximity to the CBD, and the size and price of the home and land packages on offer. In Corio, a three-bedroom home could set buyers back by an estimated $250,000.
Popular tourist spots
Points of interest in Corio include the Limeburners Lagoon State Nature Reserve, where one can get stunning views of the sea or go bird-watching. Another way is to cruise the Corio Bay by availing the services offered by a number of tourism companies in the area.
Other tourism destinations are a short drive away, such as Geelong’s National Wool Museum and Geelong Botanical Gardens. There’s also Eastern Beach's Baywalk Bollards – a popular, quirky attraction all around Geelong.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||14.29%||21.38%|
|Median 3 years||20.55%||70.48%|
|Median 5 years||79.59%||74.44%|
|10 years average annual||7.07%||7.13%|
|Weekly media advert. rent||$337.5||$295|
|Time on Market||39.0 days||49.3 days|
|Gross Rental Yield Percent||3.99%||4.09%|