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Property investors enjoyed capital gains of 12.98% over the last 12 months in GEELONG, translating to lower returns compared with its peers in VIC.
A survey of average capital gains or median home price increase in suburbs across the country shows that the VIC suburb obtained a 6.4% growth over a ten-year period. It ranks 3760th on our list of suburbs that property investors should look into.
GEELONG, 3220 has a capital gain of 12.98% for the past year, which is higher than average compared to its 48.68% growth within a five-year period.
With the median home price in GEELONG sitting at $901,000, and the average rent at $430, property owners could potentially earn a 2.48% increase in gross rental yield.
A 12.98% increase in median property prices in GEELONG, 3220 has allowed this suburb to join the ranks of best performing suburbs in VIC, settling at number 51st.
Figures from the previous quarter show that capital gains for real estate buyers in GEELONG are low, as opposed to average gains per annum over the past five years.
GEELONG, 3220 in VIC belongs to the local government area of Greater Geelong (C).
Even before achieving port autonomy at the turn of the 20th century, Geelong had already cemented itself as an epicenter of trade and commerce in Australia’s south coast. Its port had been used to ship wool (the city’s primary raw material export), gold produced in neighbouring Ballarat, as well as frozen meat goods, to other global markets. Opportunities rapidly opened up the seaside district to unprecedented expansion, following the establishment of its port authority in the early 1900s and the local government’s drive to revitalise industries.
It was also during this era that the city was recognised as a learning capital, following the founding of several notable academic institutions, including the prestigious Geelong Grammar School. Nowadays, however, Geelong isn’t just known for its wool and education industry, but also for its manufacturing, health, tourism and retail segments. Tourism, in particular, remains a booming business; it only takes a stroll along Great Ocean Road or Eastern Beach to understand why.
Geelong population boom
From 20,000 citizens in 1917, Geelong’s population now numbers by hundreds of thousands; it is forecasted by the city of Greater Geelong Council to further swell to 239,003 this year. The soaring population is helping buoy the average house price in the city: a single home could fetch $600,000, while a condominium unit could set buyers back by $516,000. Prices are on the rebound for both property types, thanks to a surge in demand over the past three to five years. Still, houses remain the property of choice for residents in Geelong.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||12.98%||7.44%|
|Median 3 years||29.45%||22.08%|
|Median 5 years||48.68%||26.71%|
|10 years average annual||6.4%||3.21%|
|Weekly media advert. rent||$430||$420|
|Time on Market||63.9 days||71.7 days|
|Gross Rental Yield Percent||2.48%||3.36%|