Affordable, accessible real estate
There are two words that seem to crop up in every conversation about real estate in and around Geelong - affordability and accessibility. The area, it seems, is strong on both. Wayne Mackay of Hayden Real Estate says buyers can get a good block of land, near the centre of Geelong, for between $115,000 and $185,000. "Real estate is considerably more affordable here, particularly in the fringe areas around Geelong. Certainly it costs much less than property in the fringe around the Melbourne CBD. "And, with the new Geelong Ring Road, these outlying and suburban areas are only 10 to 15 minutes from the centre of town," Mr Mackay says. First-home buyers and investors can buy units for between $115,000 and $145,000, depending on the size. "And $350,000 will certainly get you a very nice house," he says. "With lower interest rates and the first home buyers grant we are already seeing a surge in land and home sales in the Greater Geelong area. "We are finding a lot of people in the suburbs between Melbourne, Werribee and Geelong are keen to buy into this area. "And a lot of people have been buying into the Geelong area due to the decision by the TAC (Transport Accident Commission) to locate their headquarters here." David Andrews, of Ray White Real Estate in the shire of Golden Plains, agrees the local property market is healthy but still affordable. "The last couple of months have been great for sales that have been triggered by softening real estate prices and lower interest rates," he says. In Bannockburn, which is the centre of the Golden Plains area, new commercial properties in the town's shopping strip are attracting interest from buyers who are keen to invest. "Most residential investment properties are offering around a six per cent return, which has been unheard of in real estate in the last few years. And it also means good potential for capital gains on developments," Mr Andrews says. Home buyers are also in luck in the greater Geelong area. "If you are looking in Golden Plains, $320,000 buys a threebedroom brick veneer with a study and double garage. That's better value than Melbourne certainly, or even Geelong proper." And a house out of town on about two or three hectares will set you back about $450,000. David credits the new Geelong Ring Road that extends along Geelong's western outskirts and links the Princes Freeway at Corio to the Princes Highway at Waurn Ponds, with improved accessibility. "It means Bannockburn is now just 10 minutes from Geelong, and it makes a drive to Melbourne possible in under one hour." About 3000 housing lots have been approved for development. "We currently have 14 units in development to be built around Bannockburn, and they are popular with retirees because they are close to the town centre, and offer low maintenance." But the undiscovered jewel, he said, is the Moorabool Valley. "It is very picturesque and in a good growing region with plenty of wineries." |
More Geelong Investor News
