The duplication initiative for the railway line connecting Waurn Ponds and South Geelong and the possibility of fast railway connectivity as the key Melbourne Airport link will boost real estate markets and capital values of property in Geelong according to experts. Studies indicate that capital growth is strongly indicated for Geelong which has already witnessed superb growth over the last 4-5 years with new infrastructural developments, growth in the overall population and higher employment generation. Geelong is attractive for several buyers since Melbourne is only an hour away and housing is comparatively more reasonable here in terms of prices.
Several buyers are also eyeing future appreciation and growth in capital values which is spurring their investments in the area. In case the market keeps growing, capital values could increase by anywhere between 5-8% over the next few years in Geelong as per reports. Major railway projects that boost links between Melbourne and Geelong will serve to make the area more enticing for property buyers. The median home price stands at $576, 118 for Geelong as compared to $836, 112 for Greater Melbourne. There is growth in construction of apartments and other housing units in Melbourne but independent homes are still preferred by several buyers and this is where Geelong is drawing higher demand with its comparative affordability and growth in capital values.
These new infrastructural projects can definitely boost property markets here in the near future. There are several investors who are already looking to pump in capital for snapping up property in Geelong, anticipating skyrocketing future growth with more connectivity improvements and better infrastructure. While most of the suburbs in Geelong are already witnessing superb growth, the highest gains are forecasted for areas such as Waurn Ponds and Grovedale according to experts. Several buyers are considering property purchases followed by renovations for greater value in Geelong and this is driving the real estate market here.
Geelong real estate markets to benefit from new infrastructural developments