Geelong demographics shifting as migration boosts population: HTW residential
Geelong’s demographic profile continues to diversify, according to the latest Herron Todd White (HTW) residential report.
The valuation firm took look at what's bring new residents to residential markets, or conversely, driving them away.
The report notes in 2011, the top five countries of birth for people in Geelong apart from Australia were England, Italy, New Zealand and Croatia.
In 2016, the structure of the top five countries of birth had changed with India taking fourth place in the chart and making up almost 1% of the total population of Geelong.
Those born in South-East, North-East Asia, Southern and Central Asia have increased significantly in numbers and percentage not only in Geelong but across Melbourne and Victoria as a result of overseas migration.
According to Australian census data, Geelong’s population is continually growing in size.
Looking back on the last eight years of Geelong’s population change to 2016, the growth rate was very strong, ranging annually from 1% to 2%.
"Geelong is characterised by the recently revitalised Waterfront precinct and newer residential areas of Geelong further out of the city’s CBD," the valuation firm said.
"Geelong is still affordable for buyers representing strong opportunities for investors and owner-occupiers."
Though the median house price for greater Geelong as at June 2019 was between $400,000 and $600,000, buyers could still get a near-new, three or four-bedroom house for close to $400,000.
A three bedroom house at 17 Celesta Road, Lara (pictured below) has recently been sold for $406,000.
The home comprises three bedrooms, open plan kitchen, single garage, and landscaped front and backyards.
It's located five minutes away from Lara Shopping Village, the Centreway shopping strip, Lara library and Community Centre.
Another example was a four bedroom family house at 6 Chucklecreek Lane, Armstrong Creek (pictured below) which was sold for $456,000.
The home comes with four bedrooms, kitchen with gas cooktop, remote double garage and split system cooling.
It's located walking distance to public transport, parks/reserves, The Village shopping centre and Armstrong Creek school.
"The recent local infrastructure projects including an extension of railways, continuous improvement of Geelong’s activity centres together with Geelong based Deakin University community operations undoubtedly influence the growth of the local economy and stimulate potential property market participants."
