Geelong remains sought-after among investors: HTW residential
Geelong has managed not to enter into the new restrictions currently being enforced across Melbourne which has required all hospitality to once again shut up shop and everyone to stay at home unless they’re heading to an essential service, according to the August Herron Todd White (HTW) residential report.
The valuation firm presented an 'investor playbook' of real estate performance within each service area.
It’s unknown whether or not Geelong will also have to re-introduce these restrictions as Victorian cases soar higher by the hundreds every day, the report notes.
"Once again, the level of uncertainty we are currently facing is extremely high and it has caused many to take a more conservative approach to the property market over the past few months, holding off on making any investment purchase," the valuation firm said.
On a positive note, as Geelong has not slipped back into harsher COVID-19 restrictions, the economy continues to rebuild and this can only rub off positively on the property market.
After months of waiting, many may now launch into that investment purchase they have been holding off on from prior months.
Geelong remains a seriously sought-after region as it continues to expand in just about every facet with affordability compared to Melbourne being the number one driving force.
"You can most definitely get much more bang for your buck sifting through Geelong’s property market compared to Melbourne’s and this is highly attractive to many possible investors such as first home buyers or those looking to upgrade or upsize their current home.
"It’s a very active region for all types of investors and for good reason," the valuation firm said.
A renovated four bedroom house in Belmont has recently been sold for $912,500.
The home at 8 Downshire Road (pictured below) comprises four bedrooms, two living zones and self contained bungalow.
The property was last sold for $470,000 in 2013.
A current listing a Geelong two bedroom apartment with views across Corio Bay.
The north-facing apartment at 1402/18 Cavendish Street (pictured below) has been listed with $829,900 hopes.
It comes with living room with double glazed windows, kitchen with dishwasher and single car space plus lockable storage area.
