Geelong's remarkable expansion and dynamic growth continue to shape its vibrant community, presenting unparalleled opportunities for real estate clients and vendors. The latest developments and economic achievements highlight the city's trajectory, offering a wealth of prospects for investment and lifestyle enhancement.
Job Growth Surge
Geelong is on the cusp of unprecedented job growth, with 40,000 new positions projected over the next five years. According to KPMG's Enterprising Cities Report, Geelong's growth rate of 3.1% outpaces the national average of 2.3%. This economic surge underscores Geelong's transformation from a manufacturing hub to a diversified economy encompassing health, construction, and more. For potential clients and vendors, this economic vibrancy translates into a robust real estate market, ripe with opportunities for residential and commercial investments.
Healthcare and Social Assistance
Development The latest data reveals that healthcare and social assistance are now the largest employment sectors in Greater Geelong, with a staggering 30,838 jobs. This sector alone created 3,768 new jobs in 2022-23, underscoring its pivotal role in the local economy. As a prospective real estate investor, the growth in healthcare facilities, including hospitals, aged care, and childcare services, highlights the potential for residential developments and commercial spaces that cater to this burgeoning industry.
Diversified Economic Growth
Geelong's economy is marked by diversification, with significant growth in professional, scientific, and technical services, as well as agribusiness and manufacturing. This balanced economic expansion fosters a resilient real estate market, with varied opportunities across different sectors. The addition of 1,700 new jobs in professional services alone signifies a growing demand for office spaces and residential properties catering to professionals, making it an opportune time for real estate ventures in these areas.
Attractive Migration and Lifestyle
Geelong has emerged as a prime destination for internal migration, particularly among millennials seeking both career opportunities and lifestyle benefits. The Regional Movers Index places Geelong as the third most popular region in Australia for net internal migration. This influx of new residents drives demand for housing, stimulating the property market and offering promising prospects for real estate developers and investors aiming to cater to a growing and dynamic population.
Geelong's property market has consistently demonstrated resilience and growth, with the median house price doubling from 2013 to 2023. As we progress through 2024, the echoes of this property boom resonate even louder, solidifying Geelong's status as one of Australia's hottest real estate markets. Suburbs like Armstrong Creek and Charlemont continue to flourish, heralding a golden age for real estate investment. Area Specialist Geelong City remains your steadfast partner in navigating this evolving landscape. With our expertise and commitment, we stand ready to guide you through the myriad opportunities that Geelong's dynamic growth presents. Embrace the future of real estate with us, and let's explore the expanding horizons of Geelong together.