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CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Thursday, 20 April 2017

Geelong leads the regions


Since the peak of the mining boom any number of regional centres are seriously struggling economically.

Some of the peri-urban centres located close to the capital cities are struggling a bit too with manufacturing industry closures.

However, relative proximity to the capital cities can still be a key driver of housing market demand. 

Reported CoreLogic this morning:

"Across the non-capital city auction markets, the Geelong region recorded the strongest clearance rate at 94.7 per cent."

Geelong has consistently recorded the highest auction clearance rates across the regional markets of late.

I noted a few of the likely driving forces of dwelling price gains here.

Geelong appears likely to catch the ripple effect outwards from South West Melbourne where median asking prices for houses have increased by more than 30 per cent in three years.

For units, asking prices have increased by more than 18 per cent over the past three years. 

Source: SQM Research

Geelong is located 75 kilometres to the south west of Melbourne, and is the second largest Victorian city. 

I recently analysed the latest population growth figures around the regions in more detail here