Geelong property market benefits from Melbourne buyers and remote work as V/Line trains fill

Geelong has been one of the most significant beneficiaries of the Melbourne regional migration that the pandemic normalisation of remote work enabled, with the city's combination of an established urban centre, coastal access, quality health and education infrastructure and a V/Line rail connection to Melbourne making it a natural first choice for Melbourne households seeking a regional lifestyle without sacrificing metropolitan connectivity.

The property market response to this demand shift has been substantial, with median prices in Geelong and its surrounding suburbs recording growth that, while moderating from the extraordinary rates of the pandemic years, remains above long-term historical averages. The structural shift in demand has left prices at a permanently higher level relative to the pre-pandemic trajectory.

Surf Coast suburbs including Torquay, Jan Juc and Anglesea, which fall within the greater Geelong region, have been particularly strongly sought by Melbourne buyers seeking ocean lifestyle at prices that remain below the premium demanded by the Mornington Peninsula's most popular communities. The Great Ocean Road's proximity to Torquay has made the area's appeal self-explanatory to buyers who have visited the region.

First home buyers in Geelong face a market that has become noticeably less accessible than it was before the migration wave, with entry-level properties in the inner and middle suburbs now priced above the range that local wage growth has been able to keep pace with.

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