Proposed Rezoning Set to Transform Geelong's Belmont Suburb

The City of Greater Geelong has proposed a rezoning of a 12-hectare site in Belmont, which could see the area transformed into a vibrant and densely populated hub, with a mix of residential, commercial, and recreational spaces.

This proposal comes at a time when the Geelong property market is experiencing a slowdown, with the median house price dropping to around $680,000, and sellers in the Melbourne commuter belt, including Geelong, opting for private sales over auctions. The proposed rezoning in Belmont could be the catalyst for renewed interest in the area, attracting new residents, businesses, and investment.

Locally, the proposed rezoning has sparked interest among residents and businesses in nearby suburbs, including Highton and Waurn Ponds. The Geelong CBD, which is currently undergoing a renewal, could also benefit from the increased density and activity in Belmont. Organisations such as the Geelong Chamber of Commerce and the Committee for Geelong have been vocal about the need for increased development and investment in the region, and this proposal could be a step in the right direction. The nearby Deakin University and the Epworth Geelong hospital could also see benefits from the increased population and activity in the area.

Key Statistics and Data

According to data from the Australian Bureau of Statistics, the population of Belmont has been growing steadily over the past few years, with an increase of 10.4% between 2016 and 2021. The median house price in Belmont is currently around $820,000, with rental yields averaging around 3.5%. If the proposed rezoning is approved, it is expected that property prices in the area could increase, with some predictions suggesting a rise of up to 15% over the next 2-3 years. As of June 2026, there are already 250 new dwellings approved for construction in the area, with a total value of $120 million.

As the proposal makes its way through the planning process, residents and businesses in Belmont and surrounding suburbs will be eagerly awaiting the outcome. If approved, the rezoning could pave the way for a range of new developments, including apartments, townhouses, and commercial spaces. For those looking to invest in the area, it may be worth keeping a close eye on the progress of the proposal, as well as the overall property market in Geelong. The City of Greater Geelong has announced that it will be holding a series of community consultations and information sessions, starting from August 2026, to discuss the proposal and gather feedback from the community.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.