Major Mixed-Use Tower Wins Approval on Ryrie Street, Set to Reshape Geelong's CBD Fringe

A multi-storey mixed-use development on Ryrie Street has cleared the City of Greater Geelong's planning process, with a permit granted late last month for a project that will deliver residential apartments, ground-floor retail tenancies and structured car parking within a short walk of Geelong Railway Station. The approval marks one of the more substantial development decisions on the CBD fringe this year and lands at a moment when the city's inner suburbs are absorbing considerable pressure from buyers priced out of Melbourne.

The timing matters. Victoria's median house price is sitting close to the statewide benchmark of roughly $680,000, but Geelong's relative affordability, combined with V/Line's improved timetable and ongoing investment along the Princes Highway corridor, has kept the city firmly on the radar for first-home buyers, downsizers and investors alike. The state government's Housing Statement, released in 2023, nominated Geelong as one of ten priority areas for accelerated planning approvals, creating a policy environment that has made permit decisions like this one more achievable and, in some cases, faster.

What the Ryrie Street Project Means for the CBD Fringe

The Ryrie Street site sits east of Moorabool Street, between the Geelong CBD's retail core and the established residential streets of East Geelong. That location places it squarely within the city's activity centre zone, where higher-density development is actively encouraged under the Greater Geelong Planning Scheme. Ground-floor retail space in the approved plans is intended to activate the street edge, a design requirement that planners at the City of Greater Geelong have applied consistently to approvals along this stretch since the Geelong City Deal infrastructure program began accelerating CBD investment in 2021.

Geelong's apartment market has historically been thin compared to Melbourne's, but demand has been building. The waterfront precinct around Eastern Beach and the redeveloped Cunningham Pier has demonstrated that well-designed higher-density product can attract strong buyer interest locally. Comparable completed apartment projects in the Geelong CBD have seen one-bedroom units sell in the $380,000 to $450,000 range in recent years, while two-bedroom configurations have pushed past $550,000 in better-presented buildings, figures that still undercut comparable Melbourne inner-city stock by a significant margin.

The broader pipeline reinforces why this approval matters beyond a single site. Armstrong Creek, south of the city, continues to absorb large volumes of greenfield residential construction, more than 20,000 dwellings are planned for that corridor at full buildout, but infill development close to the CBD has lagged behind that pace. A permit granted on Ryrie Street signals that the planning framework is willing to accommodate density closer to existing services and transport, which urban economists and planning advocates have consistently argued is a more efficient use of infrastructure investment than further greenfield sprawl.

What Buyers and Investors Should Watch Next

For anyone tracking Geelong property, the Ryrie Street approval is a signal, not a finished product. Construction timelines for medium and large apartment buildings in regional Victoria typically run 24 to 36 months from permit to occupation, meaning off-the-plan buyers considering this project should factor a likely completion window somewhere around 2028 into their financial planning. Stamp duty concessions for off-the-plan purchases, available under existing Victorian legislation, can still represent a meaningful saving on a $450,000-plus purchase, particularly for owner-occupiers.

Buyers focused on rental yield rather than capital growth should note that Geelong's vacancy rate has been running tight, particularly for well-located inner-city stock within walking distance of the station. That dynamic has supported rental growth in the Geelong CBD and East Geelong over the past two years, making ground-floor and lower-level apartments in activated precincts increasingly attractive to investors who previously focused entirely on freestanding houses in suburbs like Belmont or Highton.

The City of Greater Geelong's planning portal lists further applications in various stages of assessment along the Malop Street and Gheringhap Street corridors. The Ryrie Street decision gives those projects a clearer benchmark for what the council is prepared to approve, and at what scale, as Geelong's CBD renewal push enters what looks like its most active construction phase yet.

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.