Geelong Property Investment Guide 2024: Suburbs, Yields, Growth and Where to Buy

Geelong is Victoria's second-largest city and has emerged as one of the state's most compelling property investment markets, driven by the strong Melbourne-commuter demand (60 minutes on the Geelong Freeway, 50 minutes on the Geelong Fast Rail), the city's growing independent employment base in health, education, and advanced manufacturing, and the significant infrastructure investment of the Geelong City Deal. Geelong's median house price remains well below Melbourne, providing a value entry point for investors priced out of the inner Melbourne market while accessing the Melbourne metro area's growth fundamentals.

Inner Geelong and the waterfront suburbs (Geelong East, Newtown, Geelong West, South Geelong) — the inner Geelong suburbs within 3 kilometres of the CBD provide the city's strongest capital growth, driven by the waterfront Precinct One development, the growing café and restaurant culture of the Little Malop Street precinct, and the strong owner-occupier demand from Melbourne commuters seeking lifestyle city living below Melbourne prices. Median house prices in Newtown and Geelong East have exceeded $800,000 in strong market conditions, with gross rental yields of 3.5-4.5%.

Armstrong Creek and the Waurn Ponds growth corridor — the Armstrong Creek development south of Geelong is one of Victoria's largest greenfield residential developments, providing the most affordable residential investment entry point in the greater Geelong area with gross rental yields of 4.5-5.5% and capital growth driven by population growth and the ongoing development of the Armstrong Creek town centre and employment precinct. The Deakin University Waurn Ponds campus provides strong student and academic rental demand in the adjacent suburbs.

Lara and the northern corridor (Lara, Corio, Norlane, North Shore) — the Lara and northern Geelong investment market provides the strongest rental yield performance in the Geelong LGA (5-6.5% gross), with the affordable housing stock, the strong trades and industrial rental demand from the Geelong industrial estates, and the Lara town centre development providing investment with positive long-term fundamentals.

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