If you’ve been keeping up with our weekly blogs, you may remember an update from early-December last year on Geelong expanding into a ‘new economy’. The blog discussed the city’s transition from a factory town with a strong manufacturing base, into a ‘new economy’ city with a broad range of industries and a growing population.
Well, in recent news, PM Malcolm Turnbull has revealed that Geelong will be first in line to benefit from a $220 million Regional Jobs and Investment Packages project. Our earlier blog had shared a prediction that the city’s surge in capital growth could only just be the beginning, and with this just in, it looks like Geelong is on its way to becoming an advanced city and manufacturing powerhouse. Designed to diversify regional economies, the project has specified an allocation of $20 million to be shared by 21 projects in the Greater Geelong region. The project is expected to create more than 1200 jobs – 600 to be created through the construction phase, and a further 600 ongoing. Out of these, over 200 are set to be within advanced manufacturing. The PM has said that “The initiative is part of the Australian Government’s commitment to stimulate jobs and drive economic growth in Australia’s regions.” A quarter of the allocated amount - $5 million, has been assigned to Deakin University-based carbon fibre manufacturer LeMond Composites, to be used to design and construct Australia’s first carbon fibre manufacturing facility. Other major projects include a $3 million development of an eco-tourism destination and retail precinct at Lake Modewarre, as well as a $2 million development of the Geelong waterfront ‘Safe Harbour Precinct’, set to include building a new public pier, clubhouse, public facilities and event spaces.
The PM has stated the projects have been selected after an extensive assessment process and community input. Greater Geelong’s current population of approx. 240,000 is forecast to hit 320,000 by 2036. With development numbers showing no indication slowing down, as well as improved road and rail infrastructure commitments by state and federal governments, price growth, and sales activity will surely continue to rise. The new developments around Geelong are being heavily incentivised to the owner-occupier by the government departments relocating there and private companies in a deliberate attempt to ease the population growth in Melbourne. This is great news for investors as it constrains the amount of rental properties available. The downside is that it is difficult for investors to access the new properties being built. We currently have a waiting list for Geelong properties and have just been given access to 9 turn-key house and land packages - 4 bedroom, 2 bathroom and double lock up garage. Please call us on 0482 080 189 if you would like to find out more.