Investment and infrastructure commitments will drive price growth in Geelong housing estates, according to the Real Estate Institute of Victoria (REIV).
One of these commitments was the proposed duplication of the Geelong line, which would increase accessibility to areas like Armstrong Creek from Melbourne after completion.
In October the State Government awarded a contract to infrastructure advisory company Aurecon to develop a business case for the Geelong to Waurn Ponds Railway Planning Project.
The business case wil guide the duplication of the line from Waurn Ponds to South Geelong, with $110m earmarked to complete stage 1.
Proposed stations in Torquay and Armstrong Creek could also drive growth in neighbouring housing estates.
Governments are also investing in individual buyers, which has increased sales recently.
The doubled First Home Owners Grant drove record Geelong house sales last quarter, according to a prominent local builder.
The State Government funded increase of the grant to $20,000 helped Armstrong Creek development Warralily to record its strongest quarter yet, said company director Mark Casey
Mr Casey said overall sales in the burgeoning suburb had increased from 15 to 30 per cent since the grant doubled.
The relocation of Worksafe and TAC to Geelong, coupled with the Federal Government choosing to locate the National Disability Insurance Agency in the city had also increased demand for housing.
More recently software company LiveTiles announced it would base its Asia Pacific headquarters in Geelong, creating 500 jobs.
These and other investments could see housing growth in the estates neighbouring Geelong increase as people move to the city.
Meanwhile REIV data has revealed regional buyers can save more than $350,000 by purchasing a home in the next town along the train line.
V/Line’s Geelong service recorded the state’s largest median house price difference between neighbouring stations.
Commuters could save $374,500 by purchasing in Lara ($455,500) rather than Little River ($830,000), which is just 11km closer to Melbourne.
The price also varied dramatically between South Geelong Station ($597,000) and Geelong Station ($720,000), the data revealed.
REIV chief executive officer Gil King said buyers were increasingly looking for affordable alternatives to enter the market in regional Victoria.
“Investment and infrastructure commitments in regional Victoria by both the State and Federal governments will drive price growth in many of these areas.”
