Town snapshot – Lovely Banks

The size of Lovely Banks is about 29.9sqkm with the population of Lovely Banks in 2016 being 2,296 and by the 2021 Census the population was recorded at 2,782, showing a population growth of 22 per cent in the area during that time.

Lovely Banks is a residential and rural/residential area immediately north-west of the Geelong urban region and is proving very popular with young families and first home buyers.

It adjoins the Geelong suburbs of Corio and Norlane and reaches north to Anakie.

The origin of the name is thought to be descriptive of the area as the land to the west rises quite quickly from 30 metres to 100 metres above sea level, providing an expansive view of Geelong and Corio Bay.

In or before 1871, a United Methodist Chapel was opened at Lovely Banks, the site of a service reservoir for Geelong’s water supply.

A school was opened in the Methodist chapel in 1875 and two years later a permanent school building was constructed in the water-storage reserve.

A Mutual Improvement Association and free library functioned during the 1880s and 1890s.

The school, post office and reservoir continued for several decades as the most tangible markers of Lovely Banks.

The Catholic Chanel College (boys – 1958) was opened, subsequently being taken over by the Geelong Baptist College in 2002.

By the 1970s, Lovely Banks was a short way beyond the Geelong urban area, and residential dwellings were built there to take advantage of the rural fringe.

CoreLogic data indicates the predominant age group in Lovely Banks is 10-19 years with households in Lovely Banks being primarily couples with children and are likely to be repaying on average $1,747 per month on mortgage repayments, and in general, people in Lovely Banks work in a trades occupation.

AGENT PERSPECTIVE:

“Lovely Banks location so close to the freeways has made the suburb increasingly popular with families and professional couples predominantly moving to the area.

“Buyers from the Western Suburbs are very keen to make the lifestyle change, with amenities so close-by.

“Larger block sizes are also a huge draw card for prospective purchasers!

“We’ve seen an increased amount of activity from buyers as properties are starting to sell in a shorter time frame.”

Natasha Boreland – Senior Sales Consultant, Hayeswinckle Lara

 

TIDBIT:

An optimistic subdivision of 393 lots in 1925 was several decades ahead of its time.

Population: 2,782

Male: 50.1%

Female: 49.9%

Median age: 37

5 year population change: 22%

House median sales price: $698,500

Change in median price: (5yrs) 43.3%

Median asking rent per week: $580

Average length of ownership: 12 years

Owner occupiers: 82%

Renters: 15%

House median value:

April 2024: $624,168

April 2023: $628,600

April 2022: $647,000

April 2021: $548,200

April 2020: $474,700

House sales per annum:

Period ending April 2024: 18

Period ending April 2023: 21

Land median sale price:

April 2024: $335,500

April 2023: $331,250

Land sales per annum:

Period ending April 2024: 1

Period ending April 2023: 2