Region to keep on rising

There’s been a marked slowdown in the property market with a huge drop in the Melbourne sales volumes but less so in Geelong and the Surf Coast, where prices didn’t escalate as rapidly as their metropolitan counterparts.

Sometime in 2019 prices will find a new floor, as banks sort out their lending policies. Then property will find its own feet again, especially as we are still experiencing record population growth.

The latest announcement by the federal government to cut back immigration by 30,000 will affect metropolitan Melbourne and probably take the pressure off Melbourne to produce enough new housing lots.

The good news for regional Victoria is the issuing of visas for skilled workers who settle in regional areas.

Geelong is able to attract the professional skilled workers who this new policy will assist. It will make things better for smaller towns in the region – for example, Torquay, Anglesea, Winchelsea and Lorne – but also Colac and Warrnambool and
further afield to more distant towns such as Hamilton.

Warrnambool has expressed that it could be creating 1,000 new jobs so it’s clearly a matter of finding workers with matching skills requirements.

The other good news for the Surf Coast is obviously the agreement between the federal and state governments on the City Deal.

This will certainly add to tourism and employment, ranging from a new convention centre in Geelong through to the 12 Apostles – and including my beloved Lorne Angling Club at Point Grey.