Rory’s Rambles: Changes afoot in property market

THE number of people wanting to live in the Geelong region continues to grow and new estates and communities are struggling to keep up with demand.

While this level of desire to enjoy the great lifestyle on offer grows, buyers are also becoming increasingly discerning.

They don’t simply want access to the coast or to the shopping and restaurants in Victoria’s second biggest city.

They want to know the immediate community they live in will have the network of friends, activities and services they need for a happy and healthy family life.

With so many developers looking to build new projects in the Geelong region, the pressure is on them to provide better facilities and infrastructure than they have in the past.

Buyers are increasingly looking for communities with quick access to playgrounds, cafes, schools, sports, gyms, shops, green spaces and other social and recreational facilities.

The bar is being raised.

Another change occurring now is in the mix of buyers in the Geelong market.

Traditionally, since the Armstrong Creek growth area was launched eight years ago, the majority of buyers have been Geelong residents.

In the last 12 months, however, because of the price difference between Melbourne and Geelong prices, we’re now getting quite a lot of overseas-born buyers.

Some projects are attracting 80 to 90 per cent overseas-born buyers in Melbourne’s growth areas and that trend is starting to become evident here.

In the last 12 months, about 15 per cent of enquiries have been from overseas buyers.

The upshot is that we will be becoming a far more multicultural town in the next decade. With that, of course, will come the many benefits of greater diversity.