The only way is up for Geelong!
Whether you are a business owner or a community member, now is a great time to be a part of Geelong. Our city is set to boom in 2022 and optimism is well and truly back. This is exciting news for businesses and infrastructure across the region.
The flight to the regions we have recently witnessed has created significant population growth to Geelong and this has certainly had a positive flow on effect for many industries. With the population predicted to reach 393,000 by 2041 we can anticipate the further development of our city will continue to meet the needs of our growing economy.
Residential real estate growth
This growth is certainly good news for residential real estate and building & construction industries. With all our newcomers needing a place to call home it will come as no surprise that this has translated to record high residential house prices. The median residential sale price in Geelong has increased from $711k in 2019 to $1,050k in 2022 and demand for new home builds have increased substantially. Everywhere we look real estate is booming to keep up with demand!
Major commercial building projects/investments
A massive investment of more than $1b worth of commercial and government funding is expected for new building projects across the region, most of which are already underway or plan to be in 2022. These facilities will create greater opportunities for locals and visitors across our region.
Just some of these include:
- “Geelong Quarter” – the former Trans Otway bus depot at 44 Ryrie Street is undergoing a $200 million transformation to become the “Geelong Quarter” –including residences, hotel rooms and retail.
- The Royal Geelong Yacht Club (RGYC) Waterfront Safe Harbour Project – this is a major $21.3 million redevelopment plan for improvements.
- “Wurriki Nyal” – the new Civic precinct for City of Greater Geelong.
- GMHBA Head Office build
- Geelong Arts Centre Re-Development
- Spirit of Tasmania dock & administration re-location to Geelong
- The Geelong Convention Centre will receive an additional $120 million from the Victorian Government to include a luxury hotel, retail and commercial outlets.
Jobs growth & unemployment rate
Due to this significant investment in infrastructure combined with population growth, there is an expectation of high job growth in both the public and private sector. Already we are seeing Geelong’s unemployment rate at a low of just 2.4% which is a great result taking into account the Victorian 5.1% and national 5.3%
What does it all mean for us?
For many of our small to medium business owners in the region, the only way is up. The economic boost this will inevitably bring to the community will mean more jobs, more customers, more business and ultimately, more opportunities for all.