Number of Sales Median Price OVERVIEW As the second largest city in Victoria, Geelong provides an alternate option for those looking for an affordable city lifestyle outside of Melbourne. Geelong has developed into a health, education and manufacturing hub and is classified as one of the leading non-capital Australian cities. Change from Last House Sales Year Half Year House Median Price MARKET CONDITIONS The Geelong* property market recorded a median price of $672,25 for house and $47, for unit in Q1 217. This represents an annual price change of 7.1% and 8.% respectively. Over the same period of time, house prices in the City of Greater Geelong LGA grew by 7.1% to $45, and unit prices grew by 1.4% to $319,5. Geelong property prices are well above the Greater Geelong LGA, particularly in units where the price growth is exponential. This indicates a sought after market by buyers and investors. The average days to sell a house in Geelong has improved over the past twelve months, currently at 48 days. The average days to sell for unit has shown an increase to 73 days, potentially due to limited amount of quality stock. Within the same timeframe, rental average days on market has improved for both house and unit, sitting at 25 days and 23 days. Average vendor discounting for house and unit has tightened over the 12 month period to -1.7% and -1.6%. These results suggest that competition is heating up in the Geelong property market with sellers achieving closer to their first asking price and leaving only little room for price negotiation. Median rent in Geelong has remained stable for house and unit throughout the 12 months leading up to Q1 217, currently at $38 per week and $32 per week respectively. A four year low vacancy rate of 2.5% demonstrates an increasing level of rental demand, suggesting a highly conducive environment for investment. Current rental yields for property in Geelong are providing investors with returns of 2.9% for house and 3.5% for unit. CITY OF GREATER GEELONG LGA GROWTH 15 1 5 $5, $4, $3, $2, $1, House Rental Price Unit Sales Unit Median Price Unit Rental Price FUTURE DEVELOPMENTS** Geelong and its surrounding suburbs is set to see approx.$251.3m of new development projects commencing in the first half of 217. Of the total new development value, infrastructure projects account for the majority at $122.5M (48.8%). Mixed use development value represents the second highest at $8.M (31.8%), followed by commercial projects at $37.2M (14.8%), residential at $1.7M (4.3%) and industrial at $.9M (.4%). A balanced future development portfolio leads to sustainable growth. A main residential development due to commence in the first half of 217 is the Bellarine Street Townhouses project. The project is estimated at approx. $7.5M and is set to add 28 new townhouses to the Geelong property market. An important infrastructure project is the National Disability Insurance Agency (NIDA) National Office development with an estimated value of $12.M. The project Heading is due to commence in April 217. Q4 215 Q1 216 Q2 216 Q3 216 Q4 216 Q1 217^ House Unit Vacant Land Median House Price Median Unit Price Median Land Price $ *Market conditions are an analysis of transactions in the postcode area 322. **Estimated values are based on construction value provided by the relevant data authority and does not reflect commercial and/or re-sale value. Quoted construction and completion dates are an estimate only as per relevant data authority. ^Q1 217 data represents both Normal sales (i.e. settled sales transactions derived from Government sources) and Agents Advice sales (i.e. not derived from Government sources). Source: APM Pricefinder, Cordell Database, SQM Research, City of Greater Geelong.
Unit Median Price House Median Price Change from Listing to Sale Price -2.8% -3.2% -3.3% -2.6% -1.8% -2.3% -2.2% -2.2% -.4% -1.7% -1.1% -1.6% AVERAGE VENDOR DISCOUNT*.% -.5% -1.% -1.5% -2.% -2.5% -3.% -3.5% House Unit Q4 215 Q1 216 Q2 216 Q3 216 Q4 216 Q1 217^ AVERAGE VENDOR DISCOUNT Average Average vendor vendor discount discount reflects reflects the the average average percentage percentage difference difference between between first listed first list price price and and final final sold price. A price. lower A lower percentage percentage difference difference suggests (closer buyers to zero) are suggests willing to buyers purchase are close to willing theto first purchase asking close price to the of first a property. asking price of a property. MARKET COMPARISON GRAPH KEY FACTS UNIT The market comparison graph provides comparative trend for median price of house and units over the past 1 years. Suburbs profiled are chosen based on proximity to the main suburb analysed in the factsheet, which is Geelong. The main suburb is highlighted through a dotted black line graph. HOUSE MARKET COMPARISON** $9, $7, $5, $3, $1, 28 29 21 211 212 213 214 215 216 217^ AREA XXXXXX Geelong Geelong West East Geelong Thomson Newtown Belmont UNIT MARKET COMPARISON** $55, $45, $35, $25, $15, 28 29 21 211 212 213 214 215 216 217^ Geelong Geelong West East Geelong Thomson Newtown Belmont *Key market indicators and graphs are an analysis of transactions in the postcode area 322. **Market Comparison graph displays annual median price for 12 month periods (at a time), 217 data is up to and inclusive of 31st March, 217 (end of Q1 217). ^Q1 217 data represents both Normal sales (i.e. settled sales transactions derived from Government sources) and Agents Advice sales (i.e. not derived from Government sources). Source: APM Pricefinder.
Number of Sales Median Price Average Days on Market AVERAGE DAYS ON MARKET* 9 OVERVIEW HOUSE KEY FACTS Q1 217 8 7 6 5 Median Sale Price: $672,25 Annual Growth: 7.1%** Average Days on Market: 48 % Change between First Listed Price and Sold Price: -1.7% 4 3 2 1 54 8 73 63 62 56 6 51 53 48 43 47 Q4 215 Q1 216 Q2 216 Q3 216 Q4 216 Q1 217^ House Unit Overall Market Trend KEY UNITS FACTS KEY UNIT* FACTS Q1 217 Median Sale Price : $785, Annual Area Growth: 11% Median Sale Price: $47, Average Days on Market: 36 Annual Growth: 8.%** % Change between First Listed Price Average Days on Market: 73 and Sold Price: -.1% % Change between First Listed Price and Sold Price: -1.6% SALES AND MEDIAN PRICE* 12 $8, 1 $7, $6, 8 $5, 6 $4, 4 95 8 94 79 98 $3, $2, 2 44 47 23 3 37 45 2 $1, Q4 215 Q1 216 Q2 216 Q3 216 Q4 216 Q1 217^ House Sales Unit Sales Median House Price Median Unit Price $ *Key market indicators and graphs are an analysis of transactions in the postcode area 322. **Annual growth represents price growth for property transactions between Q1 216 to Q1 217 (inclusive). ^Q1 217 data represents both Normal sales (i.e. settled sales transactions derived from Government sources) and Agents Advice sales (i.e. not derived from Government sources). Source: APM Pricefinder.
Number of Rentals Median Rent ($) / Average Days on Market RENTAL MARKET ANALYSIS* HOUSE UNIT KEY COMMENTS Overview 2 Bedroom 3 Bedroom 4+ Bedroom 1 Bedroom 2 Bedroom 3+ Bedroom Geelong* demonstrates stable rental price conditions with median rent for both house and unit recording.% annual change. Q1 217 indicate median rent as $38 p/w for house and $32 p/w for unit. The vacancy rate reached a four year low in Feb 217 at 2.5%, indicating increasing demand for Geelong rental properties. Adding to this, interest in current rentals is recorded at 734 online visits per property, higher than that of average Victoria (671 visits per property). OVERVIEW HOUSE KEY FACTS Q1 217 Median Rent Price: $38 per week Suburb Rental Yield: 2.9% Average Days on Market: 25 Bedroom Breakdown: 2 Bed 31%, 3 Bed: 53%, 4+ Bed: 16% UNITS KEY FACTS Q1 217 Median Rent Price: $32 per week Suburb Rental Yield: 3.5% Average Days on Market: 23 Bedroom Breakdown: 1 Bed 21%, 2 Bed: 58%, 3+ Bed: 21% MEDIAN RENT AND AVERAGE DAYS ON MARKET* 14 45 12 1 4 35 3 8 25 6 4 82 84 96 12 81 19 86 84 111 14 95 113 2 15 1 2 5 Q4 215 Q1 216 Q2 216 Q3 216 Q4 216 Q1 217 House Unit House Average Days Heading Unit Average Days Median House Rent Median Unit Rent *Key market indicators and graphs are an analysis of transactions in the postcode area 322. Source: APM Pricefinder, realestate.com.au, SQM Research.
PROJECT DEVELOPMENT MAP 1 st HALF 217* OVERVIEW.4% 14.8% 4.3% 48.8% 31.8% Commercial Mixed Use Industrial Residential Infrastructure Location Project Type Estimated Value** Commence Date*** 1 Geelong University Hospital Renal Dialysis/Recovery Suite Commercial $24,, 5/6/217 2 Malop Street Office Building Commercial $4,, 5/6/217 3 Valley Inn Hotel Commercial $3,, 1/5/217 4 Palais Function Centre and Car Park Commercial $2,5, 3/1/217 5 Bridge Street Warehouse and Shop Commercial $2,, 5/6/217 6 Pakington Street Medical Centre Commercial $674, 22/6/217 7 Town Hall Pako Supper Room Commercial $5, 15/5/217 8 Latrobe Terrace Car Wash Commercial $5, 27/6/217 9 Raptor Place Warehouses Industrial $9, 2/3/217 1 NDIA National Office and DHS Office Building Infrastructure $12,, 3/4/217 11 The Ritz Mixed Use Development (37 Units) Mixed Use $4,, 5/6/217 12 Steampacket House (1 Unit) Mixed Use $4,, 6/6/217 13 Bellarine Street Townhouses (28 Dwellings) Residential $7,5, 5/6/217 14 Latrobe Terrace Apartments (6 Units) Residential $2,, 29/6/217 15 St David Street Dwellings (4 Dwellings) Residential $1,2, 2/3/217 Not Mapped Geelong Port and Land Freight Infrastructure Plan Infrastructure $1,, 16/1/217 Not Mapped Princes Highway West Safe Systems Retrofit Infrastructure $8, 2/2/217 Not Mapped Non-Vehicle Recreational Bridges Infrastructure $75, 3/6/217 *Project development map showcases a sample of upcoming projects only, due to accuracy of addresses provided by the data provider for geocoding purposes. **Estimated value is the value of construction costs provided by relevant data authority, it does not reflect the project s sale/commercial value. ***Commencement date quoted for each project is an approximate only, as provided by the relevant data authority, PRDnationwide does not hold any liability to the exact date in which each proje.7ct commences and/or is completed. Source: Cordell Database, ESRI ArcGIS, City of Greater Geelong.
ABOUT PRDnationwide RESEARCH PRDnationwide s research division provides reliable, unbiased, and authoritative property research and consultancy to clients in metro and regional locations across Australia Our extensive research capability and specialised approach ensures our clients can make the most informed and financially sounds decisions about residential and commercial properties. OUR KNOWLEDGE Access to accurate and objective research is the foundation of all good property decisions As the first and only truly knowledge based property services company, PRDnationwide shares experience and knowledge to deliver innovative and effective solutions to our clients. Overview We have a unique approach that integrates people, experience, systems and technology to create meaningful business connections We focus on understanding new issues impacting the property industry; such as the environment and sustainability, the economy, demographic and psychographic shifts, commercial and residential design; and forecast future implications around such issues based on historical data and fact. OUR PEOPLE Our research team is made up of highly qualified researchers who focus solely on property analysis Skilled in deriving macro and micro quantitative information from multiple credible sources, we partner with clients to provide strategic advice and direction regarding property and market performance. We have the added advantage of sourcing valuable and factual qualitative market research in order to ensure our solutions are the most well considered and financially viable. Our experts are highly sought after consultants for both corporate and AREA government XXXXXX bodies and their advice has AREA helped steer XXXXXX the direction of a number of property developments and secured successful outcomes for our clients. OUR SERVICES Our research services span over every suburb, LGA, and state within Australia; captured in a variety of standard and customized products We have the ability and systems to monitor market movements, demographic changes and property trends. We use our knowledge of market sizes, price structure and buyer profiles to identify opportunities for clients and provide market knowledge that is unbiased, thorough and reliable. OUR SERVICES INCLUDE: Advisory and consultancy Market Analysis including profiling and trends Primary qualitative and quantitative research Demographic and target market Analysis Geographic information mapping Project Analysis including product and pricing recommendations Rental and investment return analysis Glenn Hardman PRDnationwide Geelong 86 Ryrie Street Geelong Victoria 322 Australia T +61 3 5222 3566 F +61 3 5222 464 M +61 419 6 48 E glennh@prdgeelong.com.au www.prd.com.au/geelong Heading PRDnationwide does not give any warranty in relation to the accuracy of the information contained in this report. If you intend to rely upon the information contained herein, you must take note that the Information, figures and projections have been provided by various sources and have not been verified by us. We have no belief one way or the other in relation to the accuracy of such information, figures and projections. PRDnationwide will not be liable for any loss or damage resulting from any statement, figure, calculation or any other information that you rely upon that is contained in the material. Prepared by PRDnationwide Research All medians and volumes are calculated by PRDnationwide Research. Use with written permission only. All other responsibilities disclaimed. 217