Rising Melbourne property prices have forced Gen Y investors to turn their back on the capital city in favour of the more affordable Geelong.
Realestate.com.au recently released data which revealed that four Geelong suburbs placed in the state’s top 10 most in-demand areas.
Economist Nerida Conisbee said that due to Melbourne’s median price of $730,000 and Geelong’s transport and jobs, the port city’s popularity would continue to soar.
She also added that Gen Y buyers were increasingly looking towards older homes in Geelong with potential for renovation.
“Anything located on the train line [from Geelong] to Melbourne seems to be incredibly popular,” she told www.news.com.au.
“You can get housing like that in Geelong, lots of period homes and older style homes that younger people quite like the opportunity to do up.”
Gen Y’s leading Australian property expert Ayda Shabanz said that as property prices across the country continued to rise, alternative investment locations would grow in desirability.
“Generally speaking, people have a misconception that Gen Y are uninterested in entering the property market but the reality is that couldn’t be further from the truth,” she said.
“A lot of them want to buy property but they have been priced out of entering the market in main areas, which is forcing them towards alternative locations.
“In future I predict first home buyers will continue to look at investment options that they can afford – whether that’s further out or other cities – and rent where they want to live.”
Ayda Shabanz hosts The Road to Property Ownership workshop on Tuesday May 15th 2018 at CUB Club in Melbourne, Victoria. Visit www.growevents.com.au to secure your seat at the FREE event.