Geelong property projections reveal the 33 suburbs to hit $1m by 2036

Add as a preferred source on GoogleNew projections reveal 33 suburbs across the Geelong region would have $1m median home prices by 2036. New home price modelling highlights the chilling reality young homebuyers face trying to break into the property market if issues tackling new housing supply in the region aren’t tackled. The exclusive PropTrack analysis shows the five-year compounding annual rate of median home values could see a typical house in Geelong’s cheapest suburbs hit more than $660,000 by 2031, while seven additional suburbs would jump above $1m, including Highton, Geelong West and Waurn Ponds. The modelling shows 33 of the regions suburbs could have $1m-plus median house values by 2036. RELATED: Old church conversion part of a grander plan Sellers pocket $200k bonus in Torquay sale Geelong’s rising stars lose their property shine The analysis applies the past five and 10-year market performance to housing markets across the next periods, revealing a five-year compound annual growth rate of between 2.17 per cent to more than 5 per cent, creating the dramatic rise across affordable areas such as Norlane, Corio and Bell Park, and favourite family suburbs including Herne ...