Geelong’s waterfront has been named one of the world’s hottest for luxury waterfront real estate in Knight Frank’s The Wealth Report 2026. Picture: Brad Fleet
Italy’s Lake Como, Chelsea in London and Los Angeles’ Pacific Palisades have something in common with Geelong – they’re among the world’s hottest luxury property markets picked to outperform.
Knight Frank’s 20th edition of The Wealth Report revealed Geelong’s glittering waterfront as among 10 districts around the world favoured that are due to outperform in the next five years.
Geelong’s waterfront is one of Australia’s few cities to boast a north-facing harbour view – is offering growing appeal to high-net-worth buyers and investors seeking lifestyle-led, waterfront locations beyond capital cities.
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A building boom in luxury apartments facing Corio Bay, along with CBD developments such as Geelong’s Nyaal Banyul Convention Centre and Crowne Plaza hotel, and the return of international flights to Avalon Airport is setting the city’s luxury waterfront market for a big five years.
McGrath Estate Agents national head of research Michelle Ciesielski said lifestyle is a key factor as Geelong’s waterfront emerged as one of the region’s most sought‑after neighbourhoods.
“Geelong’s waterfront has evolved into a highly compelling location, offering a combination of accessibility, amenity and long-term growth,” she said.
Nyaal Banyul Convention Centre is a key investment attracting luxury homebuyers to Geelong’s waterfront. Picture: Alan Barber
Former Geelong mayor and paparazzi Darryn Lyons’ has listed his waterfront house at 11 The Esplanade, Geelong, for $7.7m to $8.2m.
“New apartments built over the past five years have lifted the benchmark for property values, with 31 per cent growth in apartment prices during this time and 8.1 per cent of this being recorded in the past year.”
Ms Ciesielski said other attractions were nearby leisure options including the Surf Coast beaches and the Bellarine Peninsula’s wineries and golf courses, as well as marina facilities.
“Significant public and private investment in the area is helping boost cultural and recreational opportunities and improving links to Melbourne and two international airports, while the city retains its relaxed coastal character,” she said.
“Buyers include Melbourne lifestyle movers, professionals, downsizing retirees and investors seeking coastal areas with steady long-term prospects.”
McGrath Estate Agents national head of research Michelle Ciesielski.
Knight Frank’s The Wealth Report named other hottest housing markets including the Upper East Side of Manhattan and Lake Como and Via Veneto in Rome, Italy.
The report notes that modern, two-bedroom waterfront apartments in Geelong typically start from $2.1m, while a four-bedroom detached home close to the bay commands more than $2.8m.
“Without a doubt the changing skyline of Geelong, the emerging masterplan, and the investment in the waterfront is transforming the whole city,” Ms Ciesielski said.
“When we look at Geelong, it’s quite a compelling proposition for an active retiree, or someone who has made some money through business ventures and so forth.
“But from a relative value point of view, it’s placed quite well compared to other cities around the country, but most importantly, around the world.”
Buyers have paid multimillion-dollar sums to secure waterfront apartments at the Stella Maris development at Rippleside, Geelong.
The view from the balcony of an Eastern Beach Rd, Geelong, apartment, which is on the market for $3.6m to $3.9m.
She said Geelong’s convention centre development and Avalon Airport’s re-emergence as an international terminal were opening the door further for the city’s luxury property market.
McGrath Geelong director Jim Cross said there’s been a “palpable increase” in buyer demand for luxury waterfront living in Geelong, where the agency has transacted the lion’s share of properties.
More than a dozen homes have transacted between $3m and $5.95m in projects such as Stella Maris at Rippleside.
“The Geelong waterfront has experienced an amazing transformation with some of the country’s finest property developers choosing to invest and develop a much more sophisticated type of apartment project, which has reshaped lifestyle living in our city,” Mr Cross said.
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