Geelong (postcode 3220) is a moderately sized suburb in Victoria within the Greater Geelong local government area. With a population of 5,811, the suburb has a settled mid-life population with a median age of 40. Households earn a median income of $87K per year, with an average household size of 2 people. Recent annual estimates show population movement into the broader catchment, with population growth running at +2.2% year-on-year at the LGA level. VIC employment has moved +0.9% year-on-year in the official Jobs and Skills Australia NERO series, which provides the broader jobs backdrop for this suburb. VIC also had 45 Commonwealth-backed major projects under construction, 17 underway, and 27 in planning as at 2 October 2024, which is useful as a broader delivery backdrop rather than a suburb-specific project count. The most common occupations are professionals, managers, community & personal service. Employment in the area leans toward healthcare and accommodation & food. The top ancestries reported are English, Australian, Irish.
Geelong has a median house price of $870,000, which has fallen sharply by 12.3% year-on-year. Units have a median price of $630,000 (+2% YoY). The current median weekly rent is $470. This gives a gross rental yield of approximately 2.8%. The median monthly mortgage repayment is $2,000.
Geelong is served by 2 schools, including 1 primary, 1 secondary. The average ICSEA score is 1080, which is above the national average of 1,000. Public transport access includes 9 rail stations, 41 bus stops. Healthcare facilities include 1 public and 1 private hospitals. The crime rate in the Greater Geelong LGA is higher than average at 8,641 incidents per 100,000 population.
From an investment perspective, Geelong shows a gross rental yield of approximately 2.8%, rated as low yield. Property prices are near the state median ($870K/$875K). The price-to-income ratio of 10.0x is considered stretched. House prices have moved -12.3% year-on-year. Population growth of +2.2% year-on-year points to strong growth demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.