Latest news with #GeelongRegion
News.com.au
4 days ago
- Business
- News.com.au
Interest rate cut has immediate impact on Geelong home prices
Geelong's property market is just a chip-shot away from making up the ground lost in home prices over the past 12 months, new data shows. The latest PropTrack Home Price Index results reveals the median home price in Geelong ended May just .67 per cent shy of the value recorded at the same time last year. It marks a quick turnaround as the Reserve Bank locked in the second interest-rate cut in 2025 a fortnight after the government banked a stunning federal election win. Geelong's median house price reached $893,000 in May, according to the PropTrack figures, just shy of the figure recorded in 2024. The value of a typical unit is up on all measures, reaching $612,000 by the end of May. PropTrack senior economist Eleanor Creagh said Geelong was not far off returning to positive territory on annual terms. 'It's a bit of a chip shot, and it's likely that prices are going to continue lifting throughout the remainder of 2025,' Ms Creagh said. 'We're seeing that price momentum has increased and broadened with interest rates falling. 'And we know that lower interest rates have lifted borrowing capacities and boosted buyer demand, and of course, with further price increases and rate cuts expected, prospective buyers are moving off the sidelines and accelerating their purchasing decisions. 'And as a result, we're seeing that growth momentum has increased, underpinned by improving buyer sentiment and confidence.' Ms Creagh said it appears that interest rates moving lower has buoyed buyer confidence. 'I think people are anticipating that interest rates are going to continue to move lower already and that prices are going to continue to rise.' The fast turnaround comes regional prices outpaced the combined capitals. Regional home prices are now 65 per cent higher than their levels five years ago. The turnaround in buyer sentiment after an interest-rate cut comes amid continued strong population growth on the back of nation-leading internal migration figures. More than 10 per cent of people moving to regional Australia have settled in Geelong, the Regional Australia Institute data from the Regional Movers Index revealed. McGrath, Geelong agent David Cortous said the changing sentiment was already visible on the streets, with more people attending inspections, watching auctions and in some cases competing for properties. 'The Geelong market has been flat on price to two years now,' Mr Cortous said. 'We're starting to see that multiple buyers are back on properties now and we're selling through stock that's been sitting there. That's an indicator that the needle is moving.'
News.com.au
11-05-2025
- Business
- News.com.au
Geelong business park reaches next stage amid jobs boon
Major Geelong construction projects are driving growth in Geelong jobs as builders expand their presence in the region. Ireland Brown Projects, has a strong presence of local subcontractors and trades to service the pipeline of major construction projects in the region, has been signed on to manage construction of a Newtown employment precinct. Ireland Brown has signed a construction contract to deliver Barwon Business Park for IDS Group. The agreement cements IBP's role in delivering the ambitious business precinct. Ireland Brown has been involved in a number of major Geelong projects, including the large scale Stella Maris residential development at Rippleside where the Ireland Brown project manager reported that 65 per cent of the workforce was locally based. The company also built the Quest Central Geelong project in Gheringhap St, Geelong, for Pellicano. The pipeline of projects has created ongoing jobs to service the sector, including Ireland Brown's construction and delivery director Tom McKay. 'It's great to witness how much Geelong has evolved over the past decade,' Mr McKay said. 'New schools, new hospitals, and a new convention centre — this city is on a steady path of expansion, and the latest project he is working on Barwon Business Park will further energise this movement.' Mr McKay is a Geelong local who went to school at St Joey's and is now living in Newtown with his wife and four children. IBP has working alongside IDS Group founder Phil Petch and the design team for more than a year to refine the Barwon Business Park project to improve cost efficiency ahead of the construction phase. 'We've been working through buildability, cost planning, and design, and now we officially move into the construction phase,' Mr McKay said. Mr Petch said Ireland Brown excels in project delivery, working seamlessly with the design team to ensure the project is delivered to exacting standards. 'Having worked with Ireland Brown previously on the redevelopment of the R-Hotel in Geelong, I was impressed by their expertise, particularly in engaging local contractors,' he said. 'Ireland Brown as both commercial and residential builders gives them the added advantage of the next level in finishes buyers would expect in residential projects and are at times lacking in commercial builds.' Barwon Business Park will deliver 20 individually titled offices, complete with garages, open-plan designs, kitchenettes and balconies or terraces overlooking the Barwon River and surrounding parkland. The precinct will include parking, bicycle facilities, solar power, EV charging, and an onsite cafe, providing businesses with a modern and sustainable workspace. Fifteen of the 20 offices have been sold off the plan.
