Latest news with #RegionalAustraliaInstitute
Herald Sun
11 hours ago
- Business
- Herald Sun
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. RELATED: 'Biggest challenge' facing Geelong's population success Geelong tops Australia's regional migration rankings East Geelong character home sells $120k above reserve 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.'
Epoch Times
3 days ago
- Business
- Epoch Times
Study Reveals Top 5 Cities for Domestic Migration in Australia
Australians continue to uproot themselves from the big city in favour of smaller regional towns, putting less pressure on their collective hip pockets. The newest data from the Regional Australia Institute (RAI) shows the Sunshine Coast in Queensland is no longer the top dog when it comes to internal domestic migration between cities, and that Geelong, south-west of Melbourne has now become the most popular.
News.com.au
5 days ago
- Business
- News.com.au
What Geelong needs to build to support booming population
Geelong has been crowned the king of regional Australia but local leaders say the city's greatest challenges lie ahead. As a new Regional Australia Institute report shows one in 10 people moving to the country settled in Geelong in the year to March 2025, Victoria's second city is confronting the challenge of housing that level of growth in the future. The Regional Movers Index saw Geelong record a 9.3 per cent share of net internal migration, overtaking the Sunshine Coast. Adding the Surf Coast, Queenscliff and Golden Plains council areas pushes the region's intake to almost 11 per cent. Deputy Prime Minister Richard Marles said Geelong is a world-class city, a fact many people from Melbourne only discovered since the pandemic, but the challenge was accommodating growth without wrecking the city's advantages. 'Geelong is really so much better than even I think we all appreciate,' Mr Marles said. 'It's the north-facing bay, the proximity to the Surf Coast, its really wonderful amenity. It's a fantastic community and you've got the Bellarine Peninsula with all those amazing views.' Geelong major Stretch Kontelj said the figures highlight the challenge of planning for a future population of 500,000, and a state government target to build 128,600 new homes by 2050. 'I've said consistently that it's managing success. Geelong is the fastest-growing region in Australia and these numbers are a testament to that,' Mr Kontelj said. 'The challenges are accommodating all those new arrivals, whether it's in greenfield development, or urban infill. 'You've got the legacy assets that we need to renew, such as the (100-year-old) stormwater drains and roads and other infrastructure to accommodate that.' That's a $500m bill facing Geelong, Mr Kontelj said. 'The biggest challenge is going to be transport. Working out how to move people north, south, east and west and through the city because the road network is getting more congested.' G21 chief executive officer Giulia Baggio said transport and housing need to be 'turbo-charged'. A metro-style transport system including local and linear bus routes taking people where they want to go, along with a shuttle increasing trains running between Waurn Ponds and Lara would help move people, as G21 modelling shows the city's roads would come to a standstill by 2041, if nothing is done. Two bus reviews identified in the budget for Geelong and the Bellarine 'can't come soon enough', she said. Building more apartments around the CBD would reactivate the city's heart and deliver more affordable housing, she said, but means renewing the ageing network of sewers and drains to cope with the additional pressure. 'We need federal help to activate that, because we know the state government is cash-strapped,' Ms Baggio said. 'The federal government has got a big mandate on housing, which is a very big issue right across the country. Everyone's got to put their shoulder to the wheel.' Urbis Geelong director Nat Anson said the city needs to identify activity centres that provide well-connected apartments and townhouses as well as continuing a strong supply of greenfield housing. 'A strong infrastructure pipeline is the biggest threat to delivering 'good growth' – new and upgraded transport assets including Avalon Station, Bellarine Link, Torquay transit corridor and a renewed Geelong Station will be vital to the city's future success,' Mr Anson said. Investing in alternative water, an open space network, arts and cultural assets and central Geelong underpins the city's existing value proposition that is so attractive to future residents, he said. Mr Marles said the city's health networks, including Barwon Health, St John of God and Epworth hospitals, would need to keep pace, but growth also offered economic opportunities. 'GMHBA Stadium is the biggest piece of sporting infrastructure in regional Australia, it underpins the biggest sporting club in regional Australia and the ability to continue to have that is underpinned by the growth in the region,' he said. 'The future development of Avalon Airport as an industrial precinct is happening, but developing it as an airport will underpin the population growth around this region.' Mr Marles said the benefit of being a smaller city was the ability to achieve a higher degree of co-operation between the three tiers of government. Though rising blue and white collar jobs – from advanced manufacturing to the businesses surrounding the head offices of NDIA, WorkSafe, TAC and Cotton On – was behind the growth, lifestyle was the real drawcard, McGrath Geelong director David Cortous said. 'It's a more affordable lifestyle here – execs and professional people can still pull the same type of income and probably live a bit more affordably,' Mr Cortous said. Property investors are seeing the benefits again, with Sydney buyers snapping up more suburban homes, spurred on by low prices and the opportunity for growth and rental demand. Geelong's $720,000 median house price is still 4 per cent down year on year but indicators show the city has passed the bottom of the market. 'We're just starting to see the needle move with a couple of interest rate cuts and more migration,' Mr Cortous said, referring to more people looking at properties, including up to 30 per cent out-of-town buyers. But there are growing pains, such as development pressures and the high cost of building, higher property taxes and competition for tradies with the state government massive projects in Melbourne.
The Guardian
5 days ago
- Business
- The Guardian
Geelong overtakes Sunshine Coast as top tree- and sea-change destination
While the Geelong Cats are fifth on the AFL ladder, their home city is the reigning champion. The Victorian region has become the most popular place for people escaping capital cities to settle, with its picturesque coastline and thriving industry making it an ideal sea-change destination. Greater Geelong has overtaken Queensland's Sunshine Coast as the top region to welcome new residents from the capital cities, followed by Lake Macquarie in New South Wales, Moorabool in Victoria and Maitland in NSW. The Regional Movers Index, a quarterly report compiled by the Regional Australia Institute using Commonwealth Bank data, also shows most tree-changers are coming from Sydney and Melbourne. Sign up for Guardian Australia's breaking news email The rate of people moving to Australia's regions increased by more than 10% in the March quarter, according to the index released on Wednesday. The shift to country life, which accelerated during Covid lockdowns, would only persist as the regions attracted more attention and potential investment, according to a Commonwealth Bank executive, Josh Foster. 'They're idyllic locations to move, whether people want the tree-change or the sea-change,' Foster said. 'I certainly don't see it going back.' Greater Geelong is Australia's largest regional council area, home to more than 282,000 people. Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion While the region has a bright future, it is experiencing significant growing pains, according to the council's draft five-year plan. Like most regional areas, greater Geelong is confronting a housing shortage, ageing infrastructure and congestion as it expands. 'Greater Geelong is one of Australia's fastest-growing regions, and managing this expansion will be crucial to our success over the coming decades,' the plan says. Maitland, in the Hunter Valley, is also experiencing rapid growth, attracting residents from capitals and other regions. It was the most popular new home for people moving from other regional areas in the year to March, followed by greater Geelong, the Sunshine Coast, Gympie and the Fraser coast. Maitland, which had a population of 78,000 in 2016, is on track to exceed 100,000 people by the end of 2026, with six new residents arriving every day, according to a council report. The nation's regional population sits at 9.91 million and is set to increase, according to the Regional Australia Institute's chief executive, Liz Ritchie. 'There are big economic gains to be made by supporting, facilitating and nurturing growth across the regions,' Ritchie said. 'Those benefits can only be achieved … by ensuring communities have the infrastructure, facilities, funding and support they need to continue to welcome all those who are actively choosing a regional life.'
Sky News AU
5 days ago
- Business
- Sky News AU
Geelong tops Australia's regional migration rankings, overtaking the Sunshine Coast after two years at number one
Regional Queensland has fallen on Australia's migration ladder, while regional Victoria is gaining momentum as people from Australia's biggest capitals ditch city life. According to the latest Regional Movers Index (RMI) released by the Regional Australia Institute (RAI), Geelong accounted for 9.3 per cent of total net internal migration in the 12 months to March 2025. The Cat's home turf has knocked the Sunshine Coast off the top of the leaderboard again, with the Queensland city accounting for 8.9 per cent of internal migration. Migrating Sydneysiders and Melburnians continue to be the main drivers of the population shift. In the March quarter, 64 per cent of people leaving capital cities for the regions were from Sydney, with Melburnians making up 38 per cent of the shift. Net migration to regional Australia remains 40 per cent higher than pre-COVID levels. Lake Macquarie in NSW and Moorabool in Regional Victoria came in third and fourth on the list, respectively, both areas gaining much of their population from capital citiies. However, Maitland, which came in fifth, is seeing a boom due to both capital city residents as well as people relocating from other regional areas. RAI CEO Liz Ritchie said the figures show Australians have a willingness to embrace regional living. 'The nation's love affair with regional life is showing no signs of abating with 25 per cent more people moving from capital cities to the regions, than back in the opposite direction," Ms Ritchie said. "Further, net migration to regional Australia is now sitting 40 per cent higher than the prevailing level in the pre-pandemic era." 'Regional Australia is being reimagined. The regions' enviable lifestyle offerings, buoyant jobs market, position as an economic leader and diverse communities are proving to be an ongoing lure, particularly for those in metropolitan areas. Ms Ritchie said contemporary regional Australia "has what people are looking for", suggesting negative "misconceptions" abour regional areas were a thing of the past.
