Today, Geelong stands as an emerging health, education and advanced manufacturing hub although the region has lost some of its heavy manufacturing operations in recent years.
Population increases over the last decade were due to growth in service industries, as the manufacturing sector has declined. Redevelopment of the inner city has occurred since the 1990s, as well as gentrification of inner suburbs, and currently has a population growth rate higher than the national average.
Greater Geelong has been growing steadily with 2019 seeing 2.66% growth. Compared to the national average, there is greater buyer demand for houses in Greater Geelong City compared to units.
Across Greater Geelong City, the greatest demand is for three- and four-bedroom houses, with two- and three-bedroom units making up only a small portion of the demand profile in the area.
Three-bedroom homes makeup the largest demand sector of the market in Greater Geelong City. However, there is strong growth in demand for rental units, with the rents growing at 3.76% since Q2 2019. As of Q2 2020 the rental yield for houses and units is 3.21% and 3.99% respectively.