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Melbourne’s western suburbs’ next chapter of change

Geelong has become a hot spot for many house hunters searching for affordable property.

The cultural and gastronomic hub of Melbourne has been voted the world’s most liveable city for five consecutive years, offering residents and tourists a haven to spend a few days, weeks or years.

However, settling roots in Melbourne might not be so easy with the ever increasing prices of property.

But there is hope and it lies approximately an hour west of the CBD – Geelong.

Technically classed as a regional area, despite its relatively close proximity to Melbourne, Geelong has become a hot spot for many house hunters searching for affordable property.

Professor Richard Reed, Chair in Property and Real Estate at Deakin Business School (DBS) says Geelong’s property prices have remained steady over the years, even with Melbourne’s increasing housing market values.

‘Purchasing a family home on a reasonably sized allotment in Geelong without being tied to an enormous mortgage is not impossible,’ says Professor Reed.

‘With more people headed out west, it is inevitable that the corridor between Geelong and Melbourne will over time become urbanised. There is strong evidence of this change including a new railway interchange at Williams Landing as well as a new road overpass nearby, the upgrading of Avalon airport; and the increasing urban sprawl on the Melbourne outskirts.

‘The Geelong V/Line is heavily utilised by commuters travelling into Melbourne, as well as the six-lane highway. These transport and infrastructure aspects will greatly assist access and facilitate the growth of this corridor.’

The growing popularity of the region is projected to expand the population from 225 000 to 300 000 by 2031.

'Even with the high profile housing booms in Sydney and Melbourne, which has been widely acknowledged over recent years, it is only a matter of time before house prices increase in locations close to these major cities due to the lag in the housing market,' Professor Reed says

‘There is no doubt that over time Geelong prices will increase as the affordability of the property market becomes widely accepted. But this isn’t something to put people off.'

‘When you are just an hour outside of Melbourne, you can get the best of both worlds. More people coming into the region will impact Geelong’s “next chapter of change”.’

The property market is constantly evolving and as with any major sector in the Australian economy, there will always be turbulent times.

But, Professor Reed gives confidence to those who may have a passion for learning more and forging a career in this field.

‘Property is an integral part of most aspects of society and the broader economy, so there will always be long-term demand for graduates. It is the single largest employment sector in Victoria as well as globally, which only opens up more opportunities,’ he says.

‘There is substantial demand for property developers, valuers, property managers, real estate analysts and property investment advisors.

‘We work in close consultation with industry bodies and employers to ensure students are skilled to meet the careers of the future.’

Deakin offers Australia’s only undergraduate property degree, accredited by the Australian Property Institute (API) for Certified Practising Valuer (CPV) status and the Royal Institution of Chartered Surveyors (RICS).

Our courses are delivered on campus or via DeakinCloud over three trimesters a year, meaning students can invest in their property career sooner.

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