Market/Finance News: Geelong development great for investment

By the resi financial blog team, 11 February 2014

Investing in Geelong

The latest investment opportunity for those interested in expanding their property portfolio in Victoria could be just on the horizon, following the announcement of a new housing region in Geelong's newest growth region. 

Lara West, located in Geelong's northern area, is expected to provide homes for over 10,000 people when completed, with Planning Minister Matthew Guy stating the development will significantly boost the region's economy. 

"The Lara West Precinct Structure Plan will open up Geelong's north as a new growth front, providing hundreds of local jobs and millions of dollars in investment into Australia's twelfth largest city. The approval of this structure plan is a huge economic shot in the arm for the Geelong economy," said Mr Guy in a February 6 statement.

"$37 million of roads, community infrastructure and sporting grounds will support an employment precinct providing 300 jobs, a large neighbourhood activity hub with 185 ongoing jobs, three new schools, community services, sporting facilities and parkland enjoyed by everyone in the region."

These developments will take place over the next 30 years, with the gradual growth of Lara West working towards meeting the needs of the projected 50,000 extra residents expected to call Geelong home by 2050. 

Geelong Mayor Darryn Lyons welcomed the plan with open arms, stating the development would be a great boost to the local economy, helping to encourage both commercial and residential investment in the area. 

The number of jobs that will be created through the construction phase of the project will pale in comparison to the sheer number of new and exciting local community opportunities. The development of new infrastructure will help to bring Victoria's second most populated metropolitan area into the 21st century. 

Now could be the perfect time to begin discussing your home loan options with a financial professional. Regardless of whether you're a potential investor or a first home buyer, sorting out the finances is an essential part of securing the right property for you.

Categories: Home Loans, Personal Finance, Property Investment