By Herron Todd White
Greater Geelong Property Updates
Geelong is the largest non-capital city and the second-most populated area in the state. Geelong has an estimated population of over 250,000, which includes the City of Greater Geelong municipality and the urban and surrounding areas. The region has a population density of 1873 people per square kilometre or 4851 per square mile.
More than 78 percent of people in the city were born in Australia. The most common overseas birthplaces are: England (3.6 percent); Italy (1.1 percent); and Croatia (one percent). The city has a large Croatian community, many descended from immigrants who came to the region in the 1850s and throughout World War II. Today, Geelong has the largest Croatian community in the country.
29 percent of people in Geelong are Catholic, which is the largest religious affiliation. Following this are those who have no religion (20.5 percent), Anglican (14.6 percent) and Uniting Church (7.9 percent).
The City of Greater Geelong is expected to grow to 298,000 by 2031. During this time, the population under working age will increase by 21 percent while the number of people of retirement age will grow by 30 percent. By 2050, an additional 210,000 people are expected to live in Geelong and its surrounding areas, 170,000 of whom will be in the City of Greater Geelong. The region is expected to experience growing infrastructure pain throughout this period as the population continues to expand coupled with the lag from state government infrastructure spending.
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Mildura Property Updates
Mildura’s official population growth, estimated to be approximately one percent per annum, appears to come from a variety of sources. There has always been a steady migration of people from surrounding towns and rural areas to Mildura, attracted by work opportunities and the amenities that our relatively large regional centre provides.
Most of the people moving to Mildura do so with the intention of buying a house and this has contributed to strong demand for better quality family homes in the $350,000 to $500,000 price bracket. The growth in this segment has been reflected by strong demand for land in new subdivisions, which we expect will continue.
There are also a significant number of retirees moving to Mildura, which when combined with a general increase in life expectancy is contributing to an ageing population. Our older buyers tend to be attracted to modern homes on smaller land parcels, which has contributed to a rise in the number of smaller townhouse type developments closer to the CBD. The houses they replace were usually old and poorly designed and so this rejuvenation has been viewed positively.
One of the things we periodically discuss in our office is whether the official census accurately includes the growth in the number of seasonal workers residing in our area. Over the past ten years, there has been a rapid expansion in the area of labour-intensive horticultural crops grown in the Mildura region, particularly table grapes. This growth has drawn a large number of casual workers who then find accommodation wherever they can, contributing to a shortage of cheaper rental accommodation options. Accessing loans to buy homes will not be an option for many of these seasonal workers, who are then reliant on being able to access affordable rental properties.
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.