Corio and Norlane
In 2024, the real estate markets of Corio and Norlane, key suburbs in Geelong's northern suburbs, experienced significant developments influenced by broader regional trends.
Property Prices and Sales Activity
The median house price reached approximately $460,000, marking an annual capital growth of 1.66%. Over the past year, 137 houses were sold, with properties typically spending 42 days on the market. Investors found the area appealing due to a rental yield of 4.69%, with median weekly rents around $385.
Corio is recognised for its diverse community and accessible amenities, including schools, shopping centres like Corio Village, and recreational facilities such as the Stead Park sports complex and the Norlane Aquatic Centre. The suburb offers a blend of urban and suburban living, with a mix of residential housing and industrial zones.
Rental Market Dynamics
The rental market in Geelong, encompassing Corio and Norlane, faced significant challenges in 2024. The 3214 postcode, covering Corio, Norlane, and North Shore, was among the few areas within Geelong city limits deemed affordable.
Despite this, rental yields in these suburbs remained attractive to investors. For instance, units in Norlane offered a rental yield of 4.97%, making it a viable option for property investors seeking steady returns.
Regional Trends Impacting Local Markets
Geelong's prominence as a regional hotspot continued in 2024, ranking sixth among Australia's top regional locations for property purchases. This status was driven by factors such as affordability, lifestyle appeal, and infrastructure developments enhancing connectivity to Melbourne.
Market Outlook
The real estate market in Corio and Norlane in 2024 had modest property price growth, attractive rental yields, and significant community-focused developments.
Government initiatives, such as the stamp duty concession, played a pivotal role in stimulating investment and addressing housing affordability challenges in the region.
Market Outlook for 2025
Looking ahead to 2025, the real estate markets in Corio and Norlane are poised for continued growth. Analysts predict that Corio's median house price will increase, with Norlane also seeing an uptick in house values.
This anticipated growth is attributed to factors such as ongoing infrastructure developments, sustained demand for affordable housing, and potential interest rate cuts expected in the latter half of 2025. These elements are likely to enhance buyer confidence and stimulate further investment in the region.
Lara
In 2024, Lara continued to attract families and investors due to its blend of suburban and semi-rural living, convenient transportation links, and community amenities.
Property Prices and Sales Activity
The median sale price for houses in Lara was $700,000, with 4-bedroom houses averaging $750,000 and 3-bedroom houses at $622,500. Units had a median sale price of $440,000.
The suburb maintained a clearance rate of 64.2%, with properties typically spending an average of 48.5 days on the market, indicating a balanced demand-supply scenario.
Rental Market Dynamics
The rental market in Lara remained robust, with a median weekly rent of $550 for houses, yielding an average rental return of 4.1%. For units, the median weekly rent was $430, offering a rental yield of 5.1%.
Lara's family-friendly environment, coupled with its proximity to both Geelong and Melbourne via the Lara train station, sustained strong tenant interest throughout the year.
Community Developments and Infrastructure
Lara boasts attractions such as the Serendip Sanctuary, various schools, shopping centres, and recreational facilities, enhancing its appeal to families and nature enthusiasts.
Market Outlook for 2025
Looking ahead, the Australian property market is expected to experience a moderation in price growth in 2025. Nationally, housing prices are projected to increase by approximately 4%, a slowdown compared to the 5.5% growth observed in 2024. Factors contributing to this trend include delayed interest rate cuts and increased property listings, leading to heightened market competitiveness.
While specific forecasts for Lara are limited, the suburb's strong fundamentals—such as its strategic location, family-friendly amenities, and ongoing infrastructure developments—are likely to support continued demand and price stability in the coming year.