The city that sees its housing prices rise, while a couple increases the value of their home by $ 80,000
A modest area that was once thought of as the "poor cousin & # 39; from one of the largest cities in Australia, its real estate values are rapidly rising.
Jessica and Daniel Lordan recently brought down a property in Geelong, south-west of Melbourne, and made a dizzying profit of $ 79,000 within a few months.
The Sydney couple bought the house with three bedrooms and two bathrooms in Leopold, in the east of Geelong, for $ 439,000 in July.
Only four months later they saw their ownership value rise to $ 518,000.
Jessica and Daniel Lordan (pictured) have recently knocked down a building in the city of Geelong, south-west Melbourne, and have made a dizzying profit of $ 79,000 within four months
The couple told how they expected to see some growth in the city, but anticipated the escalation they had experienced in such a short time.
"We did a lot of research on different areas and also considered buying Logan in Queensland, but eventually it went with Geelong," said Lordan on news.com.au.
& # 39; Based on what we have seen so far, I think it will only continue, with more growth in the long term. & # 39;
According to experts, however, the Lordans are not the only ones who experience the newly found power of the city.
The couple bought the house with three bedrooms and two bathrooms (pictured) in Leopold for $ 439,000 in July and only four months later saw their value in real estate rise to $ 518,000
& # 39; We did a lot of research on different areas and also thought about buying Logan in Queensland, but eventually went with Geelong, & # 39; said Mrs. Lordan.
The city is now labeled as "the leading regional city of Australia for median house price growth & # 39; according to the McGrath report from 2019, with a huge increase in house value of 9.8 percent in the past 12 months.
The report also states that it will be $ 200,000 cheaper than Melbourne, with an average median price starting at $ 505,000 compared to Melbourne's eye-catching $ 740,000.
Now Melburnians leave in massive conditions, with more than 6,894 to Geeling in the last 12 months.
Your property Your Wealth founder Daniel Walsh believes this is just the beginning for Geelong, saying that it has a head start on any competition when it comes to the value of real estate and seeing homes almost immediately after the market hits are sold.
He brings it to the strong economy, the growing population and the many new infrastructure projects that make Geelong so attractive, not only for buyers of houses, but also for real estate investors.
Melbournians leave en masse, with more than 6,894 people escaping from the Victorian capital and contributing to the burgeoning 278,929 inhabitants of Geelong in the last 12 months