Geelong car park price soars 82% in 15 months

Living in the heart of Geelong’s CBD has never been more attractive to buyers as construction has started on several residential developments.

An opportunity to secure a prime CBD development site with approved planning permit for seven residences has been listed for sale for $1.6 million to $1.75 million.

The site, at 118 Corio St and 2 Hays Place, Geelong, which is being used as a carpark, sold last year for $962,500.

Whitford, Newtown, agent Dale Whitford says since then a permit has been approved for seven two-bedroom, three-storey residences.

“People are very keen to be in the city, the renaissance of Geelong seems to be under way with projects like Miramar, The Mercer and Geelong 1 Apartments,” Whitford says.

“Those projects are helping draw people to the city and we are seeing the same sort of change we saw in Melbourne years ago.”

A permit has been approved for seven townhouses.

Whitford says one of Geelong’s biggest drawcards is its north-facing bay.

“It is nice to have that northern aspect. People are attracted to the city because there is stuff happening there and the more people it attracts the more things will happen there like restaurants, cafes and quality shops,” he says.

“These developments are filling a niche, a lot of people are aspiring to a lock-it-and-leave lifestyle with security,” Whitford says.

“I have heard from a few farmers who said they have spent most of their life on a tractor, now they want to spend the rest of their life looking at the water.”

This article from The Geelong Advertiser was originally published as “Geelong carpark to be reborn as three-storey townhouses”.