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Geelong sees spike in home bui...

Geelong sees spike in home building

Home building in Geelong is on the rise on the strength of the generally strengthening housing market. 

In turn, this is making a positive contribution to the upturn in the local economy, according to Domain Group chief economist Andrew Wilson. 

Data from the Australian Bureau of Statistics (ABS) indicates that in August, a total of 282 houses were approved for construction in Greater Geelong. 

This represents an increase of 12.4 per cent compared to the corresponding figure recorded in July, or 31 more units than the 251 approved that month.

It brings the running total for the year up to 2,070, which is 14.8 per cent higher than the total of 1,803 that were approved at this point in 2015. 

Mr Wilson noted that this means new house building in Geelong is increasing at a faster rate than it is in Melbourne. The latter city recorded an increase of 13.2 per cent over the same period.

In terms of particular areas of Geelong, spots nearer the coast seem to be performing especially well. 

"The Surf Coast Bellarine Peninsula region of Greater Geelong has recorded a surge in new house approvals over the first eight months of this year increasing by 20.9 per cent to 931 compared to the same period last year," Mr Wilson commented. 

He added that Grovedale is the most popular suburb for house building approvals in the 12 months ending August with 663. 

"For the Surf Coast - Bellarine Peninsula region, the Ocean Grove-Barwon Heads suburban region was the most popular with 501 approvals." 

These trends are helping to strengthen the local economy, with the latest ABS statistics revealing that the Geelong workforce increased by 32,100 or 28.9 per cent over the year ending August. 

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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