Property investment 'key element of Geelong growth'
Geelong is the first of eight planned regional growth areas to be approved in Victoria.
Challenges to Victoria's housing market currently include new lifestyle preferences, employment opportunities, an ageing population and the cost of buying a property.
In the 40-year blueprint for the area, released by the Victorian government on April 11, Geelong will have residential land supply mapped out for the next several decades, allowing for the expected population growth to reach 500,000.
As those numbers grow, there will be increased opportunities for residential property development.
The G21 Regional Growth Plan "affirms Geelong's role as Victoria's second major city which accommodates over 75 per cent of the region's population", explains state planning minister Matthew Guy.
The plan is intended to deliver support in the north of Geelong for property development and housing needs in the short and medium term.
Part of the Geelong Planning Scheme includes an Activity Centre Zone, which will focus on development in the city centre.
The plans could also benefit those involved in commercial property investment, with Mr Guy saying it will "generate investment through business, shopping, housing and leisure, transport and community facilities".