Geelong housing project to attract property investment
Victorians looking to buy residential property in the state may be interested in a major housing project earmarked for Geelong.
State minister for housing Wendy Lovell announced yesterday (November 1) that the multimillion-dollar New Norlane project is due to get off the ground soon, delivering more accommodation options in the region.
The Geelong property sector may appeal to house hunters who want to break into the state's real estate market, but don't want pay the average $530,000 for a house in Melbourne.
In comparison, the median price for a home in the City of Greater Geelong is $362,000 - a considerably cheaper option than the state's capital city prices.
The New Norlane housing development will comprise 320 new public and private homes built on 200 vacant blocks north of Geelong.
Ms Lovell said the project will support the growing region, generating more accommodation for both renters and homeowners.
"New Norlane, with its mix of public and private housing, is about building for the future, making an investment in the community, creating new opportunities for employment and revitalising the area," Ms Lovell explained.
"We also believe this project will stimulate local investment and expand the range of housing options currently available in this north Geelong suburb."