Growth of Geelong North great for Victorian development
Geelong is expected to receive upgrades in the coming years, as the Victorian state government recently announced plans to dedicate a number of new jobs and homes for the region's latest growth area. This could be a great opportunity for future property investment in the state - whether as a first home buyer or experienced investor.
Planning Minister Matthew Guy said the new growth area, Lara West, will provide over 10,000 people new homes in an exciting new suburb which will have a wide range of economic opportunities for the new residents.
"The Lara West Precinct Structure Plan will open up Geelong's north as a new growth front, providing hundreds of local jobs and millions of dollars in investment into Australia's twelfth largest city. The approval of this structure plan is a huge economic shot in the arm for the Geelong economy," said Mr Guy in a February 6 statement.
With over $37 million worth of new roads and infrastructure, this will help to support more than 300 new jobs, as well as the development of a large neighbourhood activity hub with a further 185 jobs available.
Furthermore, three new schools, community and sporting buildings and areas, and a large parkland will be provided for the residents of this new area in Geelong. Now could be the best time to begin considering investment in the region, especially with the impending population boom headed for Victoria in the coming years.
Darryn Lyons, the mayor of Geelong, said the development and growth of the land for future Geelong residents was great news for the region, opening up a new area for people to live and invest in.
"The rezoning of Lara is huge for Geelong. If people are looking at moving to Geelong, Lara West will be a great option. Not only will it provide sensational new community facilities, it will also facilitate hundreds of jobs through essential infrastructure and construction works, another plus for Geelong," said Mr Lyons.
Furthermore, the development of Lara West has been touted as one of the major steps toward the Greater Geelong plan to be undertaken over the next 30 years, which will involve the accommodation of a projected 50,000 more residents into the region by 2050.
The continued development of this region could offer a huge number of different opportunities for the people of Victoria or anyone interested in finding a fantastic growth area for potential property investment in the near future.