As the roadmap for Geelong’s $370 million City Deal is revealed, Victoria’s second city is poised for growth. We asked our members on the ground for their take on Geelong’s transformation.
The City Deal outlines a range of landmark projects that will transform Geelong, and the local property industry is excited.
The centrepiece of the City Deal is the $174 million convention and exhibition centre, which the Geelong Regional Alliance estimates will generate 600 jobs and generate $350 million in economic activity during construction. Once operational, the centre is expected to support 270 jobs and contribute $50 million to the local economy.
More than $38 million will be spent on various projects that revitalise public spaces in Geelong’s CBD to attract visitors and investment. The City Deal also tops up the $12.5 million already being spent to transform the waterfront with an additional $3.5 million to improve public access, amenity and connectivity. A further $108 million is earmarked for sustainable tourism opportunities along the Great Ocean Road.
Cressida Wall, the Property Council’s Victorian executive director, is encouraged by the tripartite collaboration, which she says will “secure long-term outcomes” that encourage employment growth, new development and “bolster the retail and tourism environment”.
“The Geelong City Deal announcement is an exciting step towards growing the region. We shared our enthusiasm for the City Deal model when we met with Minister Tudge this week and advocated for further city deals in Victoria—including two for Melbourne,” Wall says.
Catalytic projects create jobs and opportunity
Victoria’s second largest city, Geelong currently boasts a quarter of a million people, and is expected to grow by a further 150,000 over the next 20 years.
“In percentage terms, Geelong is growing faster than Melbourne, and the City Deal recognises Geelong as a growing and transitioning city,” says Urbis director Nathan Stribley.
“People are responding to the affordability, lifestyle and amenity that the city offers, and significant transport infrastructure investment has improved connectivity. Rail patronage along the Melbourne to Geelong line has more than doubled in the last five years,” Stribley explains.
Urbis has “aspirations” for a Geelong presence in the near future, which is “in direct response to the extraordinary growth we’ve had from our clients in this part of the state”.
The city already has a broad base of 17,000 businesses, but that is growing rapidly adds Alison McLeod.
McLeod, an affordable housing advisor and director of Alimac Advisory, says “people are excited” by the “opportunity for catalytic projects” which will create more jobs.
An exodus of Melburnians has seen Geelong’s house prices surge in recent years, although it’s steadied to a 5.2 per cent increase in the last year, according to Domain. But McLeod says Geelong remains an “affordable option relative to capital cities” with an easy commute to Melbourne.
The City Deal “maintains the confidence in the local economy and brings much-needed infrastructure to support our growing community,” McLeod adds.
Reinvigorating the region
“There’s a huge amount of investment coming into town,” says Kane Constructions’ project director Sam Birdseye.
Kane Constructions has a 50-strong local workforce and nine projects currently underway in Geelong. Among these is the $38.5 million redevelopment of the city’s premier theatre space, the Geelong Arts Centre. Just two weeks away from completion, the project exemplifies Geelong’s potential.
“We are seeing both government and private investment pouring in,” Birdseye says.
Kane Constructions joint managing director Richard Frisina says Geelong is an important strategic region, as it is “well connected to Melbourne and regional Victoria by rail and road”. The City Deal reinforces Geelong’s future as a “major regional player” Frisina says.
Fund manager Quintessential Equity is investing $85 million in the new headquarters for health insurer GMHBA, and the National Disability Insurance Scheme opened the doors on its new 15,500 sqm office earlier this year, developed by Techne Group.
Scott Vickers-Willis, Techne Group’s managing director, notes the “sense of reinvigoration not just in the CBD but across the whole region – and both residential and commercial developers are investing in numerous projects at all levels”.
“The convention centre has been talked about for decades and is finally going to happen. This will be a key asset for the city in selling itself to local, interstate and international visitors. The next 10 to 15 years will be great for the city, and for investors,” Vickers-Willis says.
“Look seriously at Geelong,” McLeod urges the property industry. “Geelong has been underdone and undersold for quite a while. But Geelong is going places.”