Groverdale, a southern suburb of Geelong, Victoria, is experiencing growth it has never seen before. Mainly residential, the suburb is a small town of over 14,000, but real estate buyers are visiting it due to its affordable offerings.
While a home can easily be bought fast these days, we expect same demand for a land for sale. Groverdale is still sparsely populated with vast land resources. And it can only benefit from the surging real estate growth.
From a settlement to a residential suburb
First settled by families of German Lutheran origin in the late 1840s, Groverdale has grown into a residential suburb, a real estate spillover area for the City of Greater Geelong.
Grovedale’s economic and social life revolves around its main roads, making it very accessible. The first structures and reserves were constructed along the road to Torquay and later expanding along the Surfcoast Highway. As a result, schools, commercial centres and important community facilities have been built to serve a growing residential need.
Recently, in the past 12 months, the Grovedale property market has seen a spike in home buyers due to its affordability and unmatched amenities. Neighbouring Belmont and Highton have become too costly for buyers. Historically, the suburb is cheapest in the area south of the river. Now, buyers are attracted by the river that homes and land close to it are being bought rapidly.
According to CoreLogic, Grovedale is fast emerging as a property hot spot. Its yearly price growth is nearing 10 per cent. Turnover is now above the average for the past half decade, i.e. 250 houses were sold in the last 12 months.
Another factor that is contributing to this unexpected demand is rapid urban development. The suburb’s economic activities are pushing its southern boundary towards Mt. Duneed. As the city grows, more homes are needed; so, more land will be bought for development, all for commercial and residential purposes.