The surprising city that's seeing its house prices soar - as one couple increases their home's value by $80,000 just four months after buying it

  • A humble city once called the 'poor cousin' of Melbourne is now flourishing
  • First home buyers and property investors are flocking to the city in droves
  • Sydney couple Jessica and Daniel Lordan have made $79k profit in four months

By Wade Sellers For Daily Mail Australia

Published: 10:02 EST, 10 November 2018 | Updated: 11:13 EST, 10 November 2018

A humble area once considered the 'poor cousin' of one of Australia's biggest cities is fast seeing its property values soar.

Jessica and Daniel Lordan recently snapped up a property in Geelong, south-west of Melbourne, and within a few months have made a staggering profit of $79,000.

The Sydney couple purchased the three-bedroom, two-bathroom home in Leopold, east Geelong, for $439,000 in July.

Just four months later they saw their property value increase to $518,000.

Jessica and Daniel Lordan (pictured) recently snapped up a property in the city of Geelong, south-west Melbourne, and within four months they have made a staggering profit of $79,000

Jessica and Daniel Lordan (pictured) recently snapped up a property in the city of Geelong, south-west Melbourne, and within four months they have made a staggering profit of $79,000

The pair have told how they expected to see a little bit of a growth in the city but did anticipate the escalation they experienced in such a short period of time.

'We did a lot of research into different areas and were also considering buying in Logan in Queensland, but went with Geelong in the end,' Ms Lordan told news.com.au. 

'Based on what we've seen so far I think it's only going to keep going, with more growth over the long-term.'

However, according to experts, the Lordans are not the only ones experiencing the city's new found strength.  

The couple purchased the three-bedroom, two-bathroom home (pictured) in Leopold for $439,000 in July and just four months later they saw their property value soar to $518,000

The couple purchased the three-bedroom, two-bathroom home (pictured) in Leopold for $439,000 in July and just four months later they saw their property value soar to $518,000

'We did a lot of research into different areas and were also considering buying in Logan in Queensland, but went with Geelong in the end,' Ms Lordan said

'We did a lot of research into different areas and were also considering buying in Logan in Queensland, but went with Geelong in the end,' Ms Lordan said

The city has now been labeled Australia's 'leading regional city for median house price growth' according to the 2019 McGrath Report, recording a massive 9.8 per cent increase in home value over the last 12 months. 

The report also states that it remains $200,000 cheaper than Melbourne, with the average price median beginning at $505,000 compared to Melbourne's eye-watering $740,000.

Now, Melburnians are leaving in droves, with more than 6,894 leaving for Geeling in the last 12 months.

Your Property Your Wealth founder Daniel Walsh believes this is only the beginning for Geelong, saying that it's well ahead of any competition when it comes to property values and is seeing homes being sold almost immediately after hitting the market.

He brings it down to the strong economy, growing population and slew of new infrastructure projects that are making Geelong so appealing not only to first home buyers but property investors.  

Melbournians are leaving in droves, with more than 6,894 people escaping the Victorian capital and adding to Geelong's burgeoning 278,929 population over the last 12 months 

Melbournians are leaving in droves, with more than 6,894 people escaping the Victorian capital and adding to Geelong's burgeoning 278,929 population over the last 12 months 

Advertisement

The city that’s seeing it’s house prices soar as one couple increase their home’s value by $80,000

Most watched News videos

Comments 0

Share what you think

No comments have so far been submitted. Why not be the first to send us your thoughts, or debate this issue live on our message boards.

Add your comment

What's This?

By posting your comment you agree to our house rules.