This Geelong suburb is perfect for young families looking to buy

Written by in Buying on February 20, 2020

Ten minutes from the centre of Geelong and just under an hour’s drive from Melbourne CBD sits Corio, one of the largest suburbs in the area. Once just an industrial area, this is a burgeoning area for development and sits in the ideal position to benefit from the growth of Melbourne’s western region.

Corio is especially known as home to Geelong Grammar School, but homes in Corio have access to a range of schools, such as St Francis Xavier School, Northern Bay P-12 College, Geelong Baptist College, St Thomas Aquinas School and North Geelong Secondary College.

The median price for a 3 bedroom home in Corio sits currently at $350,000, making it a highly affordable entry point for young couples looking for something with plenty of space in the home for a growing family and a yard for the kids to spend afternoons after school exploring.

Access to great schools and an affordable entry point are the two main reasons why Corio is seeing families buy up, with 19-30 year olds making up the third-largest age group in the area and under 18s the largest.

It also sits as a potential destination for families looking for opportunities to grow their longterm wealth through possible subdivisions, as the large plots that make up the majority of properties in the area continue to attract the attention of developers who are aware of the gradual growth of Melbourne’s west, especially the burgeoning satellite city of Werribee, into these northern suburbs of Geelong.

Savvy families looking in the longterm will be aware of the potential of Corio’s water frontage, with Corio Bay already host to a range of high-profile community events including an annual Iron Man competition and Festival of Sails, and the fact that there is a dearth of available land for development in the surrounding area, creating potential for longterm capital growth.

When a prized piece of land between Beckley Park and the ring road went for sale in 2018, Joe Grgic, an agent for NAI Harcourts of North Geelong, noted its importance relative to Corio’s position in this growing corridor.

“If you look right around Geelong at the moment, there’s a shortage of land available,” he said.

Two years later, the land has received planning approval for a residential estate of 102 lots called ‘Wattle Grove’, which will include 4000 square metres of parkland.

For commuters, Corio’s train station provides easy access to Melbourne, while families looking for the best kind of lifestyle have quick access to some of Victoria’s most famous beaches and the natural wonders of the Otway Ranges further west.

With AirAsia’s new twice-daily flights from Avalon Airport to Kuala Lumpur, Corio sits within a short distance of a growing connection point between Asia and Australia’s soon-to-be largest city, Melbourne, while the opening of Balmoral Quay on Corio Bay, a $100 million marina, makes it clear to anyone that this northern suburb of Geelong is set in the perfect position to benefit from both Melbourne’s growth and Geelong’s transition from a once industrial city to a major destination for homeowners seeking affordability and a sea change. A $150-$200 million mixed-use project in the heart of the Geelong CBD is being planned, while the first two stages of Balmoral Quay’s apartments and townhouses development sold out at an average price of $1.1 million. A third stage will launch in May.

More than anything, it is the ability to buy a home without having a huge mortgage hanging over their heads that is attracting young families to the area, as well as a knowledge of the various residential and infrastructural developments that are positioning the Bellarine Peninsula as the focus for business growth outside of Melbourne. With Geelong fast evolving into a world-class city in its own right, and with median house prices in nearby North Geelong nearly $200,000 higher, it is only a matter of time before prices begin to creep up in this sleepy seaside suburb.