Geelong
Few inner-city markets have given back as much as the central Geelong median house price, now $800,000 after a peak of $1,362,500 in late 2023, a 41.3% retreat. Even so, the longer arc is positive: prices ran from $500,000 in 2013 to today, a 60.0% gain at a 3.4% compound rate. Renters make up 45.1% of households, well above the owner base, and the 17.8% vacancy rate reflects an apartment-heavy core where flats are 25.5% of dwellings. University qualifications reach 47.7%, which is 17.6 points above the national figure, while household income sits in the 58th percentile, only modestly above the middle.
Population
5,811
Median Age
40.0
Household IncomeiMedian weekly household income (ABS Census)
$1,670/wk
DAs (12 months)iDevelopment Applications lodged in the past year
3
Median House
$800K
Apr-Jun 2024
The $800,000 median is the headline for buyers, and timing matters because that figure is 41.3% below the $1,362,500 peak of mid-2023, so recent entrants are buying into a corrected market rather than chasing it. Stock skews smaller than a typical detached suburb: separate houses are just 52.1% of dwellings against 25.5% apartments and 21.6% semi-detached, and two-bedroom homes lead at 36.2% with three-bedroom at 34.8%. Larger 4-plus bedroom houses are only 17.3%, so family buyers compete for limited supply. Monthly mortgage repayments average $2,000, giving a mortgage-to-income ratio of 27.7%, below the 30% stress threshold, which leaves headroom that many pricier Melbourne markets lack.
For Buyers
The $800,000 median is the headline for buyers, and timing matters because that figure is 41.3% below the $1,362,500 peak of mid-2023, so recent entrants are buying into a corrected market rather than chasing it. Stock skews smaller than a typical detached suburb: separate houses are just 52.1% of dwellings against 25.5% apartments and 21.6% semi-detached, and two-bedroom homes lead at 36.2% with three-bedroom at 34.8%. Larger 4-plus bedroom houses are only 17.3%, so family buyers compete for limited supply. Monthly mortgage repayments average $2,000, giving a mortgage-to-income ratio of 27.7%, below the 30% stress threshold, which leaves headroom that many pricier Melbourne markets lack.
For Investors
A 45.1% renter share against weekly rent of $370 gives landlords a deep tenant pool, but the 17.8% vacancy rate is the warning sign and points to genuine oversupply in the apartment segment, which is 25.5% of dwellings. Against the $800,000 median, that rent implies a gross yield near 2.4%, low even by Victorian standards, so the case rests less on yield than on the rent trajectory, which rose 42.6% over the measured period. Demand support leans on overseas migration averaging 200 residents a year, partly offset by net internal outflow of 88. Development is thin at only 3 applications in 12 months, so new competing supply is limited, and that scarcity is what underpins the rent escalation more than population volume.
Development Activity
Total DAs
12
Last 12 Months
3
YoY ChangeiYear-over-year change in DA lodgements
0.0%
Avg DA CostiAverage estimated cost per DA in the past year
N/A
Monthly DA Lodgements
DA Categories
Schools in Geelong iICSEA: school advantage index. 1000 = national avg, higher = more advantaged
St Mary's School
Prep-6 · 214 students
Matthew Flinders Girls Secondary College
7-12 · 614 students
Demographics
The median age of 40 matches the national figure exactly, an unusual neutrality for an inner suburb, while average household size of 2.0 sits 0.5 below national, consistent with the small-dwelling stock. Overseas-born residents reach 24.0%, which is 2.4 points above national, a modest skew. Ancestry is Anglo-leaning, led by English (2,053), Irish (829) and Scottish (664), with Italian (354) the largest non-Anglo group. University qualifications at 47.7% run 17.6 points above national, a sign of a professional resident base, and 40.8% of families are couples without children, which explains the 2.0 person household average. The most common non-English languages are Mandarin (58 speakers), Italian (47) and Greek (30), reflecting a small international mix.
Age Distribution
Bedrooms
Dwelling Structure
52.1%
Houses
21.6%
Townhouse
25.5%
Apartment
Tenure
Tenure tilts toward renting: 45.1% rent, 34.1% own outright and only 20.8% carry a mortgage. Outright owners outnumbering mortgage holders points to long-held property among older residents rather than a churn of recent buyers. The stock is 52.1% separate houses, 25.5% apartments and 21.6% semi-detached, and two-bedroom dwellings dominate at 36.2% with three-bedroom at 34.8%. The median house price now reads $800,000, down 41.3% from the $1,362,500 peak of 2023 but still 60.0% above the 2013 level of $500,000, a 3.4% compound annual rate. Mortgage-to-income at 27.7% stays under the stress line, and rent-to-income at 22.2% is comfortable, so affordability has improved from 41.1% in 2011 to 36.5% in 2021.
Median House Price Trend
Source: State Valuer-General
Mortgage / mo
$2,000
Rent / wk
$370
HH Size
2.0
Personal Income / wk
$865
Vacancy Ratei% of dwellings unoccupied on Census night (ABS 2021)
17.8%
Unoccupied
540
Rent / IncomeiMedian rent as % of household income. Over 30% = housing stress
22.2%
Mortgage / IncomeiMedian mortgage as % of household income. Over 30% = housing stress
27.7%
Community Profile
Languages Spoken at Home
Ancestry
Household Composition
40.8%
Couples, no children
3,493
Total families
Economy & Employment
The workforce concentrates in service sectors rather than industry: Healthcare leads at 26.2% (602 workers), well above any other sector, followed by Education at 12.0% (277) and Professional/Tech at 10.3% (236), with Hospitality at 8.3% and Construction at 7.6%. The healthcare weight reflects Geelong's role as a regional hospital and aged-care hub. By occupation, Professionals (1,019) and Managers (415) lead, aligning with the decile 7 IEO score for education and occupation. Unemployment runs at 5.6% and full-time employment at 58.5%. The SEIFA picture is mixed: IRSD and IRSAD both read decile 6, IEO decile 7, but IER drops to decile 3, because the 45.1% renter base and small dwellings depress aggregate household wealth despite the educated workforce.
Unemployment
5.1%
Labour Force
8,221
Unemployed
420
Quarterly Trend
Source: SALM Dec-25
Socio-Economic Indexes (SEIFA)iABS index ranking suburbs from 1 (most disadvantaged) to 10 (most advantaged)
Full-time
58.5%
Part-time
35.9%
Participation
59.4%
Employed
2,923
Occupations
Top Industries
University
47.7%
Postgraduate
13.7%
Born Overseas
24.0%
Dwellings
2,482
Transport to Work
Daily life leans on cars and active travel: 67.1% drive, 24.5% walk or cycle, and only 3.3% use public transport, lower than you would expect for a regional centre with a rail line. The SEIFA reading is solidly mid-to-upper, decile 6 on both IRSD and IRSAD, indicating relatively few residents face disadvantage, and 6.1% (333 people) need daily assistance. The crime rate is the main caveat at 610.6 offences per 1,000 residents, driven by property and deception offences (1,677 of 3,548 total), a pattern typical of a busy commercial core with high daytime foot traffic rather than a residential safety problem. Volunteering runs at 18.4%, and no schools are recorded inside the 3.31 km2 boundary, so families rely on institutions nearby.
Drive
67.1%
Public Transport
3.3%
Walk / Cycle
24.5%
Work from Home
N/A
Population Forecast
+0.91%/yr
(+203 people/yr)
EstablishedGeelong's central population is rising steadily rather than booming: annual growth of 0.91% adds about 203 residents a year, and the surrounding area grew 12.3% over the decade, with the signal accelerating from 4% to 12%. Medium forecasts lift the broader population from 22,337 in 2026 to 23,350 by 2031, a measured continuation. Overseas migration is the primary driver at 200 a year, offset by a net internal outflow of 88, so growth depends on international arrivals more than local relocation. The gentrification reading is early signs at a score of 20, supported by real income growth of 30.5% and an affordability trend that improved from 41.1% to 36.5% between 2011 and 2021, below the earlier burden.
Historical + Forecast
Hamilton-Perry + Holt smoothing on ERP 2001-2025
Age Cohort Forecast
Primary Driver
Overseas Migration
Net Overseas / yr
+200
Net Internal / yr
-88
Gentrification Signal
Early signs
Population +16% since 2011, Accelerating: 4% → 12%
Safety & Crime
Total Offences
3,548
Year ending June 2024
Rate per 1,000 People
610.6
Offence Categories
Source: Crime Statistics Agency Victoria / SA Police
National Ranking iPercentile rank among ~15,000 AU suburbs. 90% = higher than 90% of suburbs
How Geelong compares to ~15,000 Australian suburbs
Frequently Asked Questions
Is Geelong a good suburb to live in?
Central Geelong scores decile 6 on both IRSAD and IRSD and decile 7 on education and occupation, indicating relatively low disadvantage. University qualifications reach 47.7%, which is 17.6 points above national. The main trade-offs are a high crime rate of 610.6 per 1,000 in the commercial core and a 17.8% apartment vacancy rate.
What is the median house price in Geelong?
The median house price is $800,000 as of the Apr-Jun 2024 quarter, down 41.3% from the $1,362,500 peak in 2023 but up 60.0% from $500,000 in 2013, a 3.4% compound annual rate. Weekly rent averages $370 and monthly mortgage repayments run about $2,000.
What schools are in Geelong?
No schools are recorded inside the 3.31 km2 central Geelong boundary in this dataset, so families rely on schools in neighbouring suburbs. The resident base is well educated, with university qualifications at 47.7%, which is 17.6 points above the national figure.
Is Geelong safe?
The recorded crime rate is 610.6 offences per 1,000 residents, with 1,677 of the 3,548 total being property and deception offences. This is high but typical of a busy commercial centre with heavy daytime foot traffic, and the suburb still scores decile 6 on the IRSD disadvantage index.
Is Geelong good for property investment?
Rent of $370 a week against the $800,000 median gives a gross yield near 2.4%, low by Victorian standards, and the 17.8% vacancy rate signals apartment oversupply. Rent grew 42.6% over the period and overseas migration adds 200 residents a year, so returns lean on rent growth more than yield.
How is Geelong's population changing?
Central Geelong grows about 0.91% a year, adding roughly 203 residents, while the wider area rose 12.3% over the decade. Overseas migration of 200 a year is the primary driver, offset by a net internal outflow of 88. Medium forecasts lift the broader population toward 23,350 by 2031.
How to read these comparisons
Phrases like "above the national average" reference the unweighted median across Australian suburbs with more than 1,000 residents, not population-weighted national figures. Suburb-level medians are more useful for ranking suburbs against each other; ABS census headlines are population-weighted (so dominated by Sydney and Melbourne) and can read very differently.
Current baseline (refreshed 2026-05-10): median age 40, university-educated 30.1%, born overseas 21.6%, average household size 2.5 people.
Data sources: ABS 2021 Census (demographics, income, tenure), state Valuer-General (house prices), Department of Jobs SALM (unemployment), ACARA (school ICSEA), state Crime Statistics agencies (offences), council DA portals (development applications). Population forecasts use a Hamilton-Perry cohort model calibrated to ABS ERP.
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