Rising property prices and raised interest rates over the last few years has created affordability difficulties for buyers in Geelong. New research from Finder and PropTrack shows buyers now need to earn at least 40% more annually in 2024 compared to 2021 to keep up with home repayments.
Research shows the pre-tax income needed for purchasing property across various suburbs, based on a 30-year loan with a 20% deposit and current interest rates of 6.27%, compared to 2.72% in 2021. Even in areas where median home prices have decreased since 2021, the required income increase reflects the ongoing strain on affordability in the current property market.
Statistics recently published on the realestate.com.au website are below:
| Suburb (property type) | Min. income, July 2021 | Min. income July 2024 | % change |
| Aireys Inlet (H) | $176,976 | $302,586 | 71% |
| Anglesea (H) | $157,326 | $291,233 | 85% |
| Armstrong Creek (H) | $77,785 | $132,289 | 70% |
| Bannockburn (H) | $83,933 | $150,256 | 79% |
| Barwon Heads (H) | $182,506 | $334,671 | 83% |
| Barwon Heads (U) | $127,852 | $203,369 | 59% |
| Batesford (H) | $178,928 | $341,088 | 91% |
| Bell Park (H) | $71,571 | $124,391 | 74% |
| Bell Park (H) | $71,571 | $124,391 | 74% |
| Bell Park (U) | $57,465 | $105,140 | 83% |
| Bell Park (U) | $57,465 | $105,140 | 83% |
| Bell Post Hill (H) | $71,246 | $128,340 | 80% |
| Bellbrae (H) | $250,369 | $473,870 | 89% |
| Belmont (H) | $86,536 | $135,250 | 56% |
| Belmont (U) | $63,763 | $105,387 | 65% |
| Birregurra (H) | $85,885 | $148,084 | 72% |
| Breakwater (H) | $61,811 | $113,531 | 84% |
| Charlemont (H) | $72,872 | $118,468 | 63% |
| Clifton Springs (H) | $75,605 | $134,263 | 78% |
| Connewarre (H) | $208,207 | $418,585 | 101% |
| Corio (H) | $53,613 | $95,761 | 79% |
| Corio (U) | $41,641 | $74,783 | 80% |
| Curlewis (H) | $79,379 | $131,302 | 65% |
| Dereel (H) | $63,763 | $109,582 | 72% |
| Drysdale (H) | $88,488 | $151,046 | 71% |
| Drysdale (U) | $59,859 | $108,595 | 81% |
| East Geelong (H) | $103,453 | $154,008 | 49% |
| East Geelong (U) | N/A | $107,608 | N/A |
| Fyansford (H) | $104,168 | $184,612 | 77% |
| Geelong (H) | $113,668 | $197,446 | 74% |
| Geelong (U) | $82,307 | $124,885 | 52% |
| Geelong West (H) | $105,242 | $173,752 | 65% |
| Geelong West (U) | $76,451 | $107,114 | 40% |
| Grovedale (H) | $75,605 | $131,499 | 74% |
| Grovedale (U) | $63,763 | $97,736 | 53% |
| Hamlyn Heights (H) | $81,168 | $148,084 | 82% |
| Hamlyn Heights (U) | $66,886 | $103,955 | 55% |
| Herne Hill (H) | $86,536 | $136,336 | 58% |
| Herne Hill (U) | $40,600 | $77,300 | 90% |
| Highton (H) | $107,357 | $181,453 | 69% |
| Highton (U) | $63,763 | $102,672 | 61% |
| Indented Head (H) | $87,512 | $187,574 | 114% |
| Jan Juc (H) | $167,541 | $251,250 | 50% |
| Lara (H) | $78,078 | $138,212 | 77% |
| Lara (U) | $53,353 | $96,650 | 81% |
| Leopold (H) | $75,540 | $133,789 | 77% |
| Leopold (U) | $59,152 | $94,774 | 60% |
| Lethbridge (H) | $101,501 | $170,346 | 68% |
| Little River (H) | $165,264 | $219,165 | 33% |
| Lorne (H) | $195,194 | $377,122 | 93% |
| Lorne (U) | $107,357 | $256,186 | 139% |
| Lovely Banks (H) | $87,187 | $145,123 | 66% |
| Manifold Heights (H) | $112,236 | $211,761 | 89% |
| Manifold Heights (U) | $55,435 | $98,723 | 78% |
| Marshall (H) | $69,782 | $123,897 | 78% |
| Marshall (U) | N/A | $95,761 | N/A |
| Moolap (H) | N/A | $215,216 | N/A |
| Mount Duneed (H) | $81,331 | $140,187 | 72% |
| Newcomb (H) | $68,318 | $113,334 | 66% |
| Newcomb (U) | $54,004 | $91,417 | 69% |
| Newtown (H) | $129,967 | $227,063 | 75% |
| Newtown (U) | $70,107 | $118,270 | 69% |
| Norlane (H) | $53,646 | $89,591 | 67% |
| Norlane (U) | $44,895 | $79,966 | 78% |
| North Geelong (H) | $71,571 | $124,638 | 74% |
| Ocean Grove (H) | $113,212 | $192,510 | 70% |
| Ocean Grove (U) | $97,597 | $155,489 | 59% |
| Point Lonsdale (H) | $129,999 | $232,986 | 79% |
| Portarlington (H) | $98,248 | $197,446 | 101% |
| Portarlington (U) | $83,283 | $155,982 | 87% |
| Queenscliff (H) | $154,854 | $291,726 | 88% |
| Rippleside (H) | $106,706 | $207,318 | 94% |
| South Geelong (H) | $126,876 | $178,195 | 40% |
| St Albans Park (H) | $68,968 | $113,531 | 65% |
| St Leonards (H) | $83,933 | $148,084 | 76% |
| St Leonards (U) | $63,503 | $112,544 | 77% |
| Teesdale (H) | $87,837 | $196,459 | 124% |
| Thomson (H) | $57,485 | $103,166 | 79% |
| Torquay (H) | $126,030 | $238,910 | 90% |
| Torquay (U) | $100,850 | $212,254 | 110% |
| Wandana Heights (H) | $109,927 | $197,051 | 79% |
| Waurn Ponds (H) | $91,741 | $155,982 | 70% |
| Whittington (H) | $56,997 | $98,723 | 73% |
| Whittington (U) | $45,591 | $79,176 | 74% |
| Winchelsea (H) | $63,633 | $136,731 | 115% |
Source: Finder, PropTrack. Realestate.com.au