Young buyers target cheaper Geelong suburbs as super ban looms

Affordability is driving homebuyers to hot property pockets in Geelong where homes can sell in a matter of days. The new figures come as an August deadline for people buying property for self-managed superannuation funds is set to open the door to young homebuyers to enter the market with less competition. That’s when the Albanese government enforces a ban on people borrowing to purchase an investment property to add to a retirement fund. RELATED: Geelong couple transforms wreck into $3m dream home Made in China: flatpack homes built in Vic in 20 days Boom suburbs raise roof by $100K in Geelong REA Group senior economic analyst Megan Lieu said Geelong’s relative affordability was driving demand for houses and units, with population growth data supporting the property data showing typical homes in the fastest-selling suburbs selling between two and three weeks on the market. “Geelong as a region overall has seen positive growth in houses and units over the past 12 months. And there are a lot of regions in Melbourne that are actually seeing declines now,” Ms Lieu said. “The main reason is the fact that houses are a lot more affordable in Geelong. There has been really strong growth i...