Why Ryrie Home, Geelong apartments have been a hit with investors
Investors have been flocking to Ryrie Home, Franzé Developments’ latest mixed-use development that forms part of the new Geelong Quarter.
Located at 44 Ryrie Street, Ryrie Home sits in the heart of the regional city’s art precinct, pitching its proximity to Melbourne and cheaper housing prices as a drawcard for investors and owner-occupiers alike.
The project was listed as Urban's most popular investor project for Q1 2021 thanks to Geelong’s low vacancy rate of 1.7 per cent and the 10 per cent per annum growth in apartments over the last three years.
And the transport improvements in Geelong, including the $100 million fast rail and the $6.7 billion Westgate Tunnel which will shave 20 minutes off any commute, has investors keen on securing a property in the growing area.
Population growth is always a key driver for increased demand in the residential market, especially in regional areas.
With Geelong’s population growth forecast at 3.14 per cent per annum, the demand for housing tends to yield consistent returns.
Geelong supports over 100,000 jobs, with Greater Geelong's output of economic development pegged at over $31 billion.
The previously industrial city on the western edge of Port Phillip Bay is changing into one driven by services, as a range of major businesses shift head offices to Geelong.
Among these include Qantas, KFC, WorkSafe, Jetstar and the NDIA federal government agency administering the National Disability Insurance Scheme.
There's further development of new buildings, including the $174 million Geelong Convention Centre on the waterfront which will have 1000 seats and an exhibition centre.
There will be a new $91 million HQ for the Geelong council with 10,000 sqm of office space. Nearly $175 of increased tourism expenditure will come from the Spirit of Tasmania, which will relocate to the Geelong Port by 2029.
Property investors are also being drawn to the region with the Bellarine Village Shopping centre selling for $38 million, and investment giant Brookfield looking to sell their 50 per cent stake in Geelong Port, which some investors say has a $1.8 billion value.
Ryrie Home is a short walk from the train station, shopping, dining, and the foreshore, as well as educational offerings, including Deakin University, which has over 60,000 students.
The ground floor of the development will be activated with a curated selection of retail stores for buyers’ convenience.
The new development is a contemporary residential space in a well-connected village.
Designed by Architectus, the project boasts an authoritative and restrained grid façade, pedestrian laneways, commercial retail, and F&B spaces, as well as hotel and residential lobbies.
Each residence has been cleverly planned to deliver great amenity, comfort and abundant storage, including a dedicated laundry room.
