House Value – Geelong
The demographics of a city make a large impact on a houses value because of the groups of people that live there, and the groups of people that it attracts. The way that a city is viewed, and how in demand the real estate is very dependent on how welcoming, and how popular the city is among people of different ethnic backgrounds and faiths.
The city of Geelong for example is home to over 185,000 people, with a median age of 37 and only about 27% of residents being over the age of 55. With the median age of the city being so low, it no wonder that the city seems to cater more so towards younger adults, and families. The average household is home to 2.59 persons, and the average weekly income is approximately $901, which is slightly less than the state average. The population of Geelong has been steadily increasing over the last few years at approximately 2500 people each year. Reasons for this growth are multiple, but include the thriving industries, the educational opportunities that the city is home to, and the many cultural events and festivals that are held around the city every year. The city of Geelong is also multi-cultural, with some of the most common overseas birthplaces being: Italy, English, Scotland, and the Netherlands. When a city is multicultural, it also becomes a city made up of many faiths, the most common religious affiliations of the residents of Geelong include: Presbyterian, United Church, Anglican, Orthodox Christian, and Reformed, the most dominant religious affiliation of residents of Geelong is Catholicism.
With demographics such as these, it comes as no surprise that the housing value in the city of Geelong has been on the rise over the last few years. As the city has grown, so too have the primary industries within it, including manufacturing and tourism. With the tourism industry especially this growth has benefited the residents and the continued development of job opportunities through having a ripple effect on other industries, creating more demand for additional professionals in industries such as: law enforcement, hotel management, administration, health care, public relations, and event management among others. Because of the general age of the residents of the city, many of the events that impact the tourism industry and attract tourists are catered to the younger adult demographic, however, the city is also located close to many events for people of all ages to enjoy. Having such a wide range of activities has helped to promote the city as a family oriented located, and has created a demand for real estate close to family amenities such as schools and community centers, causing the housing values in these areas to increase more so than in others.
House values are depending on a variety of factors, some are in the homeowner’s control, and some are completely out of it. Residents of Geelong are benefitting from the demographics that there city has in terms of how they are impacting housing values. While the demographics of a city is one of the factors that impacts the local housing values, the demographics of a city are also one of the factors that are completely out of the homeowners control. The nice thing about demographics being an influential factor in determining housing value is that generally demographics are changing as cities develop and grow. Cities that do not experience a change in demographics tend to cities that do not have a lot of demand for real estate, and have noticeably lower housing values. By taking a look at a cities demographics you are able to get a good idea of how in demand the city is in terms of real estate, and how high the house values are.