Victoria’s second largest metropolitan area is set to experience further growth in the near future, as the release of a new housing plan may boost the economic landscape of Geelong.

This could be great news for anyone interested in taking out a home loan and purchasing property in the area. With a number of opportunities for investment loans and first home buyers alike, there are a huge number of real estate options opening up in the area.

Planning Minister Matthew Guy said the newest growth area in the region, called Lara West, will house more than 10,000 new residents when it is completed.

“The Lara West Precinct Structure Plan will open up Geelong’s north as a new growth front, providing hundreds of local jobs and millions of dollars in investment into Australia’s twelfth largest city. The approval of this structure plan is a huge economic shot in the arm for the Geelong economy,” said Mr Guy in a February 6 statement.

Alongside the development of residential properties, there will be three new schools, community and sporting facilities, $37 million worth of new roads and new community infrastructure, which will provide 300 new jobs in the region. Furthermore, a neighbourhood activity hub will also be created – adding another 185 ongoing jobs in the region.

This development comes at a great time, with the region expected to grow over the next 30 years, with the goal of housing an additional 500,000 residents by 2050.

Mayor of Geelong Darryn Lyons said the hope was to encourage future investment in the region, especially with this type of growth on the horizon.

“If people are looking at moving to Geelong, Lara West will be a great option. Not only will it provide sensational new community facilities, it will also facilitate hundreds of jobs through essential infrastructure and construction works, another plus for Geelong,” said Mr Lyons in a February 6 statement.

source: article from Wide Bay Australia Corporate Information – In the News (http://www.widebayaust.com.au/)

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