Geelong is Victoria’s largest regional city and one of its fastest-growing, with a major health and education economy, Deakin University and more than $16 billion of projects in the pipeline. Entry prices sit well below Melbourne, and demand from health workers, students and young professionals makes it one of the more interesting co-living markets in the state.
Why Co-Living Works in Geelong
- Population growth. Around 295,000 residents in 2025, forecast to reach roughly 442,000 by 2046.
- Health and education jobs. Health care and social assistance is Geelong’s largest employer (around 30,000 jobs), with education adding about 15,000 more. The $500 million Barwon Women’s and Children’s Hospital is due in 2028.
- Deakin University and The Gordon. Campuses at Waurn Ponds and the Geelong Waterfront create steady demand from students and researchers.
- Price advantage. Geelong entry prices are around 37% below Melbourne, which helps the numbers on a multi-suite property.
The Numbers at a Glance
| Indicator | Figure |
|---|---|
| Population (June 2025) | 295,052 |
| Forecast population (2046) | ~442,000 |
| Local jobs | 147,230 |
| Major projects pipeline | $16bn across 168 projects |
| Geelong (3220) rental vacancy | 1.9% |
| Advertised co-living rent per suite (rental managers, 2026) | $350 to $370 per week |
| Typical co-living gross yields (properT network research) | 6% to 12%, depending on location, design and management |
Figures from our Geelong property investment research, which draws on City of Greater Geelong, .id and Hotspotting data.
What that rent means: rental managers are currently advertising co-living suites at around $350 to $370 per week. As an illustration only, a five-suite home at $360 per suite earns about $1,800 a week, or roughly $93,600 a year at full occupancy. At a more realistic 85% occupancy that is about $79,600 a year, before management, utilities, insurance, compliance and other outgoings. Rents vary by location, suite size and inclusions, so check current rents for the specific property.
Where We Look in Geelong
- Central Geelong, Geelong West and Newtown for hospital, CBD and waterfront campus access.
- Belmont, Grovedale, Highton and Waurn Ponds near Deakin’s main campus and the south-western employment area.
- Armstrong Creek & Mount Duneed, one of Victoria’s largest planned growth areas.
- Northern Geelong and Lara, on the Melbourne–Geelong corridor with new industrial and employment land.
Rules You Need to Know
Geelong is in Victoria, so the state’s rooming house rules apply: four or more residents renting rooms generally makes the property a rooming house, with operator licensing, council registration with the City of Greater Geelong, and minimum standards. Read our full guide: Co-Living & Rooming House Rules by State.
What Makes a Co-Living Property Worth Buying Here
- Location first. Walking distance or a short trip to jobs, hospitals, universities and transport. Co-living tenants rarely want to drive.
- Purpose-built design. Private suites with ensuites, good sound insulation and enough shared space. Converted older houses rarely compete.
- Not too many suites. In our experience, five or fewer suites tend to hold occupancy better than larger configurations.
- Compliance from day one. Registration, fire safety and minimum standards built in, not retrofitted.
- Realistic numbers. Model income at around 75% to 85% occupancy, not 100%, and include management, utilities and compliance costs.
- An exit. Know who will buy it from you. A property that also works as a family home or dual-income home has a wider resale market.
Read more: Co-Living Investment Guide: 9 factors to consider · Why I wouldn’t invest in a co-living property · Co-Living FAQs
Related Reading Across the properT network
- Geelong property investment
- Time to invest in Geelong and Lara
- Why invest in Armstrong Creek
- Why Australia’s shared living boom is just getting started
Other Co-Living Locations
Co-living in Melbourne · Co-living in Ballarat & Bendigo · Co-living in Brisbane & SEQ
Frequently Asked Questions
Is Geelong a good place for co-living investment?
Geelong combines strong population growth, a large health and education workforce and entry prices well below Melbourne. In the right location near hospitals, Deakin campuses or transport, co-living can perform well.
Do Victoria’s rooming house rules apply in Geelong?
Yes. If rooms are available to four or more people for rent, the property is generally a rooming house, which needs a licensed operator, council registration and compliance with the Rooming House Standards.
Which Geelong suburbs suit co-living?
Areas close to University Hospital Geelong, Deakin’s Waurn Ponds and Waterfront campuses, the CBD and the train line, such as Geelong West, Newtown, Belmont and Waurn Ponds.
Talk to Us Before You Buy
Co-living can deliver strong income, but only when the location, the design, the compliance and the numbers all stack up. Book a complimentary strategy session with Stephen Lazar at properT network and we will tell you honestly whether co-living suits your goals.
Or call 0413 108 125.
Free download: The Co-Living Investor Checklist
36 checks to make before you buy a co-living or rooming house property: strategy, finance, location, state rules, management and exit. A free 9-page PDF from Stephen Lazar.
General information only. properT network does not provide personal financial, legal, tax or lending advice. Rules, rents and yields change and vary by property. Seek independent professional advice before making any decision.
