North Geelong vs Spring Gully

The median house price is $710K in North Geelong and $715K in Spring Gully, so North Geelong is the cheaper entry point, with Spring Gully houses about 1% dearer.

On cash flow, Spring Gully leads: houses there return a gross rental yield of 4.15%, compared with 3.70% in North Geelong, a gap of 0.45 percentage points.

Over the past year house prices moved +12.3% in North Geelong (an estimate) and +8.1% in Spring Gully, so recent momentum favours North Geelong, although both suburbs recorded growth.

Rental vacancy is 1.1% in North Geelong and 1.6% in Spring Gully, so landlords in North Geelong face less competition for tenants. Anything under 2% is generally read as a tight market where tenants compete for homes.

North Geelong is the bigger suburb, with a population of 3,225 against 3,092, larger than Spring Gully; a larger suburb usually means a deeper pool of buyers and tenants.

In short: Spring Gully for rental income, North Geelong for a lower purchase price, North Geelong for recent price momentum, North Geelong for the tighter rental market. Which matters more depends on whether the investor is buying for cash flow, capital growth or affordability.