Geelong

I was also thinking about purchasing in Geelong, I used to live there so am familiar with the area, the yields are just too low to justify buying there for me though so I swill most probarbly end up buying elsewhere.
 
I researched Geelong myself recently and for under 200k for a house you're pretty limited to Corio and Norlane. Neither are great areas apparently.
If you're after an apartment on the other hand you'll probably have more options.
 
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