What Does an Investment Property in Geelong Really Cost to Hold?

By Victoria Whittaker · Updated October 2026 · 7 min read

When most people look at an investment property, they look at two numbers.

The price.

And the rent.

But the number that decides whether a property works for you is the one in between: what it costs to hold, week after week, year after year.

After 20 years in property, I can tell you that this is where most investment plans either hold up or fall over.

The Costs Most People Count

These are the obvious ones, and most investors include them.

• Loan repayments. Especially the interest, which is the biggest cost for most investors.
• Council rates. These vary across Greater Geelong, the Borough of Queenscliffe and Surf Coast Shire, so check the actual figure for the property.
• Property management fees. Usually a percentage of the rent, plus letting and advertising fees each time the property is leased.

The Costs That Often Get Missed

This is the list I go through with every investor client.

• Land tax. With the Victorian threshold now at $50,000, almost every investment property attracts it. Read my guide to land tax in 2026.
• Water service charges. Renters can be charged for usage, but the fixed service charges generally stay with the owner.
• Landlord insurance. On top of building insurance, and worth reading the fine print on.
• Owners corporation fees. On units and townhouses, along with any special levies on the horizon.
• Safety checks and compliance. Smoke alarms tested every 12 months, regular gas and electrical safety checks, and keeping the property at the rental minimum standards.
• Repairs and maintenance. Hot water systems, fencing, gutters, appliances. Something always comes up.
• Vacancy. Even in a strong rental market, a week or two between renters is a cost.
• Accounting fees. Your annual tax return becomes more involved once you own a rental.

Why Location Changes the Numbers

Holding costs are not the same everywhere in our region.

A newer house in Armstrong Creek or Mount Duneed usually needs less maintenance early on, but you may be competing with plenty of similar homes for renters.

An older home in Belmont, Hamlyn Heights or Newtown can carry higher maintenance and upgrade costs, but sits in an established street with long-term appeal.

A coastal property in Ocean Grove, Torquay or Jan Juc can mean more wear from the salt air, and a higher land value, which flows through to land tax.

Not better.

Different.

The right choice depends on your budget, your goals and how much cash flow you can carry.

Turn It Into a Weekly Number

Annual costs are easy to underestimate.

So I always suggest converting everything into a weekly figure and putting it next to the weekly rent.

Add up every cost for the year, divide by 52, and compare it with what the property is likely to rent for.

The gap between the two is what the property will cost you each week, before any tax considerations.

That is a number you can plan around.

Stress-Test It

A property that works today needs to keep working if things change.

So ask yourself what happens if interest rates rise by 1% or 2%.

What happens if the property sits empty for a month?

What happens if the hot water system and the roof both need attention in the same year?

If the answer is that your budget would be stretched to breaking point, the property may still be right, but you need a bigger buffer before you buy it.

Ask Yourself This

Do you know what this property will cost you each week to hold?

Have you included land tax, insurance and compliance, not just the loan?

Could you carry the property comfortably if rates rose or the rent dropped for a while?

If you are not sure, that is the first thing to work out.

The Bottom Line

A good investment is not just a property that will grow in value.

It is a property you can afford to hold long enough for that growth to happen.

Know your holding costs before you buy, and you will make a far more confident decision.

This article is general information only and is not financial, credit or tax advice. Costs vary from property to property. Speak to your accountant, a licensed mortgage broker and your property manager about your own situation before acting.