• Data centres: NextDC holds 169 hectares at Lovely Banks, bought for $165 million and settled in June 2026
• Policy: Geelong council backed the MAV's October call for a moratorium on new data centre approvals in Victoria
• Growth land: 435 Elcho Road, Lovely Banks, offered by expressions of interest closing 30 October
• Industrial: steady demand in Corio, North Geelong and Moolap, following the sell-out of the Wilmac Corio estate earlier in the year
• Melbourne context: industrial vacancy in Melbourne eased to 4.7 per cent in the September quarter
• Interest rates: cash rate 4.60 per cent, a rise to 4.85 per cent widely expected on 3 November

NextDC's purchase of 169 hectares at Lovely Banks, about 13 km north-west of the Geelong CBD, was one of the biggest land deals in the region's history. The site was chosen partly because a nearby transmission line can supply the power a large data centre needs. It was also land that had been part of planning for a future residential neighbourhood.

In October the Municipal Association of Victoria passed a resolution calling for a moratorium on approvals for new or expanded data centres until a statewide planning and environmental framework is in place. Geelong was one of eight councils that brought data centre motions to the meeting. Nothing has been decided by the state, but the call adds uncertainty for any large data centre proposal in the region and lands just before the Victorian election.

The Lovely Banks and northern growth area is one of the biggest long-term development fronts in regional Victoria, with masterplans once pitched at around 15,000 homes. Planning approvals for parts of the area are still to come. Land is starting to come to market, including 435 Elcho Road in the Elcho Road West precinct, which closed expressions of interest on 30 October. Buyers of this kind of land are paying for long-term potential and need to factor in the time it takes for precinct plans to be approved.

Geelong's industrial market is built around the port, the Princes Freeway and the Geelong Ring Road. Corio, North Geelong and Moolap remain the core precincts, with demand from manufacturers, building suppliers, transport operators and local trades. The Wilmac Corio estate was reported fully sold earlier this year with more than $60 million of sales, which shows the depth of owner-occupier demand for new industrial units and lots.

Geelong also benefits from Melbourne's tight western industrial market. With Melbourne vacancy below 5 per cent and land in the west getting scarcer and dearer, some businesses are looking an hour down the freeway for space.

September's CPI of 4.3 per cent has economists expecting the cash rate to rise to 4.85 per cent on 3 November. Geelong's market relies heavily on owner-occupiers and private investors who borrow to buy, so higher rates will be felt. Land buyers carrying sites through long approval processes face the biggest pressure on holding costs.

• Explain the timeline. Growth land sells on its future. Buyers need a clear picture of where approvals are up to and what could be built.
• Power is a selling point. Industrial and rural land near major transmission lines deserves a fresh look, though policy risk is rising.
• Market to Melbourne businesses. Geelong's location story, with freeway, port and labour access, is worth telling to occupiers priced out of Melbourne's west.

Watch the RBA decision on 3 November, any state election commitments on data centre planning and the outcome of the Elcho Road campaign.