VIC Banksia, Armstrong Creek, Geelong

Discussion in 'Where to Buy' started by thinkpanther, 11th Mar, 2022.

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  1. thinkpanther

    thinkpanther New Member

    Joined:
    10th Jan, 2022
    Posts:
    1
    Location:
    Jerrabomberra
    Hi Forum Members,

    There are a number of developments in Geelong - the latest of them being Banksia in Armstrong Creek by Stockland.

    I wanted to get some advice on how Geelong and specifically Armstrong Creek is for IP.

    Some questions in my mind include:
    1. With so many developments, who is going to live in these houses?
    2. Will it be easy to find tenants?
    3. Where will the residents be working? Most of the work is in Melbourne
    4. Is it feasible to live here and work in Melbourne?
    5. What am I missing?

    Thanks
     
  2. Pace

    Pace Member

    Joined:
    13th Jan, 2022
    Posts:
    9
    Location:
    Melbourne
    Depends what your goals are. Have you looked at the prices for Banksia? Cheapest block is North facing 319m2 for 317k. Next up is 350m2 which are all south facing at 344k. It's about 30-40k cheaper than ID_Lands estates

    First release is tomorrow and IMO it will sell like hotcakes just like Haymonts first release. Not sure if you want to enter at this price though. Get some quotes from builders, speak to the local agents, do the maths and see if it works for you.
     
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  3. Investor1111

    Investor1111 Well-Known Member

    Joined:
    19th Aug, 2021
    Posts:
    287
    Location:
    Darwin
    Agree with what Pace had to say about getting qutoes and seeing if its viable. The situation in the construction industry hasn't gotten much better with the cost of sourcing materials and labour for builds. Builders will price risk accordingly and quote you something that will cover themselves on the backend, especially with untitled lots, for builds to be completed well into the future, 12-18 mths from now. The high buidling costs will reduce your uplift upon completion, which is not ideal.

    I was lucky enough to buy in stage 1 in Haymont for North facing block, 313m2 for 266,000 in October. Haymont blocks with a similar land component is selling for 340 to 360k currently. Lots arent instantly selling out like they used too, which may be an indicator there might be more value from an IP perspective, in other areas today.

    Goodluck, curious how this goes for ya mate. GL
     
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  4. Pace

    Pace Member

    Joined:
    13th Jan, 2022
    Posts:
    9
    Location:
    Melbourne
    Ah I'm guessing Lot 126 was you? Good purchase
     
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  5. MondeoMan

    MondeoMan Well-Known Member

    Joined:
    20th Dec, 2016
    Posts:
    60
    Location:
    Melbourne
    1. With so many developments, who is going to live in these houses?
    People been saying that since the start but they all get snapped up and if local papers seem to say vacancy rates are low.
    1. Where will the residents be working? Most of the work is in Melbourne
    Geelong has had good growth in professional jobs in the 7 years I have lived here. NDIS Deakin expanding Workcover TAC etc.
    1. Is it feasible to live here and work in Melbourne?
    I probably wouldn't want to do every day but new working from home life mean u dont need to. If u live top end of armstong creek its easy to jump on train but futher down u are the longer it take to either get to train or the ring road.
     
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