VIC Buying in Geelong

Hi All,

I've been speaking to some buyers agents (greatly appreciate others' recommendations on an earlier thread) about a purchase in VIC. An agent I've just spoken to has recommended looking at Geelong as my budget can do much more there, get me a nicer type of tenant than what it would here and higher yields (I know yields aren't everything but still very important).

I know regional areas have been super hot over the past 12 months but just wanted to see everyone's thoughts on Geelong in the medium to long term future. I'm planning on a very long term hold. My initial thoughts is that I'm open to the idea of Geelong over an outer Melbourne suburb for a freestanding home.

Thanks!

 

Area's like Hamlyn Heights, Newcomb, Lara Still have good buy's about.
@Dave3214 would have better suggestions around 3214 postcode
@sash has done a few build and holds in Armstrongs creek (I think).
Yes the Geelong area has good potential moving forward in the long term.

South Geelong, there will be a lot of multi storey development happening soon (town side of Railway line)

Possibly best to find an area and use the search function to find more info.

 

Yes...I have completed 4 in Geelong all new house and land...another near the beach in progress.

No one talks about Geelong but this city has out performed Sydney. All my built ones have pretty much doubled.

 

Thank you both, good to hear positive feedback on the area.

 

Further to the above.....
Down the Peninsula is out for me, and a lot of people find the travel time has blown out over the years (used to live in Drysdale, Clifton Springs and Ocean Grove).

The expansion of Leopold in particular has choked the Portarlington/Queenscliff roads, same can be said about Torquay and getting past Grovedale to get tbere (council and Vicroads should be sacked for allowing both former divided hwy style roads now full of traffic lights or roundabouts compared to 30 years ago).....

Sure Lara has heaps of land, and Bizenella is carving it up, for me if you can find something kinda close to fwy entry or train station it makes for the best of both worlds, shorter commute to Melb yet close enough to the coast to duck down to the beach on a warm summer arvo/weekend (as so many from Melb tend to do on weekends).

 

@Stoffo is dead right about the traffic. There's been huge growth in all of Leopold, and especially Armstrong Creek, Waurn Ponds, Marshall, and areas around Barwon Heads Rd that have made what were once fairly regulation commutes into a bit of a drag. Even Newcomb, i've had the misfortune to chance upon roads like Fellmongers Rd, Boundary Rd and Bellarine Hwy around school times and it's rather tedious. And the Geelong City Council have over the last 20-25 years taken great delight in congesting the CBD streets for bikes lanes and stuff which would make someone tear their hair out at times.

Paradoxically and maybe because of the reputation the Northern suburbs have, but because there's been very few new estates open on this side of town, aside from Lovely Banks and Phalaris Park, the impressive array of dual-laned roads in 3214 really make getting around a breeze by comparison. May not be everyone's cup of tea, and houses are starting to heat up around here too....a couple of examples here for new townhouses...

https://m.realestate.com.au/property-house-vic-norlane-137057398

https://www.realestate.com.au/property-house-vic-norlane-136822254

https://www.realestate.com.au/property-house-vic-norlane-136703602

Shivers......i hadn't really been following Norlane too much recently, but a bit like Bart Simpson.....that's pretty damn big! Mid-high 4's for 3 B/R units is glory days for my such unit in Dunloe Ave. But maybe those prices might be starting to get a bit as far as you'd go. There are still some older places on bigger land that might work well for subdivisions though..

But in all fairness i'd probably buy a place in Newcomb if it was roughly the same price as Norlane. Maybe because Newcomb is always the overflow suburb to wildly desirable East Geelong, it might be the sort of connection that will guarantee a nice constant capital growth, whereas the Northern suburbs tend to tag along for the ride when Geelong's other suburbs get too far ahead.

 

Lara has always been the best of both worlds. Easy commute to Melbourne for work, quick bus ride for the kids into the good Geelong schools and quick drive down to Torquay for a swim at the beach (local 50m pool not that bad either if that's your thing).

Surf Coast (Armstrong Creek, Mt Duneed, Torquay) and the Bellarine (Leopold, Drysdale, Queenscliff) are crying out for train lines. Once the Geelong line duplication is done, I see it being the next carrot being put out for the Corrangamite electorate to vote for. A train every half hour on both lines (as well as out to Colac) would help sustain the current growth that roads just can't keep up with.

 

There is various projects on the go (from what I hear second hand).

Upgrade to train line as mentioned by @tedjamvor but Vic govco have too date done VERY LITTLE in the Geelong area to remove train line road crossings, this was a previous election promise after various crossing deaths 8-10 years ago (3 in South Geelong alone)
So I hold no faith in the train system.
There was a proposal to move the rail yards from West Geelong out past Waurn Ponds to land previously used by Blue Circle, so most Melb bound trains were based from there, but............

Also the upgrade to the Barwon Heads road thru Marshall (duplication from Barwon Timber out to "somewhere" ! ).

But that is a bit like the Bellerine extension of the Ring road......
Last time I drove (years ago) from the current ring road end at Waurn Ponds across to the Torquay road I was VERY DISAPPOINTED, there was supposed to be an extension past Marshall, past St Albans Park to behind/between Leopold and Lake Connewarre to link into the Queenscliff road/(Bellerine Hwy ) well after Leopold, last I heard it had been short cut to link in just after Moolap Station rd

@Dave3214 is on the right side of town (in my personal opinion)

I used to own (ppor & IP) in West Geelong, would have lived in Ceres given the budget, or Better Little River for a rural lifestyle

 

That is slowly on the move, plans have been released for that. There was some issues with a local farmer I believe, plus the usual bureaucracy that means the revolving door of project managers puts their spin on it and then leaves for a new opportunity allowing the next manager to provide their unique spin etc etc.



PDF Link

 

https://bigbuild.vic.gov.au/__data/...-Highway-Level-Crossing-Removal-Factsheet.pdf

 

Both "the Fyans st and Surf Coast Hwy crossings will be removed by 2024"

Daniel Andrews said Labour would remove 50 dangerous level crossings in Nov 2014 (and had proposed it 12 months earlier)
https://www.google.com/url?sa=t&sou...cQFnoECAsQAQ&usg=AOvVaw2TVptDl8ETdCh7PCU83yU3
Wonder how many have been completed
Guess it wasn't so much a priority if it all takes 10+ years

* I don't even live in Vic/Geelong, but a friend lost a parent on a Vic level crossing with no lights, bells or boom gates That was part of what led to this promise.....

 

I lived all over Geelong in many different suburbs.
Most suburbs are red hot , I was surprised with the prices in Leopold as it seems great value.
I’d live In Leopold any day over a Necomb or Herne Hill.
I would put Grovedale and Leopold in the same demographic bucket.
I’d never live in Corio or Norlane.
For investing different strategies come into play so each to there own.

 

You know they're pricey right? Like $100m to $200m per level crossing removed (higher if a new station is built or rebuilt). 50 already removed and 85 by 2025. I'm no Dan-Fan (far from it), but this is one of his best ideas because it's pork barrelling in every electorate (plus helps both cars and trains).

 

True, are you saying they didn't budget their promise

This is one of the problems with state and local governments permitting re zoning for urban sprawl without the funds for infrastructure to support it (rail and roads), hence why the Bellerine Peninsula (even Torquay in my opinion) are not a long term prospects (having seen the congestion increase, it really stands out when you move away and only return a few times a year).

The City of Greater Geelong Council have had little to no long term plan and still don't should be hung out to dry for what they allowed to happen to the Torquay - Grovedale rd/surfcoast hwy !
Why they never followed the lead of SEQ is mind boggling, major freeways where apart from an interchange you wouldn't even know there were entire suburbs behind the tree line

Building the roundabout at Mt Duneed (after so many accidents) was a short term fix, later the Latrobe tce bridge was built over the Barwon river and the plan should have been to loop down behind Marshal via Barwarree rd and back to the hwy at Mt Duneed (this would have allowed decent future interchanges for the extension to the Geelong bypass to the Bellerine with bridge crossings for railway), instead they allowed houses to be built right up to the Surf Coast hwy right thru Grovedale where the Grovedale hotel once stood in the middle of nowhere .

For long long term buy and hold, farmland south of the Youyangs toward Lara
There is already a traffic interchange at Avalon (with the possibility of a future second ring road or railway line going in thru that space....)

 

Like yourself I lived in Geelong for many years having grown up there.
I definitely agree on your position on Corio and Norlane, and would agree on the similar demographics of Grovey and Leopold.

In my eyes, Newcomb and Whittington are in the same boat as Norlane and Corio just on the other side of the city, and without the benefit of an easier commute to Melbourne, though I will add that Newcomb seems to be improving slightly from its historical reputation/perception.

I disagree on Herne Hill vs Leopold, for a couple of reasons:
- Herne Hill being much closer to town and closer to the ring road for easy access to Melbourne. Particularly important for the Melbourne ‘tree changers’ who are looking to make their money go further but still need to travel to Melbourne a couple of days a week.
- development of the old cement works/fyansford area, particularly the premium housing being built at the top of the hill will surely help Herne Hill, along with the high-end houses down Monier Way that fall into Herne Hill.
- apart from a small area across the ring road, there is limited land supply vs the huge amounts of land to be developed out Leopold way.
- outward pressure from highly desirable Geelong West / Manifold Heights as people are priced out from these suburbs.
- there is still huge swathes of land between Moolap and Leopold along the Bellarine Highway to be developed, which will push Leopold travel times even further.

 

I don’t live in Geelong anymore so your probably more up to date than me.
I like Manifold heights and Hamlyn Heights, I know Herne hill has improved just not my flavour.
I like Belmont , HIghton & Waurponds myself.
Newtown and Geelong West are nice but I don’t like the older style of houses. And for the $$$$ no thanks.

If I had to go for a new build I would go Fyansford as it sits in the sweet spot -
Great access to town
Great access to Waurnponds
Good access to Melbourne
Close to the Barwon river trails / walk the dog

Around Queens Park golf course is my favourite area to live.
In Geelong you can get anywhere generally in 15 minutes, so paying huge money to live close to something makes no sense to me

 

Herne hill is well placed and bordering good suburbs so your right
Allot of these houses have doubled in the last four to five years so they don’t like like a good option now.
Finding value in Geelong now is almost impossible , it must be so stressful for a FHB now

Grovedale (around coolabah drive) and Leopold (around Rebecca drive) would be my pick for affordable option / update

 

Might be because i work in North Geelong, but when i lived in Leopold (Ferguson Dr, just off the Bellarine Hwy) from 2004-2007, it always felt soooo far away from work..actually i'd have a bad tendency to be late especially if i was rostered to start at noon, even way back then it was a stilted commute into Geelong with lots of traffic lights, and i'd say by now it's a bit more busy now as Leopold grows big time.

I'm certainly not a walker or river/park person, but you'd still need a car to do your shopping in these new areas built in the areas inside the Ring Road. There is a shopping centre in the Highton quarter, but Shannon Ave would still be the nearest supermarkets to those in the new areas of Herne Hill and Fyansford.

I guess if one is looking to buy into Geelong from Melbourne or maybe a coastal peninsular area there's still plenty of good housing stock to consider that would see one being able to get some good bang for the buck, but if a regulation FHB is looking to buy in, well it seems $450K is about the cheapest a modern 3 B/R unit may be almost anywhere....in Belmont such a place usually has a 6 or 7 in front of it. The days of 2010 when i bought my new unit for $260K are definitely over.

 

I agree with your comments on Leopold , unless you work close by it would be a pain to commute as you need to cross threw the city.

At the current prices it’s hard to know where to go.
I guess that’s why Corio is starting to do well, decent blocks and proximity to Melbourne.
If it’s not for investment purposes and you work in Melbourne , I’d prefer to live in the nicer parts of Werribee.

 

What do people think of building in Armstrong Creek / Mt Dunned / Waurn Ponds now? Land prices are upto 400,000 which I think is overtaking the outskirts of Melbournes west developments.

I am considering buying in the new Waurn Ponds estate (Birchmore) to build a new PPR. Want something really nice so maybe 500,000 for the build plus 400,000 for the land. Does anyone think I might be overcapitalizing? Would a fancy big double story with 3 living, 4 or 5 beds, butlers pantry's etc be worth 900k plus. even tho it would be a 10-year place to live want to be able to sell in year 1 or 2 if my financial situation changed.