VIC Corio, Deception Bay or build in Melbourne outer?

Discussion in 'Where to Buy' started by rook2017, 13th Jun, 2017.

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IP in Corio/Norlane, Deception Bay/Redcliffe or build near Werribee/Melton

  1. Corio/Norlane

    46.2%
  2. Deception Bay/Redcliffe

    23.1%
  3. Werribee/Melton

    30.8%
  1. rook2017

    rook2017 Well-Known Member

    Joined:
    15th Mar, 2017
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    191
    Location:
    VIC
    Hi All,

    I am considering an IP3 and looking at the following options:

    1. Buy a house in Corio or Norlane, VIC
    2. Buy a house in Deception Bay or Redcliffe, QLD
    3. Build land and build a house in a new estate near Werribee or Melton (with land titles expected mid 2018)

    What are thoughts, folks? Thanks.
     
  2. Jerry O

    Jerry O Well-Known Member

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    Location:
    NSW / Melbourne
    it seems like you are looking at a 350k-400k price point is this correct? is this the budget or due to serviceability nearing its max?
     
  3. rook2017

    rook2017 Well-Known Member

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    a bit of both.
     
  4. sash

    sash Well-Known Member

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    Sydney
    You need to make a decision and pull the trigger.....
     
  5. Connor

    Connor Well-Known Member

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    Melbourne
    I think all 3 have great potential. But Werribee is probably the fastest moving market ATM.
    If you can put together a H&L in Werribee for mid to high 300's, you'll do well in the short and long term.
    It's the one of the last areas in Melb where you can have a house in that price range. And be only 30min away from the city.
    With established infrastructure and a heap more on the way, by the end of the year you won't be able to get a house in the area under 400k.
     
  6. Supersonics

    Supersonics New Member

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    Mate what house size are you referring to in 300k in weribee ?
     
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  7. rook2017

    rook2017 Well-Known Member

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    Thanks Connor. My IP2 is in Werribee (bought an established house earlier this year).
     
    Connor likes this.
  8. rook2017

    rook2017 Well-Known Member

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    What do you think about new estates in Melton area?
     
  9. Connor

    Connor Well-Known Member

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    Nothing at 300k anymore. But for high 300's you'll get in to a new 17-18sq 3 bed home.

    Still cheap but land prices are rising..The Melton South corridor to Rockbank is where it's all happening. Heaps of infrastructure going and a train line running right through it.
     
  10. adam duckworth

    adam duckworth Well-Known Member

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    Location:
    perth
    i am currently looking in the exact same areas and can't make a decision, probably gonna go brisbane first, then geelong, then adelaide- christies beach area,
    buy reno hold strategy, build portfolio as quick as possible
     
    Last edited: 18th Jun, 2017
  11. fols

    fols Well-Known Member

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    Location:
    Sydney
    Speaking of Deception Bay, I have a couple of places up there. Ive just checked some recent comps and looks like market is moving. I have a direct comp for one of my places which is showing a $50K (21%) increase since time of purchase- March 2015. Was pleasantly surprised by this. Anyone else seeing movement up in DBay?
     
  12. rook2017

    rook2017 Well-Known Member

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    So, have you bought and if yes where? thanks.
     
  13. Magnet

    Magnet Well-Known Member

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    Sydney
    Not sure how accurate this is but a commonwealth bank valuation app has our 3 bed 1 bath 1 carport 600m2 block valued at $300,000. We bought for $265,000 in June 2015 and spent just less than $10,000 sprucing the place for rental. Happy with that and hope it keeps heading upwards in the short term!
     
    fols likes this.
  14. Corey Batt

    Corey Batt Well-Known Member

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    Location:
    Adelaide, SA
    My preference is Corio/outer Geelong > Deception Bay/Redcliffe > Melton

    There's a huge amount of land around Melton - which whilst currently restricted just need the stroke of a council pen to stifle growth for a long while. Geelong is placed exceptionally well in terms of it's pricing, lifestyle and the transition from an industrial town should give it a gentrification boost.

    Yields in the outer areas are near neutral and there's a good spread between unrenovated houses and well maintained owner occupier properties - so good to generate some sweat equity to get runs on the board early on.
     
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  15. Darwin55

    Darwin55 Well-Known Member

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    What app is this?
     
  16. Magnet

    Magnet Well-Known Member

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    It's called CommBank Property
     
  17. FullRun689

    FullRun689 Well-Known Member

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    Location:
    Sydney
    Hi Fols,

    I am contemplating buying around Deception Bay as well. Hopefully not to be deceived by its natural surroundings. Which areas/streets would you recommend for properties below 350k.

    Thank you very much.
     
  18. ARTIS

    ARTIS Member

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    30th May, 2018
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    Location:
    NSW
    is there any more juice left in Corio?

    what would you prefer Corio/Breakwater/Thompson/St. Albans Park
    a
     
  19. rook2017

    rook2017 Well-Known Member

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    Location:
    VIC
    I actually pulled it, but only right after the federal elections in Sep 2019 (coincidence) once I got funding from a small bank since all major banks refused to give me a loan.
    I did not go to QLD as I would like to. Corio's stock did not excite me a lot, plus the prices moved since mid 2017, so I settled on a house in Wyndham Vale (established property). Probably not the most exciting buy, but hey, it has moved up in value since the purchase.
     
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