VIC Corio, Deception Bay or build in Melbourne outer?

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.

 

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?

 

a bit of both.

 

You need to make a decision and pull the trigger.....

 

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.

 

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

 

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

 

What do you think about new estates in Melton area?

 

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.

 

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

 

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?

 

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

 

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!

 

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.

 

What app is this?

 

It's called CommBank Property

 

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.

 

is there any more juice left in Corio?

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

 

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.