VIC Deciding on the best place for new home purchase

Discussion in 'Where to Buy' started by nishasingh3, 13th Nov, 2016.

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  1. nishasingh3

    nishasingh3 Member

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    Hello folks,

    I am new to this forums. Would like suggestions/advice/information in taking my next steps. Sorry if this is long.

    I am moving to Geelong due to my workplace getting relocated. I have always been renting so far and this will be my first purchase.

    I am going to be in Geelong for nearly 5 years before moving overseas. So, I would like to invest in a property which gives me a decent/fair growth when I sell. I am being realistic and understand that there are many variables involved. But my expectations are average so when I sell the property in 5 years I don't expect a great increase, but at the same time I want to invest in a property that has the best chance of growth and be viable for an easy sale. My budget is 350k to 475k.

    The suburbs I am looking for are Belmont. Newtown, Manifold heights, Hamlyn Heights, Geelong West, East Geelong, South Geelong and Lara.

    I am looking for a 3Br house on a decent block (500 sq+) close to public transport (bus) and not too far from the CBD/Train station.

    My observations so far after visiting a few places/suburbs :
    Newtown : out of league with my budget (maybe the same with Manifold Heights)
    Geelong W, S.Geelong : blocks are small, old houses
    Hamlyn Heights : I am liking this area, potential to grow, close to CBD, decent size blocks.
    Lara : love the country feel, big blocks, lesser price but many new layouts/estates might affect the growth in value over 5 yrs.

    Please provide me some suggestions.

    Regards,
    Sunny
     
  2. Stoffo

    Stoffo Well-Known Member

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    Welcome Sunny.
    Should have made a Poll ;)
    My vote would go to Hamlyn Heights (Bell Park, then toward Norlane).
    East (Newcomb, Moolap) has always been stable, but a bugger to get in/out of if driving to Melb.
    Good luck with the search:cool:

    @Dave3214 will have some good advice :D
     
  3. Dave3214

    Dave3214 Well-Known Member

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    Hi...yep here i am resident Geelong sage..:p

    Going by your comments, i am guessing you'll be working locally in Geelong? If that's the case then you might find Lara a bit of a pain, mainly because the it's had plenty of population growth but the streets of the suburb are still designed as if it was the 1960's....although in saying that it's still probably only a 20-25 minute trip to the CBD and maybe closer if you can get onto the Princes Hwy quickly.

    Newcomb offers massive bang for the buck. I still maintain that it's astounding in Geelong that this suburb, being right next to East Geelong but lacking the older character housing can be about half the price or less of East Geelong, yet commuting by car the difference is infinitesimal. I'd reckon that Newcomb might rise a bit because it's so close and offers pretty much all the access to East's attractions for just a few extra minutes of driving (or walking, although i reckon if we were meant to walk cars wouldn't have been invented!!)

    Bell Park and Hamlyn Heights are close to the employment hubs of Grace McKellar centre and Cotton On, and is also not too far to town. Bell Post Hill and Norlane West are closer to the Ring Road for Melbourne access and are near major shopping centres as well, and will be around 10-15 minutes into the CBD. The beauty of Geelong is that no matter where you live, it's not that far to anything, certainly a massive difference to a Capital city. Bus routes tend to follow the major roads, so if public transport is a requirement living near to one (but perhaps not on one) may be a factor. Paradoxically Newtown's bus service is fairly mediocre for such an expensive suburb, but maybe people there all drive anyway.

    So Sunny i reckon for pure property price growth, mainly off the coat tails of the massively booming East Geelong, Newcomb's probably the one. But if you want some change from your budget, you could buy two houses in Norlane West maybe..(or at least 1.5) and still do reasonably well. Your money goes a long way in most suburbs that are not Geelong West, East Geelong, Manifold Heights, Highton, Newtown or the inner city areas. But even so, $475K can probably get you a house in almost any area here.
     
  4. nishasingh3

    nishasingh3 Member

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    Hi stuffo and Dave thanks for your inputs .

    As Dave said, I too found it surprising that Newcomb being so close to East Geelong never came in the list of desirable suburbs from the people that I spoke to.

    I will be visiting a house in Newcomb this Saturday and I'll try to look through the suburb.

    I have immense interest in Hamlyn Heights and Belmont. If it's close to the station that will be wonderful as I will be working in Melbourne to start off while my partner will be storing in Geelong CBD.

    I really don't want to invest in a place with urgent renovations and not interested in brand new houses/townhouses as the land area is pretty much what the house is built on.

    Regards ,
    Sunny
     
  5. nishasingh3

    nishasingh3 Member

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    Hello there

    Would anyone living in around Belmont be able to say if James Street is a good area.

    I had a look through the streets and liked the residential feel in that area. There is a Belmont lions sports club ground there and really don't know if there is any negative side to having a ground such as this overlooking the backyard.

    Any feedback on this will be much appreciated.
     
  6. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    I think @JacM from the forum operates in Geelong - a good contact if you decide to use a BA.

    Cheers

    Jamie
     
  7. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    As you have noted, Newtown and Geelong West will be out of budget. For a long hold, Lara probably isn't a very good idea. It's not metro Melbourne and a tad to far from the beaches of Geelong. It is under an airport undergoing expansion which will mean increasing flightpath noise.
     
  8. MikeyBallarat

    MikeyBallarat Well-Known Member

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    With that budget - I would strongly consider Belmont. It's one of Geelong's most rapidly rising markets. Try going for a weatherboard property on the western side of High Street (the area closer to Highton).

    Hamlyn Heights would do well as well (again go for weatherboard over brick).
     
  9. nishasingh3

    nishasingh3 Member

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    Thanks for all the inputs.

    Been visiting quite a few places of late. Mainly focusing on Belmont and Hamlyn Heights.

    Blocks are big but the ones I checked out were in need of some upgrades/renos. Some of the houses are renovated but made in very less land (subdivided) and in early 400's.

    Can anyone provide feedback on Grovedale and Marshall. I have seen quite a few houses below the 400k figure which are very recently built, a decent block size (400sq+) and most importantly for me in walk-able distance to the station (I will be traveling to Melbourne CBD and misses works in Geelong CBD).

    Can anyone please advice me.
     
  10. bazza1234

    bazza1234 Member

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    Just out of curiosity, what about the eastern side of High St in Belmont, closer towards Marshall/Grovedale? Is there a reason you rec the western side besides it being closer to Highton?
     
  11. MikeyBallarat

    MikeyBallarat Well-Known Member

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    Desirability amongst the locals ;) Highton has an excellent name in Geelong and despite the property prices not being particularly high it is considered a real fancy town. This part of Belmont benefits by association. Being able to walk to Highton shopping village (which you can do on all of the western side of Belmont) is a huge bonus.

    Another reason is that this side of Belmont is older and that means more weatherboard properties. The western side contains more brick veneer European style homes, similar to what you would find in Bell Park.

    In general, property prices reflect this, with the western side usually selling for more than the eastern side.
     
  12. bazza1234

    bazza1234 Member

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    Thanks G Town. Just starting to do some research into Geelong..not sure if would have missed the boat already!!
     
  13. Dalts

    Dalts Active Member

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    Hi G TOWN - hope you dont mind me digging up an old thread. Why do you suggest Weatherboard over brick as a preferance?
     
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  14. dave80

    dave80 Well-Known Member

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    the market typically prefers a home with some character like features, you can also individualise a weatherboard easily, whereas the orange brick and tile can severely hamper the external desirability.

    my opinion only but look at suburbs of melb... brick and tile in box hill sth will go for $1.1, weatherboard $1.5 - same block size, same zoning, possibly same street.
     
  15. Dalts

    Dalts Active Member

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    Thanks for your reply Dave.

    From my perspective, you can easily make a Brick house more classy too through a rendering process. Agree that you have more optionality with weatherboard but how can it be worth 400k more?!
     
  16. dave80

    dave80 Well-Known Member

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    in melb (i suspect other cities too)... having a period type home is more desirable - victorian, edwardian, bungalow, inter-war ... they all go for much higher than any suburban post 70's brick'n'tile.
     
  17. NWHT

    NWHT Well-Known Member

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    Out of curiosity @nishasingh3 have you settled on a suburb of choice and proceeded forward with an investment?? I'd be eager to hear your reasoning!
     
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