VIC First IP - Corio/Norlane or Melton

Thanks JacM.....actually i wasn't aware of the issues regarding those high tension powerlines. You're right, they emanate from two directions off the substation on the corner of Cox Rd and Anakie Rd, with one heading due North parallel to Matthews Rd, necessitating the housing design of four circular 'Squares' where the lines bisect the rows of houses with an area of public land vacant in which those lines run right over the top of. They also fan out North-West roughly along Anakie Rd as well, but that area is over Lovely Banks and the housing blocks are much larger, with some farmland and acreage in that direction. Given that, i'm glad my place is South of that substation and out of the line of those powerlines.

A friend of mine purchased a place in Banksia Square Corio, as his PPR in the shadow of those powerlines in 2001 for around $97K, and sold several years later for an amount in the vicinity of $140K back in about 2008 or so. Most of those places around there were built in the 70's, being all brick houses.

 

Hi Hodor,

Thanks for that information, definitely something to think about. I am not sure I would be able to show serviceability at this point in time.

Cheers

 

Hello Ashish,

I appreciate your input, I am not really looking at subdividing at this point. I'm still in the early stages of actually purchasing my first IP.

Thanks again

 

Hi Pickle Pickle,

Thanks for your input, I've actually considered 1 bedders in the Western suburbs, but with my budget there is not a whole lot on offer. I think I may just keep saving, until I find an IP that I am confident with.

Cheers

 

Hi Dave,

Thank you very much for the great info! It may come in handy for others who are also looking at investing in Norlane. For now, I think I will be saving up as much as possible over the next 6 months or so.

Thanks again

 

Hi @Dave3214 I just a quick look at 91 Walsgott Street North Geelong Vic 3215 - House for Sale #122003414 - realestate.com.au and doing a satellite view, there seems to be a lot of industrial buildings on the east side...near the north geelong station. Are they big manufacturers or Small to Medium Enterprises?

 

Osborne, Walsgott and Giddings St are three parallel streets running to just over 100 house numbers that are bordered by Mornington St which does include mainly small to medium businesses, like car repair places, some fabrication companies and even the North Geelong transfer/recycling station which is in Douro St. I don't think that's too big a deal, ie there's not much traffic up those three streets, any trucks will use any of Victoria St, Separation St or Douro St to service those industries.

Indeed the North Geelong station is surrounded by businesses, with the odd exception of the occasional residential house that can sit among all these businesses. But chiefly the first three streets i mentioned are essentially the residential component of that entire area between Thompson Rd and the Princes Hwy (Melbourne Rd).

But Geelong's funny that way, it may surprise some that even expensive Geelong West has several non-retail businesses along Gordon Ave and Autumn St, which borders the main road though Geelong. But i guess the characteristic of the Osborne/Giddings/Walsgott trio of streets is that there's basically no retail shops among that area, apart from the now developing Separation St several hundred metres to their North, which has an expanding array of cafes, coffee shops and restaurants. In any case it's only a couple of kilometres to supermarkets in Shannon Ave or Pakington St, so nothing that far away. But you'd want a car to do your grocery shopping.

 

We have that a lot in Melbourne as well.

Doveton is closer to Melbourne but cheaper than Berwick.

Frankston North is closer to Melbourne but cheaper than Frankston South/Mt Eliza/Mornington.

Laverton is closer to Melbourne but is cheaper than Point Cook or Sanctuary Lakes.

Ditto for Deer Park vs Caroline Springs.

The latter dearer places have better schools and lifestyle but are often poor for commuting.

 

Very interesting posts here. I really can't wait to see these places myself this week when I'm over. Hopefully the weather would be good!

 

Be very careful of location of 1 bedders. You're either targeting folks on good income that simply want to live alone, OR folks with lower income. In the latter category the property needs to be commutable to shops and employment by tenants without cars. Either short walk/cycle to the nearest shop and worst case scenario a bus-ride to employment areas of the township. One bedders targetting lower income tenants that are located ages away from services tend to have difficulty securing tenants.

 

I wouldn't buy 1 bedder. 2 bedder is a minimum with the potential to add a room (from a large lounge or rumpus room). Like @Jacque said, too narrow a market.

 

By the way, any B and P that you will recommend in Victoria (North, West and south East)?

 

Why don't you try looking into suburbs like Ballarat/Bendigo if your price range is strictly around the 250k mark? Both Ballarat/Bendigo have good things happening. And if your plan is long term hold its a decent start for a first IP in that sort of price range, and the rental yield is very decent. Worth a look.

 

Hi @larrylarry

Do you mean Building and Pest inspectors? If so, are you able to narrow down the area a bit as there are some fantastic local providers in some areas.

 

sorry should be @JacM that I tagged in my previous post. I'll be looking at Geelong, areas near Frankston like cranbourne, narre warren.

 

For Geelong;

Building inspector = John Nelson from Built Right
Built Right

Pest Inspector = Lindsay Read from Just Go Away Pest Control
Pest Control | Geelong | Just Go Away Pest Control | Just Go Away Pest Control Pty Ltd

Lindsay and John are good mates and often work on jobs at the same property together. Just ring Linsday and ask him if he'll do the pest inspection and ask him to tee up John for the building inspection for you also. They'll muster a timeslot they can both do at the same time.

 

Thank you. This would be handy.

 

Are there open houses on this Saturday in Melbourne?

 

Yes

 

Thank you @JacM I plan to drive/walk around Geelong, St Alban Park, Norlane, Corio to see for myself.