VIC First IP - Corio/Norlane or Melton

I bought my Norlane IP late 2015 for $220k (I found it on gumtree). It was in original unrenovated condition. Spent $30k painting, floorboards (rimu), light fittings, new bathroom, laundry, boards laid on porch, and window coverings. Everyone loves the house including me. OFP, leadlight windows, high ceilings, wide entrance, etc etc. I also have the perfect christian professional tenants (friends of the pastor next door). If they leave my plan is to subdivide and sell up (650 sqm).
In regards to the locale, I am so impressed with the neighbours, who are all incredibly friendly; one, who has been living there for decades told me it (Norlane) was a good area. I am also really fond of Geelong, having recently become discouraged by the growing lack of courtesy in Melbourne; being in Geelong is like stepping back in time ... it's a breath of fresh air, seeing affection and good manners within a community again. Just priceless. I would live there if I could.

 

It's not too bad an area at all....i live in Norlane (Dunloe Ave) and have had no issues in the 7 years i've been here. Close to work, the kids can play in the street and it's close to shops as well.

Today i had a visit from Saf, (3rd drop) and we went for a bit of a sight-seeing tour of Geelong, starting from our meet-up at Corio Village and then around the Northern suburbs, down Thompson Rd towards the gentrified and now rather expensive Manifold Heights and Geelong West, then across town via Western/Eastern Beach to East Geelong (right near G-Town's Myers St ) and then into Newcomb, Whittington, Thomson and back again along McKillop St and LaTrobe Tce.

Was interesting for us both, Saf was great to chat to, and he found Geelong quite a compact sort of place, and the fact it was only just over 15 minutes to come from McKillop St to Corio was not too bad at all. Was interesting even for me to see some of the New Norlane places as well, in streets i hadn't been down for a while, Plume St, Wisteria Grove in particular was almost all new housing stock, and it looked pretty good to be honest. Bit of a mixed bag with some other places, but it might be a good sign that some gentrification might be happening.

In Corio, there's a place, a 60's style cement framed type place at 40 Granault Ave that is $239-$259K, and it was interesting when noticing in the very next street a half-block at 11a Canadian Pde which was for sale for $159K. Something tells me that a whole house on a full block for less than $100K more than the half block might be a better investment, but there's still places available for that sort of price which are now below the median of the suburb.

Saf might give his views too, he also went to Melton after his Geelong trip, so he's had a looong day! But i must say, i thoroughly enjoyed my taxi driver role today, and i must say it's throroughly enjoyable meeting people from this forum....it's great!

 

Great thread,

Are there any buyers agents that specialise in Geelong?

 

Buyers Agents - Middleton Buyers Advocates

 

Hi all,

I have the opportunity to purchase a property across the road from the Norlane Hotel in Portland street. Currently doing my due diligence and without providing too much information to sway your opinion was wondering what people thought of that specific area, and secondly, what would you expect a reasonable price to be.

3 bed 1 bath, block is 598sqm, currently rented for 255pw. Inside is in decent order but could do with a paint.

All opinions very welcome. Please PM me if not the place for this conversation.

Cheers, Robbo

 

Folks, I know things are going bananas in Geelong at the moment, but please be careful of properties with building defects and pest issues.

There are a lot of 60s vintage weatherboards on the market and I'm seeing a number with structural issues not visible to the untrained eye (especially stumping). Very important not to go unconditional unless a building and pest inspection is done first.

Immediate knock-down job investors: as you were!

 

@KateAshmor makes a very valid point. Tread with extreme caution on the fibros and weatherboards.

 

I am a big advocate for weatherboard over brick. Which types of structural issues are you talking about?

 

Fascinating and informative .Its 2021 and the property market is on steroids .I am looking to buy a IP around the $450K price and noticed Corio and Norlane have properties in that price with blocks around 500M2 to 600M2 . 3BV homes renting for around $340. Will I see CG in the next 4 to 5 years ? Are these areas the next hot spots ?

 

4 years later since OP...is anyone still investing in Corio/Norlane or still sees strong value here?