VIC Geelong 2018

Discussion in 'Where to Buy' started by Pentanol, 1st Jan, 2018.

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  1. Toon

    Toon Well-Known Member

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    Not in Geelong, but in Ballarat I've had two RE agents knocking on my door this week asking if I or anyone I know wants to sell. Had been getting them now and then over the last few months, but seems to be ramping up.
     
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  2. Moses

    Moses Active Member

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    Today I got a call too.
    I showed my interest in buying again instead of selling :)
     
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  3. Dave3214

    Dave3214 Well-Known Member

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    Another article saying Geelong has outperformed all national capitals in the last 12 months.

    Geelong outperforms every capital city as values continue to increase - realestate.com.au

    On another note, here we have a house that would be the gem of the North, a beautiful large townhouse in Robin Avenue Norlane, which would set a benchmark for a price if they get what the vendors are asking for here.

    https://www.barryplant.com.au/property/584659/2-104-robin-avenue-norlane/

    Four Bedroom, three bathroom, brand new and just makes it under the threshold for stamp duty. $600K-$650K. I would suggest if this same house was in a different postcode it would be selling for more. But it's interesting to see how this high end house goes in a postcode area that is not always associated with being a high end area.

    But if aspirational people are comfortable buying a place like this, and given that it is near a significant redevelopment of the old former ISIK college area, with a Baptcare residential area for elderly people nearby, it could signal a change or some gentrification.
     
  4. Grbose

    Grbose Member

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    Hello everyone, I am interested in buying lots near grovedale suburb and it is very close to warn pounds railway station. Any local advice how is this location and for a long term growth. Thanks for advice.
     
  5. Grbose

    Grbose Member

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    how is the area around grovedale near to the waurn pounds railway station
     
  6. hieund85

    hieund85 Well-Known Member

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    Location in general is quite good imo with train station, shopping mall, uni, hospital, freeway access to both Melbourne and the costal towns. Have few friends buying there to live in in the last 2 years and they seem to be happy with it but all of them are working in Geelong (uni and hospital). Price there has moved significantly in the last 2-3 years so not sure about the upside potential in the short term.
     
  7. Grbose

    Grbose Member

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    Thanks, I am not looking for short term growth. Only looking long term to hold and rent it. Hoping the rental demand will be good with uni students and hospital around.
     
  8. hieund85

    hieund85 Well-Known Member

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    Please note that there is a lot of empty land in the surrounding area so do your own DD carefully.
     
  9. David Shih

    David Shih Mortgage Broker Business Member

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    As @hieund85 pointed out, Grovedale in general is self-sufficient in the sense it's got decent access to various amenities. Hospitals, Shops, Public Transport, Recreational Amenities - all indicating it's designed to be a family friendly suburb. I believe it's a suburb worth investing long term but yes, prices have moved a bit in the last 12 months, so definitely need to be prepared mentally to be investing in the long haul.

    In terms of location, personally I would prefer the pocket that's close to Waurn Ponds shopping centre strip, for the simple fact that there are no more land to build on and easier access to M1 and Princes Highway.

    Re rental demand concern, I would suggest reach out to local PMs and check with them on current demand, what type of properties are renting out quickly so you can get some idea on whether you target 3/4 bedrooms and what type of demographics group would these be attracting.

    Cheers,
    David
     
  10. sash

    sash Well-Known Member

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    I think the inner places like Newtown..Geelong West...etc and places like Corio and Norlane will hot hit their limits with months.

    It feel it is places like Geelong North, Geelong South, Newcomb, Bell Park, Lara, Portalington, Indented Heads, St Leonards, Clifton Springs, Leopold, Thompson, Mt Duneed, and Armstrong Creek which now offer great value.

    Whilst prices are under 550k the median ...these areas will continue to perform.
     
  11. Grbose

    Grbose Member

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    Thanks all for the response. I am targeting like university students or working professionals in university or hospitals. Planning like a rooming house not sure how the response will be..have to check it. The lot is close to waurn ponds railway station in a new infill estate.
     
  12. JacM

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

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    Hi @Grbose

    If planning to go down the rooming house path, may I suggest you check firstly with council regarding under what circumstances a special permit would be required. I would also encourage you to explore insurance options - rooming houses are not easy to insure. And finally property management options. Not all property managers will take a rooming house on.
     
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  13. Grbose

    Grbose Member

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    Thanks Jacqui and others for your advice. I will check on the regulations.
     
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  14. Lions4Eva

    Lions4Eva Well-Known Member

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    How's Solar Drive looking in 2018 now?
     
  15. MikeyBallarat

    MikeyBallarat Well-Known Member

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    IMO overvalued for what it is. The other side of Whittington however is looking good.
     
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  16. Michelle Evans

    Michelle Evans Well-Known Member

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    For what it's worth Grbose - as an agent, we stay away from rooming houses. You get more money as an owner by leasing rooms separately, but, when you include the time and work involved in dealing with utilities (which the owner has to pay if you've got separate tenancies and no separate meters), the additional wear and tear and - worst of all - dealing with people. The dynamics of people sharing can be a nightmare - theft of food (or more important belongings) I've seen cases of assault, or just in general one particularly special or grotty tenant that makes the others move out which then costs more in vacancy... if you wanted to head down that path - aside from the legalities and insurance - you'd want to be local and on hand to deal with all of the above swiftly to avoid larger disasters!
     
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  17. Michelle Evans

    Michelle Evans Well-Known Member

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    Anyway, I've checked with my network - if you want to chat to some companies that do this I've been given Ray White Highton do share houses, and Fresh Property. I don't know them personally but these are the names that have come up that regularly do share house accommodation in the area. Good luck if you go that way.
     
  18. Grbose

    Grbose Member

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    Thanks Michelle, I will going there in about 2 weeks time and I will meet their office and find out more.
     
  19. Lions4Eva

    Lions4Eva Well-Known Member

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  20. MikeyBallarat

    MikeyBallarat Well-Known Member

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