VIC Geelong 2018

Curious to hear whether you would prefer Newcomb over the RGZ in Corio or even Norlane given they are all approximately the same price point.

Last time I was on the ground Newcomb felt much nicer than Corio which makes me question why the prices between the suburbs aren't overly different. I wonder in 5 years what will have experienced better growth - Newcomb or Corio in the RGZ.

 

Its hurting reading this thread. Tried for about 6 months last year to pick up a place in Newcomb, after missing out on multiple auctions/offers I bought elsewhere. Anyone who has bought there will do well in the next 3 years, its a sleeping gem!

 

I'm curious to understand everyone's reasoning behind Newcomb. What in particular about the suburb is expected to drive this growth a few members are optimistic about?

 

The fact that it's merely a couple of stones throws from salubrious and expensive East Geelong! When in early 2017 you had 418 Myers St, a stock standard 60's commission style house exactly the likes of the Neptune Ave style selling for $473K when about 35 metres further East you are in Newcomb just screamed to me that when you get the identical amenities and access to what makes East so expensive...perhaps aside from the fact many East Geelong houses are Edwardians and Californians it made little sense to me.

418 Myers Street, East Geelong, Vic 3219 - View Sold History & Research Property Values - realestate.com.au

Classic case of the ripple effect. Another example would be a place like 27 Loftus St, sold in mid '17 for an imposing $659K....it is just 1500 metres from the then low-mid $300K Newcomb places of say Wilton Ave etc. And that house was only on about 354m2 too.

27 Loftus Street, East Geelong, Vic 3219 - View Sold History & Research Property Values - realestate.com.au

Simply put, you're 3-4 K's from the Geelong CBD, Eastern Beach (and Park), the Geelong Hospital, South Geelong station and Kardinia Park, and because you're in 3219 Geelong High School is a catchment for the kids. And at the prices of certainly early 2016, you were there for a full half or less that of inner East. It's just that this stark differential is closing, as it really should. I lived in Newcomb for half my life, it's a very handy place to be.

 

It's hard to say and really depends on whether you're willing to wait around. I chose not to wait for Newcomb after missing out on a few and went after Corio just before it exploded. RGZ is highly valuable which you could sit on your hands for a fair while (until price rises sufficiently) before doing any development due to the higher yields in Corio. You'll likely be bleeding for a little bit especially now that the price has increase quite significantly before it's worth doing anything.

I felt that RGZ in Corio is still good value at the moment. Newcomb is hot due to it being perceived as the sister suburb of East Geelong is really just a dominoes effect of the high prices seen there. We have seen similar effects in a lot of the other suburbs where people are priced out so they move onto the next one. I think a couple of things put me off Newcomb, the cemetery and that it wasn't near any train stations.

 

Do you think the ripple effect will eventually reach Whittington Dave?
Seems like it’s changing a bit.....

 

Not sure i can really agree with the cemetery being a put-off. Geelong has three urban cemeteries, one in Highton off Scenic Rd, where residents of the high priced Wandana Heights and the Barrabool estate look upon over their deceased brethren with no real issues with their highly desired area to live.

Herne Hill also has a cemetery, off Minerva Rd, and backing onto Itkeston St, Norwood Ave and Kedleston Rd. Indeed a Catholic primary school is actually next door to this cemetery. And the massive Eastern cemetery has been in Geelong as long as the city has existed, there are graves laid down from the 1840's so i don't think too many people in Geelong are that worried by this enduring fixture for the city. If anything more of expensive East Geelong such as Humble St, McKillop St and Ormond Rd are the places that are exposed to it at least as closely as the residents of Boundary Rd are, and 1 Cheltenham Rd sold for over $500K last year with it being a mere drop punt into the 'dead centre of Geelong'.

And the train is really only relevant for people commuting to Melbourne, of which there are many who do. But a good 75% of Geelong-ites work locally or commute by car so while there may be people who actively seek out an inner city place , or South Geelong say, the fact that on Realestate.com.au shows Newcomb has around 1600+ hits per property compared to a state average of around 870 for Victoria suggests that many, many people are unconcerned about an 8 minute drive or 20 minute ride to a station.

For what it's worth Newcomb-ites have two different bus routes that enable travel to the city as well.

I think the ripple effect is hitting Whittington too, there were cheap places especially along Townsend Rd going back 18 months ago, but i think again finding anything with a 2 in front of it is becoming difficult. The area between Boundary Rd and Wilsons Rd are the closest and most desirable parts of Whittington, there are still elements of undesirability in some of the courts off Solar Drive...i do remember Explorer Ct being nick-named Exploder Ct a few years ago due to some combustibility of housing in that area!! But when you boil it down, you get amenities that are handy and proximity to town for not a hell of a lot of money. It may be because inner Geelong's prices are amazing in some regards, if they cool down the pull up of the outer areas will probably ease too. One advantage Geelong does have, the whole city is quite close to the coast. Even say from Wandana Heights, you're probably no more than 15 minutes away from Eastern Beach, and same for Norlane and Corio. That proximity to the coast in Melbourne would set you back a lot more there.

 

Thanks for the info Dave. I just purchased in Whittington so hopefully does ok over time.

 

Another article....will keep Geelong bubbling along noicely for another 18 months or so...

AirAsia flights a game changer for Geelong economy says agent - realestate.com.au

 

It probably doesn't put off Westerners but Asians are highly superstitious, have you heard of Feng Shui? I'm not sure what the proportion of Asian buyers are there, but if I wanted a OO in Geelong I would be unlikely to buy there (although I probably wouldn't buy in Corio or Norlanes either!) but I admit this is my personal preference. Not trying to dampen the boom there, but I can certainly understand why the price kept low for so long. It's benefiting greatly from East Geelong becoming less affordable and is gentrifying because of it.

Completely understand your point about the train station. As an investor, I want to buy the property that would appeal to the widest tenant pool. This means that I do have the chance to get someone commuting to and from Melbourne as well as people working in Geelong. Let's just say I prefer a place close to a public transport because from personal experience, I appreciate getting to work and home as soon as possible. It currently takes me 3 mins to get my train station from home and 5 mins from my train at work - door to door is 35 mins in Sydney.

 

Corio — fastest selling suburb in Geelong after big decrease - realestate.com.au

 

Newcomb is the only of those Geelong suburbs to increase days on market. Wonder why this may be the case

 

Could be because every house in Newcomb seems to go to auction these days, hence the 4 week campaign means higher days on market.

 

And the proposed redevelopment of the land in Point Henry This is one of the many reasons I jumped into the market of East Geelong at a great price when I did. With that being said, I advise all my friends who are interested in jumping into the Geelong market, to look at Newcomb.

No Cookies | Geelong Advertiser

https://www.vicroads.vic.gov.au/~/media/images/planning-and-projects/bellarine-link-maps_a.jpg?la=en

 

I'm not sure how much benefit the ring road extension will have on Newcomb. It will be faster for these people to go through Geelong to get to Melbourne. It will provide easier access to the Surf Coast beaches though. The main benefits of this ring road are for those in the Southern suburbs of Geelong. i.e. Grovedale, AC, Waurn Ponds, as it will provide easier access into Geelong CBD. To that end it is likely to increase traffic in the area. I'm also not sold on the salt flats development. I think that will be one of those things they talk about for decades but never actually happens.

That being said, I still think Newcomb is a good investment with lots going for it.

 

Any chance anyone can recommend a solicitor in Geelong to assist with property settlement? The property is in Melb however I am in Geelong.

 

Yep...but they are also creating many arteria feeder roads into the Freeway to alleviate the congestion...but you are correct in saying in a fee years the could be similar to the Southeast at peak...hopefully by then Geelong would also have a large local employment base which seems to be happening already.

 

We have used Graeme Threthowan at Whyte Just and Moore many times with great results.

 

Loftus is an exception Dave. I was bidding at that auction against the winners who were buying for their adult children. They kept out bidding me no matter what number I threw at them. That being said, I thought I won it on the 3rd call at 560k though and out of no where they starting throwing large numbers at me.

In hindsight, I'm glad I didn't get it though.

 

I expected this property to sell for around $480k - $500 but received an update this morning it has just sold for $555k! Good house, nice block with potential for subdivision at the rear (similar to neighbor on the east).

4 Cheltenham Road, Newcomb, Vic 3219 - Property Details