VIC Geelong 2019

Just about to settle my blocks in St Leonards with the Drysdale Bypass well underway...I look to making a really good profit.

House land packages at 355k and 393k ...end vals expected at 620k and 700k on completion.

Planning to flip one ....even if the market comes off 10% I expect a 200k plus profit...

 

I think you're about 2 years late...the best time to enter the Corio/Norlane market is past us. Nowadays Investors are trying to take the profit from early purchases so lots of stocks getting put on market around the high $300Ks.

If your budget allows I would look at suburbs closer to Geelong CBD. Personally if I'm gonna fork out high 300s for a place in Corio I think I'll get more value long term from the likes of Newcomb/Thomson/Breakwater - better demographics & closer to CBD for employment etc.

If budget is a constraint, then the other option may be to look at Ballarat. Check out the Ballarat thread to see what others are saying.

Cheers,
David

 

Can't open it, asking for login. Any other way to open the link ?

 

Geelong to Melbourne travel cut in half - part of 20-year fast rail plan | Prime Minister of Australia

 

Yes the announcement of 2 billion pledged by federal government for the rail link is exciting! Surely will help the prices to go up?

One questions is whether they can build a high speed rail for 4 billions dollars? Also what happens when liberal get voted out?

Thoughts?

 

Hi all,

I bought in Corio at the beginning of the boom late 2016.
$150K full renovated unit now fetching $240 per week rent.
It's worth 190-210

I'm very happy with the property and vacancy rates have been low.

As for my thoughts of Geelong, I still think it has further to go, however for the $$ I would be looking to buy an affordable house in Deer Park 3023.

 

Would love to see it happen. But realistically I think the high speed rail topic only gets brought up every time as we get close election period. And then after election all pollies seem to conveniently forget about it for another 4 years until the next election comes up.

So personally I think it's more of an election campaign than anything. Let's see if it first progresses to the feasibility study should (and if) Liberal continues to be elected this time round.

Perhaps more of a 30 - 40 year timeline instead? Who knows

Cheers,
David

 

I purchased in Herne Hill at the start of 2018 (so a little late to the party – but I feel I purchased well and have seen good growth). I picked up my property for $416k. I perform monthly assessments of other comparable properties in the area I could take it to market for $480k-$500k. Realistically my plan is to wait at least another 3-4 years to see how things continue to progress. I’m in no financial stress so will continue to rent the property out. I can’t justify the buying and selling costs experienced in such a short period of time if I was to sell within the next 6-12 months.

I’m happy with how things are moving down there and IMO as a snapshot (I’m happy to be corrected by other knowledgeable members), there are good indicators of continued growth throughout the region. The CBD’s employment hubs are underway or settling with government and residential occupiers. (WorkSafe, NDIS, and TAC are being established in Geelong). Available data online is still predicting Geelong to have a strong population growth (set to grow by 36.5% to over 320,000 in under 20 years and more than double in size to over 500,000 by 2050.) You only have to look to the greenfield developments of Mount Duneed, Armstrong Creek & Charlemont to see this expansion.

Yes, the Banking Royal Commission has hit the property market, but banks are in business to make money. Initially whipped, resulting in tightening of their lending, but as shown with the recent changes to Interest only lending now being lifted, they will regain momentum. As all things progress with supply vs demand, and the Geelong population continues to rise, I’m hoping that the more affluent middle-ring suburbs (which are going through gentrification) are likely to see the best property price growth.

Everyone's thoughts?

 

Geelong is an interesting market...the inner city has done well....but places like Armstrong Creek, Torquay, and Ocean Grove new estates have done even better.

On a 416k purchase...you would have paid over 25k in stamps/legals. So the base price is about 440k. Had you bought a block of land in early 2018...you would have bought a 400sqm for 210k...and had you put a 22sqm 4x2x2..for 215k...it would have been worth about 550k now.

 

I'd agree with having a look at the coastal towns. There's a high aspirational element to Torquay/Ocean Grove. A lot of people working in Geelong earning good money want to make the sea-change and are willing to pay for it.

Torquay in particular has some good opportunities for investors with a long term view. There's a lot of land for sale in the new estates (Dunes, Quay2). Anecdotally this is because the developers are still churning out blocks, but a lot of people who bought in the first stages are also looking to flip their blocks so supply is high and land has been sitting on the market for awhile.

With the state government almost guaranteed to shut down the Spring Creek development, and Torquays northern boundary being set at Blackgate road there's a good chance land scarcity will drive up prices in the coming years.

 

Do you think Torquay will continue to grow or has hit a bit of a ceiling in the short term.

I keep an eye on “Old Torquay” as that would be my ideal location in a few years time, and I feel prices have flatlined there now. Everything is being targeted towards developers but I doubt any of the numbers stack up.
I think (Hope) it’s peaked, but would be keen to hear your thoughts

 

Yep ditto...also the nimbys are also geeting counxils to tighten things

 

Nice work Sash. Really nice work.

 

Depends what you're looking for, and over what time frames. I'd agree it's probably hit a ceiling in the short term, but I'm looking to build and then hold over a long period of time.

As Geelong attracts more high paying government jobs and people working in Melbourne have better options to work from home I'm betting on a strong demand for the coastal lifestyle.

My observations are that it's currently hard to find a good deal anywhere south of Darian Road, but there's been some good properties in the little pocket north of Darian and on the east side of Fisher St (e.g. Aquilla Ave, Loch Ard Ave kind of area).

 

Work...wha?

Nah...mate...I am lazy...lazy...work is foreign concept to moi.....I wuz juz luck to buy in Stage 1....

 

yeah you are lazy investor.

 

Hi All,

what are your thoughts on Leopold or Clifton Springs

I have seen the properties below which are marked below surburb median price
I think they are a good buy but not sure if am missing something

31 Christies Road, Leopold, Vic 3224

25 The Court, Leopold, Vic 3224


Cheers
DK

 

Read plenty of your posts, I trust what you have to say, you are on the ground and back up
Credit squeeze will impact on all markets
Claims with facts..... not fluff and puff

Thx

 

There seems to be some good value buys in Clifton Springs/Drysdale. I'd too be interested what people are thinking?

 

The investor driven markets in Norlane/Corio has come off.

But first home buyers in places like WarrillyBelmont/Armstrong Creek/Highton/Breakwater/etc ..and seaside areas (Torquay, Ocean Grove, Curlewis, St Leonards) appealing to baby boomers are still quite solid.

Markets within markets...good property can still be bought from 400-650k. This affordability is driving the market. Lots of Melbourne people (baby boomers) are getting out of areas like Taylors Lakes, Sunshine, Altona for 600-850 and moving down to Geelong and being mortgage free. On of the reasons is percieved crime in some of these areas.




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