VIC Geelong 2019

Yeah no doubt Corio and Norlane have cooled a bit. Still nice to see my property has seen an increase of at least $80,000 since late 2017 though

 

Noice...what did you buy in at 200k?

If you bought at 200k...you have gained 40%!

 

I wish I bought at 200k! Got mine at 270

 

Hi All,
I'm seeking a reputable & knowledgeable town planner in the inner Geelong region for an upper market Townhouse development in Newtown.

Does anyone have a good recommendation for me to discuss the prospective project?

Thanks

 

@Tufan Chakir and myself are local planners for The Planning Professionals. Sent you a DM with contact details

 

Looking at possible purchase in Geelong area for around the 450k for house on >600m2. Much value at the moment and what would yield be like?

 

Geelong's a large area, have you narrowed down to a suburb or three?

 

Hi Westie

Thanks for the reply.

Currently looking:
- St Leonards
- Grovedale
- Whittington
- Newcomb

 

Newcomb is your best bet for long term growth on that list. Grovedale is also a solid choice.

Avoid Solar Drive if deciding on Whittington. Or at least, be aware that this street and its associated cul-de-sacs have a particularly infamous reputation.

 

What about Corio? Has this had its run for now?

 

I think you're a bit late for Corio mate. Lots of stock on sale at the moment with investors trying to get out so price is coming back a bit.

Yield will depend on the house but won't be stellar due to the good run we've just had with Geelong. Though rent is on the rise as people cannot afford to buy so you could capitalize on that.

$450K can get you a decent place in Newcomb - try get as close to East Geelong as you can and on a big block of land. Newcomb you'll more likely come up with older houses that needs a bit of tidy up. I would pick something closer to $400K and do some simple cosmetic reno and then rent it out.

Grovedale is also good for $450K but the area in general has newer houses which is why you'll be paying a bit more. More suitable for those who just want to purchase without much work required.

The other area I was talking to Sash the other day during Epping Meetup is Lara. When I drove by couple years back it's so close to Avalon airport I thought it had it's potential. Had a quick look online the other day and saw this which I thought was interesting deal:
108 Flinders Avenue, Lara, Vic 3212

Size of block is decent for what you're after and if you can get it close to $380K then it'll be close to 5% gross rental yield. But I don't know Lara well enough to comment so definitely do your own research.

Cheers,
David

 

Yep, Newcomb - Grovedale would be my picks. Like David suggested, take a gander at Lara. Rents are good, with a minor reno you should get decent returns. I have a property in one of the new estates there, built a 4x2x2 for $400k, rented for $450/week. While I don't recommend a build these days, pick a property you can add value to.

 

Very nice mate with decent yield!

When did you bought in Lara and how has the growth been so far?

Cheers,
David

 

All thanks to my man @sash.

Paid the deposit for the block in July 2017, titles took forever though, the build was finished in Jan this year, tenants moved into the property in March.

 

Westie ....you jumped in on opportunity...I think you snapped it up....agree to dangerous to do it now. Land prices are for similar blocks are 240k plus another 235k to build and vals are..are now say low 5s. Add another 25k for holding and stamps...very slim profit. Need also another 10k sell...so no profit.

 

Way more mate. I spoke with the REA selling a block a few doors down from mine, a 400sqm block is about $280k now. Yep, I jumped on the opportunity, after having missed numerous ones before (but yeah that's 20:20 hindsight).

 

Wow that is crazy..that means no chance of profiting now.....400sqm would be now 550k for a 400sqm block with 230 build. I seemed to have in mind yours was 375sqm block.

 

I bought my 410sqm block for $155k when there was nothing there and people were calling me an idiot for buying in a swamp. Half way between the surf coast beaches and the employment hub of Geelong... I figured I couldn't lose.

 

good buy! have you built?

 

It is crazy man. 350sqm is $240k-$250k, 400sqm is $270-280k, 450sqm is $290k-$300k. But sale speed is slowing down a lot, half of the speed observed in 2018. Dackland, Bisinella, etc all need to put more effort now to sell stock.