VIC Geelong 2020

Well and truly. I've been trying to get a similar deal for a mate of mine but no bueno anymore.

 

Checked out a couple of properties in Belmont today.

The properties were okay but not sure about the area as a whole, the suburb seemed a bit bland/run down and not that close to major shopping centres (in saying that I definetly only looked at a small section of the suburb).

One of the agents said we should check out the development in Mount Duneed as this area is proving to be popular with families (close to Torquay and will be near a new train station?)

Does anyone have any feedback re investing in Mount Duneed or would I be better off sticking closer to the cbd (i.e. Belmont / Highton).

The agent said we can pick up a near new house in Mount Duneed for around 500k and rent it out for $400 a week which is a reasonable return in todays market.

 

A mate of mine lives in Belmont and has 2x IPs there, reckons his are always easily rented with decent tenants who like the area, family feel with not being too close to the large shopping areas and still not far.

LOTS of development in the Mt Duneed area, there are several estates to choose from. Don't fall for the cheapest estate which may lack the appeal of say the Villawood/Warralily developments. I have an IP in the Villawood estate and can confidently say it's the better of the new developments there, drive around and you'll know why. IMO, the boat to invest in Mt Duneed sailed about 3 years ago but if you're happy with $530k to return $400/week in rent then go for it. Personally, I don't see the area dramatically increase in value over the short term. The growth has already happened. Take a look at Bell Post Hill/Bell Park for properties with the largest land component to them.

 

100% agree. Probably very small steam left due to FHBG but I wouldn`t suggest to buy as per today market.

 

G'day all,

I was after construction costs (single storey) and a good builder in Geelong. Any recommendations or approx costs would be really helpful.

Cheers
Anchor

 

A 23sq home will be about $250k with fixed site costs, high ceilings, 900mm Euro appliances, upgraded tiles/carpets, 40mm waterfall stone benchtop in kitchen, butler's pantry, quality downlights and blinds, exposed agg driveway, NBN connection, landscaping (front and rear), clothes line, letterbox and timber fencing - basically most bells and whistles.

 

Could you please share the builder's detail?

 

Checked out the Villawood estate today and agree that it is very nice.

If I was moving to Geelong with the family I can definitely see the appeal of living in this estate.

However I agree that at $530k it is difficult to see much more capital growth in the near term (given $530k is probably stretching the boundaries of affordability already for new home buyers).

 

Thanks @Westie . Is this a volume builder ? I should have clarified upfront...I am looking at 2 (roughly 240 sqm altogether) units behind an existing dwelling.
The quotes that I am getting are approx 1500 per sqm. What you have provided works out to less than 1200/sqm which is 20% cheaper .
Please free to PM me the details. Once again extremely helpful input.

 

There is no way you will do that on existing....it would be more like 300k.

If it was brand new estate and the fall of the land was less than 500mm and not major cut and fill...250k would be around the mark.

 

Yep, like the man said, things change dramatically if it’s a subdivision build.

 

Thanks @Westie
I agree on cost escalation due to subdivision. My quotes are within the ballpark then. The lowest quote is from a builder in Hoppers Crossing rather than Geelong.I was wondering if there is a local builder that members here would recommend.

@sash I have been reading your posts from somersoft days and do admire your generosity in sharing your knowledge.

 

What did the builder quote you?

 

I bought in Ashbury estate back in Jan 17. Close to a beautiful lake, walking distance (around 10 minutes) to the new catholic secondary school that is nearly complete and about a 10 minute walk the other way to the new town centre being developed by Welsh Developments. Close to Torquay beach (13 minute drive) and train station isn't too far away, I believe they will be making a new one even closer as well. I think it's a gem, and it's being developed by Dennis Family Corp. If I didn't have to live in Melbourne for work, I'd definitely live there.

 

@sash @Westie
Where would you buy H&L packages in Geelong area with a decent return, PM if wouldn't mind
I am still intrigued at the figures provided on another thread

 

Depends...on what your definition of decent return is?

Also...what price point... if you are not comfortable...PM me...

 

We're building with Welcon Homes and I'd recommend having a chat to Steve. Small-mid size builder, and build quality is great. We went for a custom floorplan and his quote was very reasonable. I know he does a good mix of houses and units as well.

Website and marketing isn't amazing, but hey, he doesn't have a whole marketing team working for him like the volume builders.

 

How much are they charging per square?

 

Thanks... Will definitely give Steve a call.

 

I manage properties in all of the areas mentioned above and have lived in Geelong. Whilst the location for Newcombe and Whittington is good, the general over social demographic is very low. My dad was a senior police officer and the above suburbs were well known to toe police especially solar drive.

if you buy cheaper house you will only get cheaper rent which attracts the cheaper type of tenant. These cheaper types of tenants are generally on Centrelink and are not regular with paying rent. However, in saying this. I do have some amazing tenants that do pay on time and that do actually look after the house. This type of tenant is hard to find and it’s slim pickings. If you do buy in the areas my advise is make sure you have a really good property manager.

My recommended areas are, Lara, Belmont, Waurnponds, grovedale, Highton, Armstrong creek (new upcoming area) Marshall