VIC Geelong 2021

Hi All!
Looking for experienced insights and recommendations! I'm planing to live in temporarily and then sell/rent out a property in about 2yrs time: what would you pick?
- Minimal Reno property built in the 60s 3/1/0 on a large block over 650m2 in Newcomb for 450-490k
OR
- Build a new home in Mount Duneed - Warralily Grange Estate 4/2/2 for 490k on a ~400m2 corner block? Appreciate the help, as a junior entry - investor I'm so confused!

 

I would go with latter any day.
less maintenance, preferred by Tenants, decent estates/ area, rental of 430 to 450 per week as compared to 320 to 340 in case of former. less land tax, more depreciation which will increase cashflow.

Regards

 

Seen a lot on Newcomb vs Armstrong Creek.

But what's the thoughts on growth potential of say Corio/Norlane vs Newcomb/Whittington side over say next 3 years?

I'm looking for 400k-ish old/semi run down but rentable. Rent for couple years, fix it up and revalue to get more equity.

 

I'd think Newcomb given its proximity to the better areas (and perhaps better schools too?). It'll benefit from the ripple effect, IMO.

 

Its proximity to CBD is what I like. My thoughts with corio/Norlane is that Melbourne commuter potential, being much closer esp. At peak times, traffic can be a nightmare to get to other side.

 

I agree about it being closer to the freeway's entrance, but gotta keep in mind Corio/Norlane are lower socio-economic areas. Gentrification will take a longgg time, IMO. Rising tides do lift all boats, but the better areas may rise higher given they are more desirable OO areas.

 

Hey @The Y-man, there was a forum regular, lives(d) in the Norlane area, used to do newspaper runs (or the like), name was Dave. I can't recall his screen handle, do you know what it is? If so, please tag him here, I'm really keen what he thinks of the area now. His posts were very valuable, I don't see him posting anymore.

 

Yeah agree, they are such large areas that gentrification will take longer. Think I will focus more on that newcomb side.

 

Was talking to some friends from Geelong today, their faces when I mentioned Whittington... Makes me think it might be more than 3yrs for gentrification to do its thing. However Newcomb, they were quite neutral on...which bodes well

 

I bought in Whittington a couple of years ago and have done quite well.

There’s a few good threads about Geelong and Whittington/Newcomb with a heap of info to read through.
Whittington has 2 very distinct halves, one a lot tougher than the other.
I bought there instead of Newcomb (in the better half) as I could get better value for money purely (I think) because it’s addressed as Whittington.

 

Yeah west of willsons Rd. Do you know what sort of people are buying the **** boxes in Whittington? Love when it's young families.

 

There's still places in south geelong that need renovations, proximity to cbd and south geelong station is fantastic, walk down the barwon river of an evening.

There was a proposal years ago to put the shunting/carriage storage yard just past Waurn Ponds (BCSC land) this may = more services, so anything near to Waurn Ponds station might be good.

Ceres is a tightly held little place, I like Lovely Banks, Baccus Marsh rd (just out past the industrial, township of Geelong will eventually spread in one of these directions....

Been a while since I payed as much attention to G'town as I should....

 

What are people thinking with Geelong this year? if Melbourne keeps going gangbusters this will have a strong flow in effect into Geelong? The markets I follow in Geelong are seeing some really good prices already.

 

Geelong's already nuts and almost never noticed a slowdown. All the fundamentals are there for the city. Some parts especially OO-dominated areas along the coastline are selling for wayyy above quoted prices.

 

Amazing prices in 3219...even areas that are just stock standard. Breakwater area, for example 7 Higgins Ct, near to the racecourse/showgrounds sold for $500K on an irregular court block that really can't be sub-divided, and even Tucker St, 11 Tucker, overlooking the train line, the Barwon river and again near the racecourse, this place sold quickly with a range of $579-$619K....i'd say at the upper end of that range, this being a 770m2 block.

And 8 Helen St, again very close to busy Carr St, the train line and industrial South Geelong, sold for $740K, on a moderate sized 479m2 block.

A couple of years ago 600's were for mostly the inner East areas, now they are migrating to almost anywhere in the 3219 postcode.

 

Looking in Geelong for our potential next IP, still securing finances so just researching at the moment. I found this listing https://www.realestate.com.au/property-house-vic-newcomb-135739978 in the desirable pocket of Newcomb as per the previously mentioned map and have a few questions for those who know the area. General thoughts?
More particularly:
1. Is the proximity to the cemetery an off-putting feature?
2. The irregular block shape, I mean it would be difficult to build 2 on the block or extend the existing 2br even though it has a decent block area, so is this a no go for most investors?
3. Are weatherboards no go? (I like them but understand the practicality of brick).

To me the house itself is quite cute, fits in with what I see around Ringwood. The way they have previously divided the block is just so annoying though...

 

Nice older place for the area.
1, No, cemetry doesn't affect it
2, same shape block as over the road (buy this and in future next door to develop, or approach next door and do a boundary adjustment to square it up)
3, more upkeep, but desirable for the area.
Looks like a decent buy, high side of street, not sure why there's a new fence, far better buy than Leopold or Curlewis due to being closer to town.

Thoughts @Dave3214

 

I think it is a good buy in terms of location and dev potential. Keep in mind 4 years ago these properties were selling at $300k.

 

It's in a great spot there, Gibbs St is just behind Bellarine Village, but due to the way one accesses it vis either the highway or Johnson Ave, it has not much traffic there at all. Cemetery is of no real consequence, it's been there for as long as Geelong has (oldest graves are pre 1850) and it's nice and close to town as well, there are buses quite close to here as well. Odd block size notwithstanding, i'd suggest this is a fair buy if it can be got near the price guide. However being an auction it could go a bit higher.

A few weeks earlier a corner block on extremely busy Portarlington Rd 16 Portarlington Road, Newcomb, Vic 3219 - Property Details (realestate.com.au) sold for $625,500...an astounding price which i would expect factors in already the subdivided value of the block. But any local will tell you that if you want to get in and out of your driveway in peak times along Port Rd, you might be waiting a while. The Gibbs St property is in a much more secluded and quiet location for sure.

FWIW my Mum lives in Watsons Rd, just a few doors from Boundary Rd so these numbers make her pleased too!