Geelong - Belmont/ Herne Hill / Manifold - Hamyln Heights

Discussion in 'Where to Buy' started by NWHT, 18th Aug, 2017.

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  1. NWHT

    NWHT Well-Known Member

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    I'm looking to make my second property investment after my partner and I have recently (earlier this year) purchased a PPOR established apartment in Melbourne.

    My future investment goals are to identify properties for capital growth rather than yield (wouldn't we all like a strong mix of both though!) and hold for an extended duration to realise equity in the properties for additional investments. I would also seek to add value through smart renovations or alterations. Ideally, the investment properties would be no further than 5kms from a city center, within a reasonable walking or short drive to local amenities such as Supermarkets & local shops, and within 2kms or a rail line for commuting to Melbourne. At the moment I am looking at the Geelong area but also potentially Ballarat.

    Based on my current mortgage set up / repayments / available income and capital remaining, I believe I have the borrowing capability of roughly $450k + 30k renovation allowance (subject to pre-approvals, assessment, etc from my lender).

    Reviewing the threads on this forum, I note there is investment activity in Corio & Norlane, but I'm hoping with my available budget to find a smart investment (which suits my criteria) in either Belmont, Herne Hill, Manifold Height or Hamlyn Heights - although I note with $450k that properties in these suburbs are few and far between now. I have prepared and attached a map of these suburbs - including identified schools, supermarkets and the boundary areas in which I'm currently looking.

    For those who have invested, owning or also looking in these areas;

    - Do you believe there are still opportunities to purchase at $450k in these areas?

    - What are your thoughts on Geelong (prospects, additional areas of interest or to avoid etc)?

    - Are you looking to make additional investments, and if so where?

    - General thoughts/comments/advise?
     

    Attached Files:

  2. Hamish Blair

    Hamish Blair Well-Known Member

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    Out of curiosity what did you prepare that map in?
     
  3. Beelzebub

    Beelzebub Well-Known Member

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    Belmont would be my pick from the suburbs listed. At that price point I'd also look at Waurn Ponds and Grovedale. Lots of good infrastructure out that way.
     
  4. NWHT

    NWHT Well-Known Member

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  5. Stoffo

    Stoffo Well-Known Member

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    Am thinking it's hard to find BIG in Geelong area's now.
    Looking towards Ballarat also.
    Maybe we should start a thread "Ballarat bargain spotted"....
     
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  6. NWHT

    NWHT Well-Known Member

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    Thanks @Beelzebub, how much do you know about the local amenities of Waurn Ponds / Grovedale - such as schools, supermarkets, etc? Are there well established services or undergoing development
     
  7. Beelzebub

    Beelzebub Well-Known Member

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    It's well serviced with reasonable schools. Honestly though, Geelong doesn't have any zoned public schools, so proximity to them isn't a huge factor to weigh into your consideration, not at your price point anyway (Newtown West Geelong has good proximity to some great independent schools).

    In terms of amenities, Waurn Ponds has a better demographic (it's not near Corio or Norlane), it has Deakin Uni, the new Epworth Hospital, a popular suburban shopping centre (other than Westfield in Geelong it would be the biggest), a train station, easy access to the surf coast and beaches, generally has newer / better quality housing stock, easy access to the ring road, new leisure centre, 24 hour police station, homemaker centre with Bunnings and has recorded pretty decent capital growth recently. I think that will continue. The advantage of Belmont is that it is wedged between the city centre and all the stuff in Waurn Ponds.
     
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  8. Jasper

    Jasper Well-Known Member

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    Manifold heights - out of your budget
    Belmont - has moved so much already. Is there more room for growth?
    I chose Herne Hill 3 years ago. Still happy with my choice. I believe that suburb still has room for your budget.
     
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  9. NWHT

    NWHT Well-Known Member

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    Has this been an IP or your PPOR, if IP - How have you found the tenants?
     
  10. Jasper

    Jasper Well-Known Member

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    IP - i have had the same tenant the whole time (3 years). No problems at all.
     
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