Geelong west property advice

Hi

New member here, longtime reader. We are living in Geelong West but are looking at a property here as a possible investment. Ive noticed a few threads on Geelong so thought some would have a view.

The agent is telling us 1.3mil+ which feels too much to me, it is a 4 bedder just off Pako, my view is we could get around 800pw in rent based on similar. Also wondering what people think about price growth in the next few years...

Cheers

 

I don't think it matters what your/my views are, what matters is how much the market is willing to pay. With that in mind, there's a wide range of price depending on the type of product you buy. A quick Google-fu yields the following: https://www.realestate.com.au/buy/in-geelong+west,+vic+3218;/list-1. Without knowing what sorta property you're looking at or what your budget is and what you're aiming to do with it (reno/sub/KDR) no one can tell you anything useful. 30 Maitland is on sale for about $1.3m for example, maybe your REA is actually not making things up. As for rents, I get about $430/week off Pako: Map View of Real Estate & Property For Rent in Geelong West, VIC 3218 (Page 1) - realestate.com.au.

I suggest you do your research on rea.com.au/domain etc for current and recent past listing and go from there. The economy may take a few years to recover from the Dan-demic, however IMO premium areas in Geelong aren't going to be affected as much simply because most people that live in these areas aren't on run-of-the-mill jobs.

 

Thanks Westie, I had looked on rea & domain. What i can't get my head around is where prices are going to go in the area - I agree with your views on premium area hence why we would pay a premium price for a premium property but my issue is we are basically looking for capital growth (the rental yields are pretty poor at that price point). If it's capital growth, then I am unsure given covid and how much prices have already risen -

I am looking for some opinions from people with local knowledge.

 

Well, now you've told me about what you're after and that's CG and better yield. I have properties in the Geelong area and live about 20 or so mins away. I'd be looking at suburbs such as Newcomb, Bell Park/BPH for better yield. Look further along the coast towards OG and further. Take a peek at Lara too. Plenty of opportunities.