Geelong / Wollongong or Brisbane

Corio and Norlane - need a good PM.

 

Ok after hearing all the hype about Geelong, I decided to do research and I'm a little confused about whats so special about Newcomb as in the recent Geelong scheme there is no plans on what they're gunna do about Newcomb. Unless the reason for the hype is only because of it proximity to the CBD and relatively cheap for suburb so close to the CBD? In contrast, Corio and Norlane got their own section on page 182. Some highlights:
- recognised in the G21 Regional Growth Plan as areas that should be targeted for infill and higher density housing
- The Department of Human Services is undertaking the New Norlane project to improve the quality of its housing stock and partner local builders to develop new housing to be made available to both public tenants and home buyers.
- A significant restructure of the government school system, referred to as the Corio Norlane Education Regeneration Project, is being progressed by the Department of Education.
- Provide a public transport network to meet the needs of residents
- Provide a safe and attractive active transport network to access destinations in Corio and Norlane
- Upgrade ageing drainage infrastructure and better manage impacts resulting from stormwater flooding.
- Encourage increased housing areas around the Corio Sub-Regional Activity Centre, Bell Post Shopping Centre, North Shore Station and local shopping centres.
- Redevelop and rezone land no longer required for commercial use in local shopping centres for housing and other compatible uses.
- Support the development of health and support services, including potential expansion of facilities within the Corio ‘heart’ area.
- Apply the Mixed Use Zone to land around the Corio Sub-Regional Activity Centre to support the development of retail, offices, cafes/restaurants and health services.
- Support the redevelopment of the former Rosewall Primary School in accordance with the Rosewall Concept Plan including reconfiguration of adjacent public open space.

http://planningschemes.dpcd.vic.gov.au/schemes/combined-ordinances/GreaterGeelong_PS_Ordinance.pdf

Whilst I understand it may be slow going for awhile, there are some opportunities to get some land cheaply before its too late, especially ones in mixed use zoning!

 

The Geelong Central Revitalisation program, if similar to Newcastle, will make surrounding suburbs close to the city attractive in the long run. Geelong has eastern beach and 15 mins drive to Torquay and other nice beaches. It's similar to Newcastle in some ways (except for the weather for sure). The properties are affordable there and the inner burbs of Geelong has already seen some big growth...the ripple effect is still moving. I think it has big potential. Get on the ground and decide for yourself and speak to @Dave3214 @sash @G TOWN and others @Tranquilo

 

This is exactly what I will be doing. Going down to Geelong this weekend for my first ever visit - will be getting round as many opens as possible and also looking forward to getting a feel for the city itself. I'm looking to buy my first IP so very excited to be getting down there for some first hand research. Some great info on here and I will echo the praise for Dave - fantastic local insights which have really helped me target my search.

On the subject of Newcomb, the value looks good at first glance although it seems that the prices have already started moving. In terms of the comparison with other inner suburbs, would the absence of a train station always hold it back from matching their growth?

I certainly wouldn't rule it out, it just seems to me that it's one of several Geelong suburbs that have some excellent growth potential, particularly for a long term hold which mine would be.

Anyway, I'm sure I will be much better informed after a weekend on the ground and a chance to meet locals / agents.

 

enjoy Geelong!

 

@DBD have lunch down along the waterfront.

 

And walk through Pako.

 

Umm.... Pakington St, right?

Thanks for the tips!

 

Yeah pretty hipster. Nice shops there. And smashed avocado or cloud egg there.

What are cloud eggs? Meet the latest food trend flooding your Instagram feed.

 

Cloud eggs! Now we know the area's growth potential is based on solid foundations

 

Once you people who are willing to spend move into a certain area start following closely.

 

Quick , get in before they turn shops no longer required for commercial.use into residential...

Sorry but nothing on that list is really that positive.

As you say, try and find some big blocks in an area thats going to be rezoned

Otherwise your ******* in the dark

 

Here is food for though...one needs to understand what is driving prices in Geelong.......most if from Melbourne people....easy access to the ring road is critical....the other is people who are retiring and access to beaches...

So if you look at the areas near the ring road they rent far higher than places like Newcomb.....my 2 cents.......

 

That is true

Geelong by itself really has nothing economically going for it. If you removed geelong geographically from melbourne people would be talking about the town dieing
Do you really think people working in melboirne are moving to norlane / corio to save $50-80 in rent?

Its the Newcastle phenonenom

 

Its princes freeway by the way sash
Ring road gos in a ring around melb

 

Although good points i still reckon when geelong gets its act together newcomb will.be a better area than corio norlane
People who want to work in geelong and be closer to the bellarine will probably choose east geelong or newcomb area.
I think this will be better long term than trying to get capital gains off the back of people who cant afford to live in melbourne but still work there

 

'If my aunt had balls she'd be my uncle'

Yeah, if Geelong was much more isolated from Melbourne then maybe it would have less appeal...but it's not, it's an hour away (if not less), always has been, always will be.

Geelong just offers so much from a lifestyle perspective. You can get the best of the best period homes for less than half the price they go for in inner Melbourne, and you get to have less traffic and great proximity to beaches to boot. Not to mention - you've got your own picturesque CBD right in your backyard, as well as Melbourne being a short V Line trip away!

It takes just as long to get into the Melbourne CBD from Geelong as it does from many Melbourne suburbs (particularly those which have patchy public transport). It's closer than bloody Frankston by both road and rail, and Frankston North (equivalent to Corio/Norlane) has already risen to 2x the price of the 3214 suburbs, if not more!

For all intents and purposes, Geelong is a suburb of Melbourne. And a pretty damn undervalued one at that

 

I agree mate

But for it to really kick off and for it to be sustainable they will have to sort their own economy out.
If you think that you will be able to drive to melbourne in some sort of viable timeframe in 20 years time then your dreaming.
The western suburbs will probably double in size by then and the possibility of driving will be off.the cards at certain hours of the day

Thats why i would be hesitant to invest in a cerain area of geelong just because it has good freeway access to melbourne

 

Geelong has the soon to be completed Worksafe head office rising prominently just across from the railway station, plus the NDIS, ABS, TAC and the huge Barwon Health network which will surely see a number of jobs coming on stream in those areas in the future.

There's also the thought that some people in Melbourne who may work a standard award wage job that pays the same all round the state job might think it makes sense to move to an area where buying a house is a much more plausible option. How valuable is time on the road or in a commute really considered by people? With me, i used to work in Laverton, Werribee, even Pt Cook at times gone by, and now i work 5 minutes down the road to my workplace. I spend mere minutes per week commuting, melbournites probably think it's a good thing if they spend less than about 8-10 hours a week combined. Does that make any sense? By my reckoning it makes my income essentially 20% higher given the lack of spend in terms of fuel, wear and tear etc, plus more leisure time.

That's what Geelong has going for it. I say again, if a person has capital city job experience or credentials, i am certain that getting a job here would be easily achievable. And a private employer, Cotton On has pretty much bought out all the land on Separation St from the roundabout near Douro St to the fire station, much of this is new parking spaces to accommodate the many commuters who work there...many of whom come from Melbourne! I know this first hand, as working at the post office in North Geelong, many of these customers come in to do things like passport interviews and pay accounts and post items....and they have Melbourne addresses.

Geelong is far from dying and far from an afterthought.

 

A bit after the fact, but after spending my first ever weekend in Geelong I thought I'd share my perspective on what I saw.

It's a bit of a trek from where I live right round the bay in Mornington, but well worth it! I thought it was a really attractive small city to visit, it probably didn't hurt that the weekend was unseasonably pleasant but I there was a pleasant and vibrant atmosphere around the place. With the various regeneration in the works it seems like it will have a solid future. As someone who is used to a very long commute, it's certainly somewhere I would be keen to move to if I was a first home-buyer working in Melbourne and I would have thought it will continue to steadily attract that market.

By way of suburb comparison - and with the disclaimer that I'm an inexperienced investor - I thought there were a number of suburbs that could all be considered as having excellent potential for future growth, not just Newcomb. Whilst @Dave3214 and others have quite rightly flagged the excellent value in Newcomb previously, it seems to have already started growing out of that rock bottom phase. Two properties sold for around 290k just 4-5 weeks ago and this weekend a very similar property at 33 Mercury Street was sold at 315k. That's a big rise in 5 weeks and this along with currently quoted prices suggests that there's a new reality - driven by investor traffic (so well done @David Shih !). That said, I guess there's a fair chance that this 8-10% jump in values is an indicator of good growth to come and still offers value.

I did feel that a number of other suburbs would also offer great chance of growth over the next few years including Herne Hill, Hamlyn Heights, Bell Post Hill, etc. The potential for views from those elevated areas, or the close proximity to CBD of the lower lying parts, means they all have a key selling point, not to mention the proximity to the freeway which I do think is another slight advantage over Newcomb. They had a pleasant feel to them and lots of attractive period homes dotted around. So although Newcomb is clearly cheaper, I'm not certain the relative value is any better.

Didn't get a chance to check out Belmont yet, but in honour of Dave I did manage a good drive round Norlane. Parts of it looked a bit grim, parts didn't look too bad at all - I think it's Sparks Road which was wide, tree-lined and with the autumn leaves on the ground it could pass as idyllic (I may have restricted my peripheral vision slightly ). With the higher yields, could do worse than a second IP there I think.

I'll be dropping in again for another visit this weekend, hoping to progress a possible purchase this time. I'm trying not to tie myself in knots finding the perfect place in the right suburb at the perfect price - as per above I think there are a number of suburbs which could all deliver excellent growth and my knowledge just isn't good enough to separate them. So if I spread the net a bit I'm hoping the right property will appear to me and I can get the job done.

Apologies for the long ramble, I have been giving this a lot of consideration so there you have it!