VIC Geelong

Discussion in 'Where to Buy' started by Amber83, 16th Aug, 2015.

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  1. MikeyBallarat

    MikeyBallarat Well-Known Member

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    Good work - that map is spot on. I wouldn't mind myself a weatherboard in either Newcomb or Whittington west of Wilsons Rd...
     
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  2. Luca

    Luca Well-Known Member

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    Honestly I don`t think 500 meters can make the difference between primary and secondary spots. It is such a small suburb and in the long term it will be just "Newcomb". Also I think in the long term the proximity to the Cemetery can be seen as a "no go" zone while schools can be a plus. Also consider the cash flow, 5% nowadays can be dangerous (still depends how much money you have).
     
  3. Dave3214

    Dave3214 Well-Known Member

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    Proximity to the cemetery has little to no impact on houses in Humble St, Lomond Tce, McKillop St in East Geelong. And 1 Cheltenham Rd, a modern and full renovation sold for $530K, a house just over the road from the cemetery, which has been in existence since the very beginning of Geelong...there are graves from the 1840's there...a fascinating place to walk through just for the history.

    This place here, just a couple of hundred metres to the cemetery will be interesting to see what it sells for at auction in a couple of weeks.

    14 Paterson Street East Geelong Vic 3219 - House for Sale #125400614 - realestate.com.au

    And 500 metres DOES have a huge impact.....houses in lower Myers St have sold for well above $500K.....across Boundary Rd into Newcomb just as David Shih has already said, houses are into the $300K's. That's too much of a difference to be explained when the amenities of the dearer places can be accessed by a moment or two extra time in the car.

    This place could be a bellweather too, a former commission house right on the corner ear the shops of Myers St and Boundary Rd. Was at auction today, but as yet i can't find a sold price. I can confirm tomorrow though since i pass by this area with my work if it was sold or not.

    418 Myers Street East Geelong Vic 3219 - House for Sale #125279078 - realestate.com.au
     
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  4. David Shih

    David Shih Mortgage Broker Business Member

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    Here you go Dave - 418 Myers St sold for $473,000 at today's auction:
    Auction Result for 418 Myers St, East Geelong VIC 3219 3219 Australia - AuHousePrices.Com
     
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  5. DBD

    DBD Active Member

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    Hi Dave, I fitted both properties into my mad dash round to the various opens today. I didn't get to 418 Myers St in time to get inside for a look, but caught the end of the auction and from memory the hammer eventually came down at 473k.

    I also had a good look round 14 Paterson St, which they are hoping to fetch high 400's for. Nice solid home on a good sized block and I was struck by the elevation, which means it would command great sea views if you ever built up.

    It was great to see the various Geelong suburbs in the flesh today, to add a bit of context to what the maps show.
     
  6. Dave3214

    Dave3214 Well-Known Member

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    That's amazing....it's a standard 60's old style comission house, on a corner abutting the laneway, but put that house 200 metres across the road into say Charles St and you'd be talking $350K.

    Amenities difference....zero as far as i'm concerned. But that's a huge price for what is probably among the most basic of houses in probably the least salubrious area of geographic East Geelong.

    Maybe aside from places near the Ormond Rd and Birdsey St commission flats of course.
     
  7. MikeyBallarat

    MikeyBallarat Well-Known Member

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    There's something real charming about the Birdsey St flats...in a 'stuck in the 60s' sort of way.

    Certainly better than those pebble-crete eyesores littered around Melbourne's most expensive suburbs!
     
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  8. Luca

    Luca Well-Known Member

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    Hi Dave, agree as per today`s current market conditions. Houses closer to Geelong East are selling for more, however how long it will take for the house at 500mt to reach the same price? and how much will the cemetery impact future growth? I personally would prefer spending 20k more or the same $ figure and drive 5 minutes more but not be . However we are all just guessing the future. I would prefer to bet on dev potential e.g. buy 600m2 than location.
     
  9. David Shih

    David Shih Mortgage Broker Business Member

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    Hi Luca,

    Totally agree to target something that has dev potential where possible, although given the current market condition people could be paying much more due to competition. Here's an example:
    Melbourne developers miss out on large Newcomb property with potential - realestate.com.au

    I think sometimes to get into the game a bread & butter property in a good location could be the better option than risk overpaying for a dev block as your competition would be a lot more fierce in that battle...
     
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  10. Luca

    Luca Well-Known Member

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    Agree on taking the opportunity, at the end of the day it all comes down to the single deal. 42 Glover st was well overpriced, even the builders missed out. Even it had plans already drafted for 4 townhouses, the price didn`t make sense to me. I think people with the fear of missing the boat are now buying in Geelong, however well too much for Newcomb. Even if m2 are a lot, due to the strange shape, I guess you can only fit 4 max. At that price point why not buying something closer to Melbourne on 600m2+? In saying that 47 Anthony Street Newcomb Vic 3219 - House for Sale #125072306 - realestate.com.au ws sold few weeks ago at 300k (too much anyway). Could split and sell one or build two or even three with a bit of effort.
     
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  11. Ko Ko Naing

    Ko Ko Naing Well-Known Member

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    Why do you think 47 Anthony st is not worth $300,000, if it is was really sold at that price? Personally, I think for 800sqm+ in Newcomb at the current market, $300,000 is a good deal.
     
  12. Chill2205

    Chill2205 Well-Known Member

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    Can we keep the hype to a minimum on this suburb until I buy an IP there. Thanks :D
     
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  13. larrylarry

    larrylarry Well-Known Member

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    Newcomb? :p
     
  14. Chill2205

    Chill2205 Well-Known Member

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    sssh! :rolleyes:
     
  15. Tony66

    Tony66 Well-Known Member

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    Hi @Dave3214 ,
    what do you think about the Thomson area compared to the Newcomb?
     
  16. Tranquilo

    Tranquilo Well-Known Member

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    I know someone who just paid 315k in Newcomb.
     
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  17. Skilled_Migrant

    Skilled_Migrant Well-Known Member

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    For area > 800 sqm, a person is already in the money with a simple subdivision. (a Unit worth 250K and another two lots worth 100K each)

    Holding costs are negligible for the duration of subdiv as existing property can easily be rented to cover the mortgage.
     
    Last edited: 23rd May, 2017
  18. Tranquilo

    Tranquilo Well-Known Member

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    It was for a non dev site. Just a standard ex commission just under 600sqm. They bought for long term hold.
     
  19. Skilled_Migrant

    Skilled_Migrant Well-Known Member

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  20. Dave3214

    Dave3214 Well-Known Member

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    Going back i think in 2015, a place in Robertson St sold for just $206K at auction, but i doubt any place on a standard block would sell for under $300K now. There's just a couple of areas to perhaps be a little wary of, and that's the public housing units in Ormond Rd, and also the bottom end of Birdsey St near St.Albans Rd. There are ministry of housing places scattered around the Thompson area, although probably the standard test of amounts of stuff on the front lawn is as good a guide as any. But a place at 28 McNeill Ave, right next door to two ministry places sold for $375K late last year for a 2/1/1 on a middling 400m2-ish block.


    Property Report for 28B McNeill Avenue, East Geelong VIC 3219

    Technically Thomson is bordered by Lomond Tce, St.Albans Rd, Carr St and Boundary Rd, although i noticed this is said to be East Geelong.

    The proximity of Thompson to Geelong's CBD and nearby shops, park and hospital is quite attractive though, it's only 2k's to the city.
     
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