VIC Geelong

The price I gave it was 280k, the property was pretty crap, 30k to be spent on reno. Also drainage running along the boundary. 44 Anthony Street, Newcomb, vic - Property Sold Price comparable (better) sold in October for 310k. Yes the market has moved since then but not so much. In saying that, it was a good project for a developer.

 

Was planning on heading down to have a look at 33 mercury crescent newcomb on the weekend, seems someone put an offer in and its under contract now

 

First time to post...

Looking to look at some entry level property in the Geelong Area for our first IP - hopefully the drive from Wonga Park will be well worth it!

 

Federal budget hype always creates some unease in the market place, causing speculation and hesitation. I have tried to provide an insight in to how this year’s budget will influence Geelong’s property market.



Geelong is the anticipated recipient of close to 20% of the $516 million budgeted for regional rail maintenance and upgrades to the Geelong and Warrnambool lines. The first stage is the duplication of tracks between South Geelong and Waurn Ponds, with a future line to Torquay. The first stage will have a strong influence on the Armstrong Creek Growth precinct, Marshall and the Waurn Ponds housing markets. Armstrong Creek, Warrililly, Warrilily Coast and Armstrong estates are on the South Side of Geelong and the 20-minute drive to South Geelong or the Geelong Station restricts the desirability of living in the new housing estates. The result of increased train services brings these estates closer into town, offering an affordable housing alternative, increasing buyer desirability which will have a positive influence on pricing and demand.



15 local primary Schools will be the recipients of a combined $21million, which will be utilised to upgrade and modernise them. The most recent test case regarding the impact on house prices, in the immediate area around redeveloped schools is, Belmont Primary School. Around $2million was spent upgrading the school approx. 5 years ago and the flow on effect of the property pricing is still being felt today. The facility improvements ensured Belmont Primary became the School of choice. Due to the increase in student numbers, the school zoning needed to be enforced, making the homes in the school zone increase in value almost overnight. One of the major criteria for buyers looking to purchase in Belmont was whether it was in the right zone, and if it was, then competition would be fierce, fuelling auction competition and sale prices. My suggestion would be to take note of the schools that are going to benefit from this redevelopment funding, as they represent excellent future growth prospects.



Not necessarily impacted by the budget, but something to take note of, and that is the impact that Belmont High School is having on the local property market. Oberon High school will be relocated to Armstrong Creek, which will leave only 2 public high schools in the 3216 region. The reduction of choice will mean greater enforcement of the high school zones, which will be split between Grovedale College and Belmont High. Belmont’s exceptional academic record will ensure that it will remain the desired choice. This will mean that properties in that zone will command higher prices and generate greater competition.



In summary, this year’s budget will have a positive influence on our market while creating greater access to affordable housing which will help maintain the current strength of individual investments.




Taken from Gartland Property's Website

 

Thomson is considered between better than Newcomb. Residents often just say they live in East Geelong because ppl.don't know where Thomson is.

For those that don't know, Whittington is the scary part of Geelong.

 

Marshall had a massive spike a few years back. Whether it's due for another, I'm not sure. There's not really anything there except that it's close to a station and not too far out. Good for ppl.who don't care about cafes etc

 

Good summary, Dave! I am looking into buying in Geelong now. May need your help at some point.

 

I agree with the above. Newcomb is better because the only suburb between it and the city is East Geelong (expensive). Corio has two suburbs in between; north gee (getting better) and norlane (which is bogan central and not the good bogan).

 

It's damn cold in Geelong tonight

 

Attended an auction in East Geelong yesterday.
An older place, nice enough, old skillion 80s extension, maintenance of $10k needed, nice quiet st.
We had made an offer prior, but we're told it would go to auction, because they'd had nearly 900 hits on re.com!
Quiet turn out, mostly neighbors.
No bidders !
It'd be a buy at $580k
Vendor bid of $620k
They wanted $680k

Maybe things are slowing
Or waiting till July 1st for extra grants
Maybe it's the cold down here

 

Could be affordability...watch ...the spill out from there ....

 

My guess: Geelong will do well in the short term. Don`t expect Melbourne numbers. Unfortunately vendors (supported by REA) in a bull market confuse selling well with speculating. While you can speculate in Melbourne at the moment, you can "only" sell well in Geelong.

 

Interesting...might be price related?

One of my friend attended this auction at Newcomb and said it got sold for $400K:
5 Ivanhoe Court Newcomb Vic 3219 - House for Sale #125456682 - realestate.com.au

Nice block with subdivision potential and is very close to East Geelong...seems like the cold weather certainly didn't stop investors snatching up deals if price is decent.

 

Just visited Geelong again. Surprised by some of the development such as the 14 level worksafe building, which is old news.

Then I saw this, 21 floors
http://www.geelongadvertiser.com.au...t/news-story/45e5db0dcf175c1b4b264380140b860f

Certainly interesting and changing times.

 

Could you cut and paste some sections? Links to a premium content page

 

"The 21-storey Miramar apartment complex will be Geelong’s tallest building, featuring retail spaces, 160 car park spots and 112 apartments — 37 of which have already sold."

"The $35 million development on Cavendish St is expected to provide 300 construction jobs, with building slated to begin by September and be completed late-2018/early-2019."

“It’s a big building for Geelong — 21 levels — but I think it’s going to be a precursor of what we’re going to see come into Geelong in the future”

 

Prices start at around $370k for an apartment from what I read somewhere. Seems a lot to me for what and where it is.

 

Seems like there's a strong demand for Californian bungalows in the Geelong area, and most of these are in the inner suburbs given the ra they were built. This one in Saywell St North Geelong, just on the other side of Church St from Pakington St sold for an astounding price.

A character home in North Geelong has secured a Geelong West price at auction - realestate.com.au

$705K, wow...especially when at the other end of Saywell is the less than salubrious social housing of Coxon Pde! From personal experience having lived in that street in the early '00's....it's a fair bit easier to get into the city than to get home....i HATED those stupid speed humps along Stubbs Ave!

By contrast 36 Dunloe Ave, an older 50's weatherboard with the 70's fake brick rendering only saw three vendor bids attracting zero interest from the 15 or so cold attendees in the fog at that stage, of whom i was one. The last vendor bid was $280K, so given that 78 Dunloe sold for $314K a few weeks earlier, it could be a bit of a lo-ball chance for the 650m2 block, although being a 2-bedder the rent would be probably under a 5% return. I'd venture to say a vacant block around here now though would be over the $200K mark though.

36 Dunloe Avenue, Norlane VIC 3214 - House For Sale - 2013596346

Character or not, i don't really get the $400K difference between those two properties when it only takes a few minutes drive to reach Pako. But there's been some massive prices for Californian bungalows in the near West areas, and also East Geelong, $855K for 15 Brown St East, $835K for a place in Orr St Manifold Heights, and over $900K for a house in Girton Grove Manifold Heights in recent months. I guess they don't make that kind of place anymore, and in Melbourne they probably cost well over a million given where they are in relation to inner suburbs.

 

Interesting...that will tower over anything in Geelong before. Up until relatively recently, there was a six-storey height limit in Geelong, the exceptions were the 8-storey Mercure Hotel which was built in the 70's, and the 7-storey Geelong Hospital. There's no real precedent for apartment living to that extent in Geelong....although $370K puts prices almost on par with Melbourne apartments of one bedroom size. Interesting to see if they are going to be over 50m2, as under that means financing will be tougher.

 

Great insights, thanks @Dave3214 . Along with financing challenges, would people living in/moving to Geelong, be looking for a 50m2 (or so) apartment in a larger complex?

This is more of a question about the demographics looking into Geelong as renters/buyers.