VIC Geelong

Who's looked at Herne Hill and Hamlyn Heights? Bordered by expensive Manifold Heights and Newtown. Ripple effect could be good

 

I was interested to see what this one would go for too and I would assume this price means there is still plenty of heat in Newcomb. Perhaps East Geelong is getting towards it's current ceiling whereas Newcomb has a bit to go.

No doubt you're pleased with these prices given your recent purchase. I also managed to get in for one of the ex commission brick houses recently on a similar block, so long may it continue

 

Absolutely - clearly shows the part closer to East Geelong side is hot! And a shortage of listings is another factor that keeps pushing prices up. In this case the subdivision potential is the winner here so people are willing to pay big bucks to snatch up the block.

It'll be interesting to see if the new owner will be proceeding with subdivision straight away. If I was the new owner today I probably would:
1. Do cosmetic tidy up on the main house - the place could do with new carpets and a new layer of paint to fresh up
2. At the same time apply for subdivision so couple months down the track can do the old trick of cutting up and sell the rear block with a permit and take some profit

Will be keeping an eye out to see whether 5A Ivanhoe Court is popping up for sale couple months later...

 

That Ivanhoe Ct place is almost right behind my Mum's house. So happy days if 'Upper Newcomb' keeps getting that spillover from the other side of Boundary Rd.

This house and location though deserves some thought if wanting to get a place in the 3219 postcode. Right next to the local CWA office, and over the road from local shops is this place that sold for a quite reasonable $316K.

36 Winstanley Road, Thomson, VIC 3219

This area of Thomson is still only 3-4 K's from the CBD and is again close to all of the schools and shops of Newcomb and East Geelong. I reckon the buyer of that will be quite pleased with himself.

 

Dave...I get that some of the suburbs closer into Geelong are on the way up...but I also see access to the Ring road will drive future price growth. Getting from the East to the ring road is a nightmare...in traffic......this is something I seeing...I just looked at prices in Torquay....it is 20 minutes from the ring road but is it insane...it has jumped a lot more than some of the older suburbs.

The other thing which seems to be unique to Geelong is places like Torquay and Armstrong Creek are getting ridiculous rents compared to some inner city property...interesting...

I also see the beachy suburbs like Torquay push up to new heights as baby boomers discover these areas....my thoughts.....

 

I certainly do hope access to the ring road drives further growth, especially since i live in a suburb that's among the first to greet you when coming home from Melbourne! It's really odd, i know the local population seem to really have their bees in their bonnets about living in the Northern (and closest suburbs to Melbourne) and prefer the newness and perhaps cachet of the likes of Armstrong Creek, Waurn Ponds, Mt Duneed and even the coastal areas, but i struggle to understand why people prefer a 65-70 minute commute or longer than a 50 minute commute, especially when those places are cheaper anyway.

I regularly read puff pieces about Melbourne commuters gushing about being close to Torquay and the 'easy commute', but the shorter the better for me, i used to drive to suburbs ranging from Werribee to Sunshine from at the time Bell Park in the 90's, and while the 40-45 minutes say from Laverton was quite reasonable, once Sunshine and Altona North etc were the destinations it began to be a bit of a chore.

But as i've said before though, many Geelong people work locally too so melbourne commuting may not be a factor for some. But even from what my brother tells me from his place in Highton, the traffic from the Southern suburbs into Geelong and beyond in peak hour is pretty hectic.

You're right too about the rents, regularly over $400 for the new places in Armstrong Creek and the like. If anyone wants a cheapie that's near to my place though, 36 Dunloe Ave passed in at a fairly sparsely attended auction last weekend for a vendor bid of $280K. 650m2, old house but THAT'S near to the Ring road, and in all honestly, not too much further to the coast coming the other way if one wants to go there. I guess the new builds, great depreciation benefits and the like make those new Southern suburban areas an ideal investment.

But i remain true to my roots, born in Norlane, bought here, a regular NQR shopper and cheapskate to the extreme! It suits me here and i really feel at home living where i do. I'm too old and fat anyway to go to the beaches where the cool and beautiful people go anyway!!

 

Sash, torquay is vic version of byron bay - not quite as kumbaya
A lot of people who i grew up with who were mad surfers live there. None would go to melbourne more than a few times a year

I also think buying in geelong to commute to melbourne is pretty stupid. It might work for the next 10 years max but as the western suburbs grow so will the commute time
The beauty about the western suburbs is that they have no road infrastructure!
In the east you could drive about 5 different ways to wherever you want to go.
In the west they get funnelled out the estate onto the M1 and the bridge. Its already a mess

 

You can easily commute from Geelong. It's 50 to 55mins on the train which is faster than some of your SE suburbs.

Torquay land is running hot. Some releases are selling out by 8am. I know plenty who work in Geelong or Melbourne. There's lots of young families with good incomes looking to establish themselves there

 

That is about to change....the govt is investing heavily in the West.

I think you will see a lot more Telecommuters...people who actually work from home a couple days a week.

 

People fleeing Sydney en masse for Melbourne | Daily Mail Online

Melbourne is very hot! I wonder if big businesses will set up in Geelong?

 

Interesting thought David. What do you think the profit would be on a subdivide & sell if they went down that route?

 

Agree, over the last 20 years getting from the bellerine side even into Geelong has been a PITA, but.....
https://www.google.com.au/url?sa=t&...ggcMAA&usg=AFQjCNGXQrZ4mQAZ00qGAHhSSITeYWEnxw
Moolap, Leopold, even the Point Henry development will benefit.

 

The proximity to the Deakin Waterfront campus will be the key here. If overseas students are happy to live here, it could be a winner.

Worksafe, TAC and NDIS employees could play a part too.

 

You all should be looking at Portarlington. People are buying to live, work 2 days from home, ferry to Melb for 3 days. Retirees in droves. hardly any existing stock left. Latest release land Arlington Estate nearly all blocks sold b e f o r e prices even released!

 

I think Hamlyn Heights and Herne Hill will do well. They are close to the more expensive suburbs, they have a nice feel and they are close to the ring road.


Portarlington – My only concerns are; it’s very low lying which is a concern to Geelong Council area for rising sea levels. The ferry thing is a temporary trial?? If you want to live by the coast, there are much closer options to Geelong; Ocean Grove, Torquay. Portarlington is the furthest out from Geelong, but I guess the land is cheaper.

 

Hi all,

Some quick update from what I've seen on the ground at Geelong over last weekend.

Highlights:
- 7 Walter St, East Geelong which will be on auction this weekend. The place is only a 2 bedder and will require tidy up but it does have subdivision potential in the backyard. The house was packed with people though, so will be interesting to see what sort of the prices come out this weekend.

- 9 Oregon Ave, Corio which went on auction last weekend. We didn't see this one but had some update from a fellow investor. Old 4 bedder which requires work on a 681SQM corner block sold for $305K. 5 groups of people went bidding in the auction so bids went up pretty quickly/rapidly.

- 55 Regent St, Whittington which is 3/1/1 on a 842SQM block but not enough frontage to subdivide. The good thing though is unimproved land value is about 250K so the price is pretty much paid for buying the land (well the house IS screaming for some work anyway). Despite the crappy condition of the house it still couldn't stop all the crowds flooding in. I reckon at least 10 groups went through while we were there and as far as I know offers have already been made above 320K so low balling probably won't work in the current environment.

My thoughts:
1. Inner Geelong is hot hot hot! Properties in area likes of East Geelong, Newcomb, Whittington are consistently getting sold at higher price than what was advertised and in a quick turnaround time too. I wonder whether it's FOMO starting to kick in before 1st July.

2. Corio has had a lot of growth in last couple of months and not much stock is below 300K now, which, given it's a perceived lower socio-economic area the price is starting to look silly. Gone are the days which you're able to get a 3/1/1 on 600SQM+ with subdivision potential for less than 300K, and that was only a couple of months ago!

I think now is the time investors need to assess whether the advertised price actually justifies the deal rather than letting FOMO take over and blindly follow the herd. Remember money are made on the way in. For me if I am to spend 300K+ on a Corio property, I would rather step up my budget a little and buy in a more affluent suburb closer to Geelong CBD any day.

 

David, What are your thoughts on Armstrong Creek new estates?

 

Whittington - maybe they're buying just to knock down, build and resell. It means they don't have to deal with tennants which can be awful in that area.

I agree. Spend a bit more and look in Bell Park, North Geelong, Herne Hill, Hamlyn Heights.

 

Have just seen two properties now listed as sold in newcomb, $350-360k range, think (am hoping) mid $300s is the new norm for the area...

https://www.realestate.com.au/sold/....au/sold/property-house-vic-newcomb-125558826

https://www.realestate.com.au/sold/....au/sold/property-house-vic-newcomb-125668834

 

Looks like Hype Geelong thread is going well.