VIC Geelong

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

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  1. Dave3214

    Dave3214 Well-Known Member

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    I can say just generally in Geelong, from my 40+ years of living here, and including the huge floods of 1995 that saw floodwater encroach into the K-Mart car park in Belmont, and inundate all of the caravan park areas near the Barwon River, that in all of that, no area of any of the abovementioned suburbs suffered any flood damage. There are flash floods that occur along Ballarat Rd in parts of Hamlyn Heights, and Cowie's Creek i guess can rise to a significant degree as it runs through Norlane and Norlane West, but it's never encroached onto properties in my living memory in Geelong. Significant floods also happened in 1978 as well, and even January 2011 particularly in Lara.

    I will say though, if a 1995 style flood happened again, i'm not sure how Armstrong Creek will go, it didn't exist then, but much of that new suburb, and that of Charlemont runs alongside the relatively low Barwon Heads Rd precinct. That could be possible food for thought if such heavy rains happen again. However, the only higher floods to that were in 1952, when at that stage much of anything past Belmont was just unused land.

    This link might help a bit, in terms of the Barwon River.

    https://www.ses.vic.gov.au/document...uide-pdf/f38aa61d-f5aa-4078-9ce4-45f7bda31ea5

    I can only go by my memory, but even in 1995 with very high floods that inundated Queens Park and closed both the now defunct Breakwater Bridge and Queens Park bridge, a bare handful of houses were inundated. But several businesses that operated nearer to the Barwon River, like along both Factories Rd and Gravel Pits Road...and along Barwon Heads Rd were affected by those high floodwaters.
     
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  2. Freedom Seeker

    Freedom Seeker Well-Known Member

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    Dave, thanks a lot for sharing your knowledge of the floods in Geelong. I think floods in most areas in Corio and Newcomb are very likely caused by inadequate drainage system not waterway overflow. For example, at Corio there is no creek or river but there are still a couple of areas have flooding risk.
     
  3. MikeyBallarat

    MikeyBallarat Well-Known Member

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    Hey guys, just after some thoughts here regarding the non Solar Drive part of Whittington.

    While it won't be my next Geelong purchase, I am pretty interested in the area due to the strong growth of the western part of Newcomb, and I've been thinking growth will follow on as a result.

    As it is such a tightly held market, it is hard to gauge what prices are doing. 32 Regent St has just come on the market, and the vendors want 320k for it. The property has a few black marks against it - it's a bland brick box with a blander interior reno (I would prefer unrenovated weatherboard, or even triple fronted brick), and the block has been chopped from what I see. At 270 per week, yields are not spectacular. That said, it is in close proximity to the CBD and it is on probably Whittington's best street.

    I have also noticed, chatting with friends etc, they tend to say that nobody wants to rent in the whole suburb due to the awful stigma of the Solar Drive district, even if the home is not in the district!

    Has this area run its race?

    Edit: Compare to 42 Regent St, a much nicer house on big land, sold for 315k in June. It already had a gorgeous reno done inside, and the new owner painted outside and now it is renting as of this month for 315 per week. Surely prices have not risen this much in the space of two months?
     
    Last edited: 20th Aug, 2017
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  4. Jasper

    Jasper Well-Known Member

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    It's never been in the race, let alone run its race. To me, it's a risk because there are too many bad folk in the area. There's better options without having the associated risk. I'm not game
     
  5. Dave3214

    Dave3214 Well-Known Member

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    Had a look at that place today at 32 Regent St with Andy, and indeed it is a half-size block already. The house itself is in nice condition, nice and neat, it's tenanted until next year. Incidentally, 139 Boundary Rd, on the corner of Cecil Ct nearby is also a house on a half-size block too. Certainly pays to see them as some of the ads seem to neglect putting the block size in, and being a house with an address that doesn't refer to it as a unit number can be a touch deceptive.
     
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  6. Brendon

    Brendon Well-Known Member

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    Hey @G TOWN
    The place at 42 Regent St is mine, I spent a week and a bit down there to tidy the place up and get it ready to rent.

    In my opinion that section of Whittington is undervalued quite significantly purely due to the name.
    In my limited time in the area it doesn't seem as rough as I thought it would be and seems to be quite tightly held. A lot of the properties are on bigger blocks meaning development potential and if you drive down regent st (as an example) there would be 8-10 houses that are currently being updated or are about to be or just have been developed, this seems like a great sign to me!

    I'm torn between talking the area up and playing it down because if I could buy another one in the same area I would so less competition would be great!
     
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  7. Dave3214

    Dave3214 Well-Known Member

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    I reckon if you enter Regent St off Boundary Rd, you can talk it up..Enter via Wilsons Rd, and those less than salubrious units on the corner of Regent/Wilsons together with the graffitied carports can do the talking down for you!!

    Nearby Elliott Ave has some controversial types living in that street too, at least from my taxi driving days.

    But against that, it's so close to a lot of amenities and is a much quieter area. The speed humps were put in years ago to deter traffic flying through from Carr St to cut the traffic lights out of going from town into the Solar Drive area, they also have the humps along Oxford and Hickey St's too.
     
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  8. MikeyBallarat

    MikeyBallarat Well-Known Member

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    Congrats, you got a bloody nice place on huge land for a good price! Weatherboard too - the reason I always bang on about weatherboard is because they're so easy to add street appeal, and you've done just that. I'm with you on the area too, it doesn't feel dodgy at all, some Melbourne suburbs 3-4x the price feel dodgier.

    Norlane West doesn't have the same stigma that Norlane East always had (and even Norlane East's stigma is disappearing these days) - so why can't it be the same for Whittington West? To be fair though...the Solar Drive district is a few notches below Norlane...
     
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  9. MikeyBallarat

    MikeyBallarat Well-Known Member

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    @Dave3214 I know I'm speaking for everyone when I say this...your local knowledge of Geelong is truly astounding.
     
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  10. Birdseed

    Birdseed Well-Known Member

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    +1 to the above.

    @Dave3214 its been great to have your real, down to earth insights. Informative like only a true local can be. You've clearly helped a number of forumites directly, and probably even more indirectly.

    This thread is nice relief from some of the hype and fluff on a few of the other "Where to Buy" ones, that's for sure.
     
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  11. LusianaC

    LusianaC Member

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  12. MikeyBallarat

    MikeyBallarat Well-Known Member

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    For the most part, I like it. It doesn't need too much work, some grey brick paint on the exterior would go great to lift the look of the house.

    Bathroom and kitchen are what sells the house, the bathroom is ace, put some new handles on the kitchen (around $25) and tile the splashback ($60 if that) and you're sorted.
     
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  13. LusianaC

    LusianaC Member

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    Thank you so much @G TOWN, that's a lot of useful information. I am new to property investing and still have lots to learn.
     
  14. MikeyBallarat

    MikeyBallarat Well-Known Member

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    Cheers! Also consider 3 Canadian Parade, just up for sale recently. Good luck
     
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  15. Lions4Eva

    Lions4Eva Well-Known Member

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    Best of luck! Would be awesome to see you own property in Corio :)
     
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  16. Lions4Eva

    Lions4Eva Well-Known Member

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    Was looking at 1/6 Gardenia Grove - Don't have the money anyways, just wondering if its worth the price as advertised?

    Looks tempting aye...Could do with a small loan here.
     
  17. Lions4Eva

    Lions4Eva Well-Known Member

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    Nevermind - Just saw it is a townhouse...:oops:
     
  18. craig s

    craig s Well-Known Member

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    Hi guys,
    Just like to share my recent purchase in Corio.
    @josh123 and myself flew down there late June and had 8 or so viewings scheduled in.
    We sussed the areas out for ourselves Newcomb/Whittington/Corio and liked the Corio town. After all our viewing for the day nothing took my fancy and just before we went to the airport Josh rang an agent who had a property under offer for $310k, but the offer had fallen through and he snuck us through for an inspection. I really liked the property and put an offer down for $305k which was accepted. Nothing had to be done to the property to rent it out. It is on a 630m2 block. The property had a rental appraisal of $290-$310 per week.
    When I went to advertise for rent I asked my agent to put down $330 per week and see if I had any bites. A whopping 24 people registered for the first viewing which 15 people turned up and I had 5 applications come through. I managed to get $340 per week. Bearing in mind it is the middle of Winter, and I struggle in Cronulla, Sydney to get people through my apartment in Winter. The area is really starting to boom and I am glad I got in for a good price.
    I guess it pays if you're green in investing and want to check some areas out, take someone down with you like I did, if I didn't I would have surely missed this opportunity and I have learnt so much from it.
    @David Shih was also down there that day, a big thanks for supplying me with a map of the good pockets for the area.
    @Dave3214 thanks for sharing your local knowledge at the café in Geelong too!
    Thanks guys!
     
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  19. Lions4Eva

    Lions4Eva Well-Known Member

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    Well done Craig s :) Always good to see more success stories down in Geelong, especially in Corio. Renovations for me are about to start, hopefully the rental process will end up being a good story like yours.
     
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  20. David Shih

    David Shih Mortgage Broker Business Member

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    Well done @craig s very happy for you and @josh123 - you two have bought very well, at great price and even better, your one at 5.8% gross yield! That's phenomenal result for Corio and shows the deal is still out there, just need to have the right company in order to find it ;)

    @Mark and I are kicking ourselves a bit now that we didn't jump in for the Merlin one - it could've been another great score on that day!
     
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