VIC Geelong

Here we go, another troll in our midst.

 

I've got a spare 5min so i'll bite

Mind showing us where? Prices in AC have increased over the last 6 months and more.

Never heard of an agent door knocking to SELL a property!! Are you sure half your mates have it right? Agents generally door knock to list property. This can indicate low stock levels caused by increased demand.

Who told you this?? A Geelong builder I know well is knocking back work as they can't keep up. Another I know of is doing similar. Which developers are shutting up shop?

Yes, consistently over the last few years. Prices have definitely increased and are still moving. Also there are many forum members here that have made a killing in Geelong recently...

The claims you are making can be easily seen to be rubbish with barely 5min of research. Don't know what your agenda is, but your market analysis clearly doesnt match your username.

 

Yep agree Conner...I am scratching me head about builders not having enough work...are you kidding me?

Builders are putting prices up and are getting people to agree to site starts 4-6 months away for titled land...

 

Sure are, I'm getting quotes for 2 builds at the moment...the small/med sized builders are hand picking their work...even had one straight out tell me that his prices wont be competitive!!

Got a meeting with another builder tomorrow, I'll let you know how I go.

 

Looky here...old mate PropertyExtroadinaire trying to talk down the Geelong market so that he can pinch a bargain

 

Tell him he is dreamin' .......

 

One example. After 6 years you are running a 10-15% loss over 7 years (after inflation) in Corio BEFORE taxes, rates, repairs, advertising costs, cleaning and agent costs.

You would have to be insane to invest here when you combine it with crime, no/low access to transport, jobs, health and good education.

Again, DYOR but you guys are literally out of your minds. Better off investing in quality not the ice-laced cigar butts in the bottom of the local recycling bin.

I own 4 properties (Geelong West, Highton, Belmont (x2)).

 

Seems like steady CG for homes in Corio to me. As for units - I'm not gonna disagree, I've warned multiple people from buying Corio units over PM. Steady CG, cash flow neutral/positive, low stamp duty, high rental demand? What's the issue?

Crime? Surely it's not that. Look at crime filled Carlton, Fitzroy, Preston, Reservoir, Brunswick, Coburg etc. Nobody's made money from those suburbs have they?

No access to transport? Corio Village has bus routes to everywhere, dual carriageways in Cox Rd, Purnell Rd, Bacchus Marsh Rd etc, easy access to Melbourne via the Princes Hwy and easy access to the Surf Coast via the Geelong Ring Road. Just look at Frankston North on the other side of the bay - prices are twice Corio's and it's easier to get to Melb CBD from Corio.

Jobs? Ummm what? How is there any less access to jobs than anywhere else in Geelong? If anything, job access is even better as it's easy to get to Lara and Melbourne's west.

Healthcare? Mate I just finished a day of work in Corio as a healthcare practitioner. We exist. Look down Bacchus Marsh Rd, there's doctors, dentists, physio, pathology, radiology...take your pick.

Education? One of the state's top private schools is situated right there in Corio. Failing that, you've got the Northern Bay College (okay it's not up to the standard of the Glen Waverley type schools but it provides students with both the academic VCE and VET study-more than I ever got). As for higher education - there's Deakin and the Gordon TAFE in Geelong, and you can hop in the car and drive to the Melbourne unis if you wish.

I'm on the ground there all the time. Corio's no horror show. Maybe it was much rougher in years gone by. I'll give you that ice is an issue, but unfortunately that goes for pretty much everywhere. Certainly Melbourne, Ballarat and other suburbs of Geelong. The only place I've ever been with no discernible ice problem is Toowoomba - fancy a trip up north?

 

I recently moved to Melbourne and I've been sussing out the various outer areas and getting opinions from people who live here. Norlane and Corio have certainly elicited responses, but not good ones. Of course there is so much more that should go into identifying areas than just asking locals what they think. But as an out of towner it was interesting to hear the area is not thought of highly. This surprised me in a way as it's so close to Geelong centre and a step closer back to Melbourne.

 

Funny that you mention that. IMO part of investing is identifying areas with good fundamentals - as you mention, Corio is in an excellent position relative to both Melbourne and Geelong. The stigma will fade over time - but the position is never going to change. Ask my granddad, he will tell you how rough Fitzroy used to be!

I should also mention that people from Melbourne may sometimes have a bit of bias against Geelong and regional Victoria. But hey, those of us who live in regional Vic are biased against those fancy pants Melbourne hipsters

 

On another note, who's attending auctions this Saturday?

 

It never ceases to amaze me that some investors fail to understand that you 'buy' when others are fearful. You 'buy' BEFORE the area improves rapidly. You 'buy' when prices are relatively low. You 'buy' before the area experiences it's gentrification. Corio, Norlane and some other areas represent significant value precisely because of these traits.

It's easy to buy in the areas that have already moved, but the real money will be made in the areas that haven't yet. It's 45 minutes to Melbourne CBD and surrounded by employment precincts. Not hard to see that in 10 years it will have easily doubled or tripled in value.

 

Yep, and along with the economic drivers for employment and growth. The Geelong area has done well to transform itself from a manufacturing hub to a services hub, with many government and national service providers based in the area.

 

A good reminder, Knights of Ni. Although I wonder if it's better to buy when there are early signs of gentrification rather than when it is still considered a total no-go area. I wonder if another issue is the housing stock in these areas. From a quick drive through they all looked like tiny/basic old housing commission stock.

 

2/3 Dargo Court Corio Vic 3214 - Residential Land for Sale #201748078 - realestate.com.au

What do people think about purchasing land in Geelong? I'll be honest, I don't know too much about investing in land, as I have spent far more time focusing on housing (Which is why I enjoy browsing this forum and learning)

Only 200m from the Corio shopping centre at that price...It's awfully tempting. Obviously I'll need to head over and inspect the land before rushing into any decision.

 

155k plus costs, allow 200k for a decent build.
Will owe you approx 315k for technically a Unit/townhouse in Corio.
Personally it's doesn't represent value to me.

 

Isn't $115k?

 

I'm not a fan of battle-axe blocks. Why not purchase at Flinders Park (new estate) and wait for titles in 2018 sometime?... might get capital growth before you build and the demand will be higher for a brand new subdivision with amenities etc..

 

Thanks for the response, but what about just purely for holding onto and waiting for the value to rise?

Appreciate all the above responses guys. Everything helps.

 

Yes. 115k. Typo.

No prob's, just quick off the top of my head figures..
Actually as another member posted, flinders park may be a better option. Last time I looked land was from about 130k.