VIC Geelong

Not an expert on this but I'll give it a tackle

According to Geelong council:

Residential Growth Zone (RGZ) – The Residential Growth Zone is applied to land identified as suitable for increased residential development, such as urban renewal sites, and locations offering good access to services and transport These areas include activity centres and town centres;

General Residential Zone (GRZ) – The General Residential Zone is applied to land in areas where growth and housing diversity is anticipated. It is expected that the type of housing provided will evolve over time to provide more diverse forms of housing, but not at the expense of existing open garden character.

The terminology can be confusing I know....but put it in a simplistic point of view, I would say RGZ has a better potential than GRZ as you can:
1. Build higher in RGZ (=more storeys) in comparison with GRZ
2. No minimum garden space requirement in RGZ whereas GRZ does have minimum garden requirements
3. Developers will be happier to buy land rezoned in RGZ as the land is zoned for increased residential development so can fit more dwellings (= more profit)

More details here:
https://www.planning.vic.gov.au/__d.../DELWP0055_-ResidentialZoneReview_v8_weba.pdf
https://www.planning.vic.gov.au/__data/assets/pdf_file/0017/32129/Residential-Growth-Zone_Web.pdf
https://www.planning.vic.gov.au/__data/assets/pdf_file/0015/32127/General-Residential-Zone_Web.pdf

 

Thank you David, you are a very astute researcher - I dip my hat
Cheers!

 

Anyone been to this auction, SOLD for $228k

 

Wow apk - no wonder it sold for so low. I can only imagine the work needed. We assist our landlords with small works, but electrical wiring for a house of that size alone would be $12k+ would have worked out well for a trade to buy, or a handy first owner, but wouldn't have recommended it for a non-trade investor.

 

Well, noticed that 117 Carr was passed in, for a vendor bid of $450K. That's a significant difference in price given houses in those streets that run off Carr St often sell well into the $500's or even $600's, like 9 Helen St did which is not too far away from 117.

Guessing that's the impact of being on a main road, and also with the train line there, and industry on the other side of the line.

 

You would be correct there @Dave3214 .

East Geelong is a funny market. There's are so many different pockets in such a little suburb effecting its price points.

 

I wonder why median price for Corio is 285k but current listed properties are mostly over 300k with quite a few asking near 350k?

 

because people are overpaying for what they buy

 

You will generally find those stats are 2-3 months behind actuals. I find the best way is to check sold/for sale prices online and ring local agents.

 

Yes that is correct.

I reckon that information is more out of date...I know that some of the suburbs reporting negative growth..there is no supply only units in the market thus the fall in values.

 

I swear this has been on the market for a few months...Anyone visited this place for an inspection? Location seems really unappealing.

87-89 Walpole Parade Norlane Vic 3214 - House for Sale #124251642 - realestate.com.au

 

I visited this earlier this year. NO NO NO..

Huge crack in the structure as you approach the front door, probably as wide as the thickness of a thumb. Only house in the area. Inside's just about okay to live in, the photos are much nicer. REALLY unappealing area, dusty as.. There's a bus stop around the corner. Not worth it unless someone can put in a really low ball offer say $180k or so, even then that ginormous crack.. Umm no, no thanks!

P.S the gate to the house required significant effort to lift up to open inwards too. Not much, but still..

 

I agree with Luca - there are a number of interstate investors that don't really know the area like a local and as such, when they see anything under $400k they're interested and this has inflated the price a little in recent times.

 

As for Walpole, it also looks really far back on it's block, no backyard - no secure area for children (unappealing to rent as well) and is that a commercial building behind it? Large shed? You'd want a super cheap price point to get anything from it. Especially given you won't ever be able to develop it as it's on a super small block! $270pw is a high price for that - so I guess the return is okay, but you can't guarantee you'd release at that.

 

Yep....the locals won't touch some of these areas....when the market turns...they will have places they cant move.

 

Or.. the locals aren't paying close enough attention and should have been snapping these up. Real investors buy properties in growth areas around the country.. not just around the corner.

 

It's ironic reading the news about Matthew Guy's proposal to fix 50-odd intersections, including two in Belmont, being Breakwater Rd/Barwon Heads Rd, and the big Torquay Rd/Settlement Rd one. All the population growth in Armstrong Creek, Mt Duneed, Waurn Ponds and even Marshall, and further into Torquay has meant traffic in peak times around here is full on. They need something done as traffic volumes are far beyond the capacity of these roads that were built for just provincial traffic at their conception many years ago.

Meanwhile the well catered for Northern suburbs has not too much to worry about with traffic, apart from copping an untimely slow moving goods train that may cross Separation St, Thompson Rd and Anakie Rd. But for sure, living this side of town, our transit times have not changed much in terms of getting into Geelong city and back. But the city forefathers who ensured that all the arterial roads in the North would be dual carriageway certainly had the right idea. Lara though is getting congested, as the single-laned Forest Rd, Station Rd and such gets pretty busy in peak times too with the growth in that suburb.

 

What I see here in Victoria is a lot of investors from interstate, mainly NSW, buying mainly because the area is cheap with not enough DD. This is good in boom times as everything goes up, the problem is when the market turns. However I think all these areas around Geelong CBD will do well in the long term.

 

Dave

There is already planning underway to address the traffic bottlenecks in AC and Torquay...the growth rate has caught them off guard. Their priority will be make Reserve Road (takes traffic from Barwon Head Road and from Charlemont which has new estates) to the Ringroad...via Mt Duneed.

They are also thinking of expanding the carriageways on the Surfcoast highway.

Note also...alot of people coming from Melbourne bypass AC to get to Torquay that the highway dumps them just before the Surf Coast shire.

 

It looks like Geelong is getting more promotion for lifestyle reasons also...so did Newcastle. Lots of similarities between the two....

There’s a better life out there in these regional centres