VIC Geelong

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

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  1. Knights of Ni

    Knights of Ni Well-Known Member

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    Hmmm. sounds like incompetent agents out of their league... Everything slows this time of year.... panic if you must.
     
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  2. JetstreamVic

    JetstreamVic Well-Known Member

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    @Beelzebub, not sure if you read my post correctly, as you seem to infer that everything should have sold - which it did.

    The stats are available on the reiv website
     
  3. Beelzebub

    Beelzebub Well-Known Member

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    Yep, I accidentally quoted the wrong person. I’m in agreement with you. I don’t believe that there is any data to back the statement that Geelong is about to go bust.

    Apologies
     
  4. Steve90

    Steve90 Active Member

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    hahaha i was wondering wtf was going on there lol. how would geelong be about to go bust when its so hard to buy there atm due to so much competition
     
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  5. melbournesky

    melbournesky Well-Known Member

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    Between 450k~650k market, it is hard to buy in Melbourne as well.
    I just don't understand people who are buying in Geelong.
    500k house now in Melbourne (anywhere) will be $700k in 2~3 years.
    500k house in Geelong will hit 700k in 3 years? Not gonna happen (max 10% mayby, everybody knows that)
    Melbourne median will hit a Million in a few years.
    Too noisy to go down. Can see lots of sighs again next year.
    It will start going down when no one is predicting the correction.
     
  6. sash

    sash Well-Known Member

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    I think that has already happened in the Inner suburbs..of Geelong..... :p

    Strong clearance rate after record auction weekend in Geelong - realestate.com.au
     
  7. melbournesky

    melbournesky Well-Known Member

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    I am talking about the current prices.
    People who jumped in 6~12 months ago with the insights are amazing.
    I believe it is too late now.
    When I am asking myself if I would buy 600k house in Geelong for a short/long term right now, I am not confident. I would try to find one in Mel with train line.
     
  8. Steve90

    Steve90 Active Member

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    well Melbourne to the southeast stretches out to how many kms? i think pakenham is 67 or something, and thats considered part of Melbourne. on the west, 70ks out you have geelong, In 5-10 years time geelong will be part of Melbourne, now where in Melbourne can you buy a 650sqm house near the water and near a big shopping hub for under 400k? even Frankston north you cant do that anymore and that's the same distance to the water as say corio would be. plus with the trains taking 40 mins from geelong
     
  9. melbournesky

    melbournesky Well-Known Member

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    Point taken:)
    I think I really need to do some studying...
    Thanks
     
  10. Knights of Ni

    Knights of Ni Well-Known Member

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    I agree that Geelong will be considered part of Melbourne...probably 10+ years out...but with that said...the areas closer to Geelong itself will represent better living conditions than the flat stretch between the two cities....so buying closer to all the amenities of Geelong will be a smarter thing to do than buying anywhere in between, although these areas have appeal in pricing as well. Then areas like Torquay, Ocean Grove, Barwon Heads, etc, will be more desirable for those seeking the ocean life close to the city.....Kind of similar to the Wollongong, Shellharbour growth that saw exodus from Sydney.
     
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  11. sash

    sash Well-Known Member

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    Now ya taalking.....exactly what I foresee happening.....you can't make more land near the Ocean...
     
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  12. Beelzebub

    Beelzebub Well-Known Member

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    I agree, but Geelong will never be considered part of Melbourne, as it grows it will only become more of a city in its own right. But, that has nothing to do with capital growth, just the way people in Geelong see their city.
     
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  13. BST

    BST Member

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    Bought a PPOR in Geelong west recently. Median price in g west for four bedrooms now is 828k approx which feels expensive considering it's a regional city. But then I think it's 1 km to western beach, a stones throw to the cafes on pakington at. Walking distance to the train station and into the cbd and Melbourne and Geelong's population is booming. I'm lucky as I can work in Geelong and personally I'd rather live in central Geelong with all its amenities and close to the Bellarine beaches than spend the same amount or more on a ppor in a middle ring suburb of Melbourne without the character and plus the traffic. I suspect inner Geelong will grow steadily over time due to these factors and once a fast train gets rubber stamped will boom for sure (far too far away to really think about though) Having said all that it's over priced for a quick buck now. I'd be looking elsewhere for short term growth. I'm not sure I'd be looking at the outer suburbs of Geelong though unless it has access to rail. Too many new houses being built and obviously lots of land to do it.
     
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  14. Beelzebub

    Beelzebub Well-Known Member

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    $828k is not actually that much of a high median when you consider that West Geelong and Newtown are probably the best suburbs in Geelong. Lake Wendouree in Ballarat has a median of $795k and consider what would the median would be for the better suburbs in our capital cities: $895k is chicken feed.
     
  15. Dave3214

    Dave3214 Well-Known Member

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    I remember in the mid 90's, the block of streets that are bordered by Autumn Street, Shannon Ave, McCurdy Rd and Deviation Rd and Aberdeen Street were all considered Manifold Heights, but a push was made to have that area re-defined as Newtown. That was promulgated around that time in the mid 90's.

    Funnily enough now, Manifold Heights is now Geelong's highest median suburb, well into the $800K territory. It would only be recently that Newtown has been knocked off what would be it's traditional perch as the elite Geelong suburb by median price.

    Maybe i should write a letter to the powers that be to kindly suggest Norlane West to be renamed Lower Lovely Banks!!

    And as an aside....Hope all here have a very Merry Christmas, and a new year showered with nice capital growth, wherever it may be!!
     
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  16. MikeyBallarat

    MikeyBallarat Well-Known Member

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    Merry Christmas to you too Dave. I was at a party last night in Corio and we floated the idea of renaming Norlane West to Bell Post Hill Mk 2.
     
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  17. private_number

    private_number Well-Known Member

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    Geelong is going to bust? That made me laugh.
     
  18. sash

    sash Well-Known Member

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  19. Beelzebub

    Beelzebub Well-Known Member

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    Watch the wait time with the new estates. They're taking a ling time to title which suggests that supply in the region is not keeping up with demand.
     
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  20. melbournesky

    melbournesky Well-Known Member

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    What if the demand disappear all of a sudden during that time?
    What if Melbourne house prices start going down and it becomes so attractive to all the buyers?
     
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