VIC Geelong

Dave
thanks for posting.

Are there any opportunities for developing/development sites close to main central hub ??

I have not been to Geelong for a while.

MTR

 

There's no doubt that the South of the river areas of Geelong will probably be where a lot of the population will be growing, and there will be more people moving into Armstrong Creek in years to come. I haven't really been there to see first hand, mainly because i work in East Geelong and North Geelong and have no need to go to the other side of Geelong, but for sure it's the area that tends to attract the majority of first home buyers.

One thing i look at and kind of think to myself though with comparing Geelong, and indeed all regional areas compared to Melbourne, is that if you can live and work regionally all the news reports of roadworks, traffic congestion and the like are simply not issues for you. Even in my one year of working Fridays at Point Cook town centre, getting into and out of there off the Princes Highway always took plenty of time, the traffic even in 2011 was pretty bad. Will at some stage the massive lifestyle advantage of living in a place when commuting is measured in minutes rather than hours be a pull to the regions, in addition to much lower housing prices? I've never lived anywhere but Geelong, specifically Newcomb, Bell Park, Norlane and West Geelong in my time here, but it must be something that might sway some people who may be otherwise looking at 60-90 minute commutes to Melbourne from an outer suburb there.

The ABS is about to open in central Geelong, and yes the Epworth hospital will also soon do so in Waurn Ponds, as well as Cotton On's expansion in North Geelong. There's a bit happening here, and with commute times within Geelong being much more palatable, i'd like to think a few people might eschew Melbourne to avail themselves of these advantages.

 

Interesting when i just saw the local real estate magazine that comes out Fridays here, a place that sold in Jan 2014 for $163K is now for sale for $279-$309K in Norlane West. I remember because i saw it for sale initially and thought that at it's asking price of around the $170K mark at the time it seemed pretty good value when you think of how close this place is to amenities.

Mind you it's been renovated extensively, but that's a massive rise for this area and that original price point in just two years. And that's the thing, the entry point here is almost laughably low compared to many Melbourne properties. And it's good to know as a homebuyer here in my case that the area is rising in price. Unfortunately for me, i was foolish with my money for many years and only bought in 2010 with the aid of the massive FHBG at the time of $36,500 for my new build at that stage. That's what it is for me, but seeing advertisements like this does at least frank my hopes that Norlane West in particular might be starting to take off.

3 Elmore Street Norlane Vic 3214 - House for Sale #122193654 - realestate.com.au

 

I'm looking at investing in Norlane West with potential to subdivide and build (duplex?) in the back (corner block). For me it's the low price point & good returns which mean I can hold the property for a while before going into the subdivide option. Also with the continued steady growth in geelong hoping equates to vacancies being kept to a minimum!

I was driving around the area and see a few examples of this have occurred in a number of places - not sure if this is a more recent phenomenon for the area or old news.
I understand from local agents that of these lower priced suburbs, order of preference is Norlane West, Corio then lastly Norlane. If it's anything like the Mt Druitt / Blacktown area's in Sydney which were often looked over and snubbed, they become attractive due to the price points compared to neighbouring suburbs. Having said that, there does appear to be a lot of land around Geelong which could keep prices steady for a while.

 

True, obviously with Geelong there's lots of land further North with Lara, and that being only 40-45 minutes to Melbourne has even more advantages in terms of commuting.

Maybe it's because i have only ever lived in Geelong, but i probably just don't 'get' the capital city thing. Yes there's the perhaps better restaurants, more attractions and nightlife and stuff, but perhaps just being a very simple person who works, and then likes to go home and relax, doing so here with a minimal commute from my jobs in Geelong is just something i really enjoy and appreciate. I guess i am thinking that despite Ford's imminent closure, there's other places opening up, and despite all the hoo-ha about Armstrong Creek and that, it's still a place where traffic has grown a lot more than it's infrastructure and there's plenty of open area there as well.

I do think though that as Melbourne's prices in some areas go to almost unfathomable levels, there could be a tipping point where perhaps instead of requiring two executive salaries to pay for a house there, people can actually work a standard job here and buy a place, and just have that reduced stress. I listen to the radio and hear on 3AW the constant traffic jams and stuff in Melbourne, and wonder whether those extra hours of commuting, stress of a high mortgage and things may make some think there's a choice in considering the regions.

I saw that article about the Skyrail thing, and how accounting for about 135 homes was a budget of $100M to account for the buying out of those. That price would probably buy 450 or so homes in Geelong's Northern suburbs, and makes me wonder if Melbourne's land values are almost making it prohibitive to even build infrastructure there. They could invest an amount like that in any regional centre and probably gain much more benefit than what would be gained in a capital city with high land prices. Maybe one day, the regions will see growth if a tipping point is reached with the cost of living and doing business in Melbourne.

 

Norlane West is next to Lovely Banks.....where prestigious homes on large blocks on the hills overlooking Corio bay are valued in some cases over $1M. Even if you go along Matthews Road, there are new estates and houses just opposite some of Corio's lesser areas that are at prices 50-75% more. And when you get past Purnell Road, the houses even on the Corio side are on large blocks and are upwards of $500K

Being so close to Bell Post shopping centre and the Ring Road, Norlane West does have some advantages...it could be the potential for some leakage/flow-on from these more expensive areas (Also being tucked in between Bell Park and Bell Post Hill) which are also gaining in value. It's also the most predominately privately owned area of the three Northern suburbs, with fewer commission houses so that might help values rise in future too. I can find out first hand, as just down my street there's two townhouses being built....What price they command when they are finished most likely in a few more weeks, i'll be sure to inform you all of!

 

Yeah, that'd be great - I'll be keeping an eye on pricing as well.

Norlane West seemed like quite a nice suburb actually, when we drove around, and close to Geelong. I do think there will be that flow on effect from lovely banks area into the neighbouring suburbs.. its what has happened in Sydney and just makes sense when you think about it..

Bell Post shopping centre - I missed that one; just seeing it on the map now. I went to Corio shopping centre and then Geelong Westfields as we were exploring. We focused around the area between Donnybrook Rd and Cox Rd, which seems quite tidy with potential.
I did see the Norlane side which I can understand why it may get some negative feedback.. shame Norlane West isn't an official name so it could be easily identified, but I'm guessing the locals all kind of agree its west of Thompson Rd (or is it west of Princes Hwy?).

 

Thanks @Dave3214 . That is very us3ful information.

Tagging @sash , if you are not already across this thread.

Regards

 

Just a follow up to this place, it sold last week for $296K, a significant price increase off a very low base for the proximity to major cities. That's a positive sign for sure you'd think.

 

And another place in St Albans Park, a 2 bedroom unit on a small block of about 250m2, built in 2010 with clever timber decking sold just a week after being put on the market for $315K, with the original ad asking $299-$325K. That place was purchased new for $245K in 2010. Not massive capital growth but would have been worthwhile as an I.P with a mortgage repayment of around the $300 a week mark that would have probably been at worst cash flow neutral, and maybe even positive with the allowable deductions on a brand new place.

 

I'm pretty sure you can also get 28 Aldershot Rd St Albans Park for around $350k on a more than 800sqm block.

 

We're actually moving to Geelong later this year...

Have family down there. My sister many years ago lived very close to the ever-dodgy Solar Drive in Whittington.

The break-in rates in that area are no joke - I think it's something like 1 in 37 houses. Other areas of Geelong are definitely not this crazy.

I have friends who live in Armstrong Creek - it's a nice area, all house and land, lot of duplicate houses but that's okay. Some of the streets are a few years old now so gardens are finally establishing and that sorta "soulless" feel you can get in estate areas is slowly reducing.

The drive from Armstrong to Geelong city is quick but I doubt many would live there who commute to Melbourne.

I certainly wouldn't buy close to Solar Drive but then on the other hand - gentrification is creeping in from the edges. It's hard to know if and/or when a suburb will flip.

 

My observations of Geelong overall is that it's not bad at all. I visited Frankston and it's nice area. Maybe because I was comparing them with Sydney West and south West.

 

How's the research so far? Where would you be moving to?

 

There are also a lot of people dropping 500-700k for homes in Armstrong Creek - mostly in the Coast and Villawood Estates.

A lot of these people are also people who work at the new Epworth Hospital.

Traffic is going to be an issue given the growth...the govt has already earmarked a lot of new estates. In my view this will get sorted ...the real issue what happens when another major shopping centre is put in?

 

Hi guys, read this thread and found some valuable information- I am an investor based in Sydney and looking to invest in Melbourne and Geelong is one place which got my attention. Not sure if I have missed the bus or do we still have some opportunities?
Price range- 250-300K
Strategy- long term hold with POTENTIAL(reno or subdivision at later stage)
Areas- ???

 

Hi Blackship. I'm just a homebuyer rather than an investor, but i still reckon that Geelong's northern suburbs would have to offer some value when their prices diverge rather significantly from even the closer in suburbs like Hamlyn Heights, Herne Hill and Manifold Heights. Unlike Melbourne or Sydney, Geelong's not that big a place, and as an example Norlane is 10 minutes up Shannon Avenue or Melbourne Road, where you can easily access all of the amenities of Pakington St and the like, for a place that's around $200K less than those suburb's median prices.

School wise it may make a difference, there's only Northern Bay in Corio, and North Geelong Secondary College in Bell Park that are north of Church St, but for me that's irrelevant given i have no kids. But Norlane and Corio kind of look like a rather odd island of cheapness compared to Geelong's inner suburbs, and paradoxically as you then approach Melbourne to the North. Basically i cannot think of any other places 60 K's from Melbourne and a 50-55 minute commute by either train or car that has houses on full blocks for as little as under $200K. Put it this way, there's not too many ways those prices can drop, given there's been only mediocre growth in the same time that Melbourne's (and Sydney's) markets have exploded to almost fantastic levels.

 

Thanks @Dave3214

 

Why everyone's waking up to Sleepy Hollow

 

I'm copying and pasting this snippet from the Geelong Advertiser, hopefully the link works, as it appears to be readable from their website (they have a paywall nowadays)

Category: | Geelong Advertiser

It might be a little bot of a real estate induced spruik and it seems to be a general article about Geelong as a whole, of course there are many different price points in the Geelong urban area.