VIC Geelong

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

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  1. larrylarry

    larrylarry Well-Known Member

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    Great news.
     
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  2. eskander

    eskander Well-Known Member

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    @Dave3214 I'd say the article is accurate with it's figures.
    Purchased in Highton for 420k last September, recently had it revalued at 460k, I don't think that's all growth as it was slightly below the median for the area, but still can't complain about 8-9% in 10 months.
     
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  3. wobbycarly

    wobbycarly Well-Known Member

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  4. Dave3214

    Dave3214 Well-Known Member

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    A property at 7 Robertson St Thomson, just three k's from the CBD sold at auction late last year for $206K. Noticed that it's now for rent at $315 a week. Not a lot of change outside that's noticeable, since i pass by this place every day but that's a very low entry point for the proximity to Geelong and a whopping rental return in an area that's in the same postcode as East Geelong (and just a kilometre or so) from Garden St. Compared to the overblown prices in Sydney and Melbourne that sort of price point for a 50's weatherboard on a 500+ m2 block is hard to ignore for value.
     
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  5. larrylarry

    larrylarry Well-Known Member

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    Yes. A cottage on 500sqm 25k from Sydney CBD is more than 1million.
     
  6. Ko Ko Naing

    Ko Ko Naing Well-Known Member

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    This is a bargain if the reno was done within a proper budget. I actually inspected just a few weeks before the last X'Mas and planning to bid at $190k max. It was an estate property. The brother who looks after the property is in another town. It must be sold at the auction, so a potential good deal, depending on the reno budget. We were still new to major reno project like this, so we skipped it. Number-wise, if done properly, a lot of equity to be made and good rent as well.

    Original condition: Sold Price for 7 Robertson Street Thomson Vic 3219
    Totally revamped and for rent: 7 Robertson Street Thomson Vic 3219 - House for Rent #418878934 - realestate.com.au
     
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  7. eskander

    eskander Well-Known Member

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    @cherubym what sort of valuation would expect post reno? High 200s?
     
  8. Ko Ko Naing

    Ko Ko Naing Well-Known Member

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    By the look of the photos, I'd say low $300s. I'd buy myself if it's high $200s in that area. Most renovated ones like this will go into the negative territory, especially it's in the better area of Thomson, very close to East Geelong, the expensive suburb.
     
  9. kaskourelis

    kaskourelis New Member

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    Im pretty new here, I've bought a House in Werribee years ago they used to bag it out but to buy a house now in Werribee with a good size block your looking at 350K plus so you always don't listen to what people say.
    Now I just bought an IP in Norlane with a good size block for under 300K got rented out at 300pw wich tells me it has potential, I in person believe those suburbs around Geelong with big blocks and still pretty cheap you cant really go wrong...
     
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  10. larrylarry

    larrylarry Well-Known Member

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    Congratulations! Can you tell us more about the property and why you bought it?
     
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  11. kaskourelis

    kaskourelis New Member

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    I bought it because it was a good price with a big block the house has got all the things you want in a house i dont have to do anything too it and its already pay for itself at 300pw and when i did purchase the house i did look for people that keep the lawns cut,gardens glowing, houses where neat which made me belive its a good pocket fingers crossed i was right...
     
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  12. Gwynneth

    Gwynneth Well-Known Member

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    Do Norlane/Corio have the same potential as Newcomb/Thomson? I'm thinking of Geelong as a whole similar to Wollongong in NSW. Is that a fair comparison? :)

    Why is there still a stigma attached to Norlane/Corio? Are the major shopping centres/lifestyle areas still at Geelong CBD?

    Just wondering where to purchase next. hehehe

    Cheers.
     
  13. Dave3214

    Dave3214 Well-Known Member

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    Hi Gwynneth. Well as a buyer and resident of Norlane for over six years, i know that there's elements in this suburb and in Corio too of some people who are long term welfare recipients and the associated issues that can bring out, but there's plenty of areas in these cheap suburbs that are nice and quiet to live in and enjoy, at prices that are now HALF that of the likes of Geelong West, Manifold Heights and Rippleside/Drumcondra despite only being a few kilometres further out, and being no more than 10-12 minutes from Geelong's CBD.

    What i don't really get is that there've been many metropolitan suburbs with equally or even worse reputations that Norlane/Corio yet now they have become highly desirable with extremely expensive house prices, but in some areas they remain just as unkempt. You read reports of drug deals in Richmond, many empty shops in Chapel St and Swan St, and in Melbourne's CBD an assortment of homeless and 'ill at ease' types who hang around the streets. But here if you go about your daily life, work and your shopping, you don't see a much of this at all here.

    Corio Village has just about everything one could need (with free parking), Separation St is starting to really hum with new cafes, restaurants and specialty stores among them, Cotton On, Geelong's biggest private sector employer (well over 1000 jobs, by contrast Fords have about 150 left now as they close shortly) are just moments from Norlane and Corio, and Avalon (where Cotton On are looking to build a distribution centre/DFO style outlet) is just 15 minutes up the highway. And Pakington St and the CBD are a simple 8-10 minute drive from these Northern suburbs, along what is Geelong's best road network, with all major roads dual carriageway towards town.....(ever tried using Pioneer Rd at peak time?)

    The thing i really don't understand is that with so many media continually emphasising housing unaffordability, there is no real oxygen emphasising the convenience and sheer affordability of Geelong's Northern areas. This is probably more from the perspective of a homeowner rather than an investor, but when i see a 'heat map' of Sydney or Melbourne and see a swathe of almost what seem telephone numbers as prices, and yields of under 2%, how much higher can these places go? Meanwhile you can get about 6 Norlane/Corio properties, on 600m2 of land each and get your $250 a week rent for the price of one of these capital city places. And to emphasise, Corio is a 50 minute drive to Melbourne, 10 minutes to Geelong, and maybe 25-30 minutes to the Surfcoast beaches. It's indeed just 10 minutes to Geelong's waterfront, at a price point of about 30-40% of living there. Makes for a cheap 10 minute car ride eh?

    I just reckon at some point the rather astounding price difference between even Geelong's inner suburbs and the likes of Norlane/Corio will have to see a bit of a dam wall break. My mortgage is $280 a week, i work three part time jobs, but it means someone on a standard wage can afford to buy here. The growth recently hasn't been flash, but the realities of what we are near and what we have as amenities will not disappear. We just need people to stop whingeing about expensive house prices and for them to pick up the cudgels and buy here. FWIW, a corner block, 710 m2 at 511 Thompson Rd, about 600 m from my place sold for $315k at auction a few weeks ago. But there are older 50's builds on 600m2 that can still be got for around the $200K mark. Nothing this near to major cities comes within a bulls roar of this for value in my opinion.
     
    Last edited: 30th Sep, 2016
  14. Stoffo

    Stoffo Well-Known Member

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    I lived in Geelong West between Pako & Shannon until 2011
    Bought in 2000 $74k, reno/extension, sold $595k in 2011.
    (Thought i did well, purchaser spent another 20k and sold 12 months later for $610k, the lovely old lady who has it now makes a great coffee and cake:p )
    2011 I bought a renovator in the heart of the Shire for 3/4 of a mill :eek: (what was i thinking :confused: )
    If i was moving back, i would choose Hamlyn Heights and Bell Post Hill area for PPOR, toward North Geelong & Norlane west for IP.
    Agree about land down there, there is SO much o_O
    Used to love the travel times also :D (aka, travel time from Norlane west to Waurn Ponds shopping, about 12-15 min)
     
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  15. Dave3214

    Dave3214 Well-Known Member

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    That's brilliant Stoffo, and if i had any brains i'd have bought as well in my 20's when places were very affordable. Alas, i foolishly wasted my money on stupid stuff in that era and thus was only in a position to buy bought at the current prices of this time. Still, can't change the past, and as perhaps one may have thought around 2000 when old houses in what were looked upon as dingy areas in Geelong West are now highly desirable and close to Pako which is a magnificent mix of cafes and bars, maybe the stigma of the likes of Norlane and Corio may pass when people stop and think that they can get a place that's close enough to Geelong's finest for a fraction of the prices of places only moments further in.

    And i also reckon just compared to say Melton, Dallas and other fringe Melbourne inland suburbs, it's also much closer to the surf coast too. There's two new units being built at 43 Dunloe Ave, but i've been told one has already been sold, and i can't find info on the other one. That would be a good guide as to how much such a place is here on the West side of Thompson Rd, as there's not many new builds on this side of the suburb. I'll be the first to call it out if i do find it!
     
  16. Beelzebub

    Beelzebub Well-Known Member

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    I'd be putting my money in Newcomb over Corio / Norlane. Not that Corio or Norlane are bad investments, I just think Newcomb is a better long term bet. Newcomb is closer to Geelong CBD, doesn't have the stigma and is closer to proposed developments.
     
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  17. Dave3214

    Dave3214 Well-Known Member

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    For sure, Newcomb i think is quite the bargain of the inner Geelong suburbs. It's just a couple of K's East of the suddenly pricey East Geelong, yet it's still a very short distance from Eastern Park and eastern Beach and Geelong's CBD (and the Hospital too). And Newcomb houses, especially the older ones in the former commission areas in the Flower streets (Hibiscus Cres area) and the Planetary area (Neptune Ave etc) you get a brick house on your 600m2 for figures sometimes under 300K. That's a full half the price of say houses in East Geelong that are from Lomond Tce/Humble St inwards towards Garden St that command around $1000 per m2.

    LIke i have said with Norlane, Geelong's a fairly compact place and getting around is very easy. To me it makes no difference if it's a 3, 5, or 10 minute car ride to your destination, it's close no matter what. As a PPR i'd vouch for Newcomb without any hesitation, as you're near two major shopping centres, two bus routes and just minutes from town. the almost 300K difference between living there and living in East Geelong near Garden St is huge considering it's so close, and indeed it's still the same postcode 3219.

    And again banging my affordable housing drum....the crocodile tears of those who lament not affording a place in Melbourne, well look outside the electrified train network and you'll see plenty of regional properties near to all amenities for a fraction of big city prices.
     
  18. Gwynneth

    Gwynneth Well-Known Member

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    Thanks guys. Seriously considering geelong suburbs for our next property purchase as it does not seem too far from cbd. Fundamentals are also good.

    Belmont and Hamlyn Heights already seem to be expensive already. Is this more owner occupier?

    Are there granny flat/dual occupancy restrictions in geelong?

    I can imagine if geelong is something similar to wollongong/bowral in nsw then it is good option for long term investment.

    Thanks.
     
  19. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    Yes. In VIC there are not the same granny flat allowances as in NSW. An occupant of a granny flat must be a dependant relative of an occupant of the main residence. There are sizing restrictions also.

    In other words, no, you cannot install a grannyflat in the backyard and rent it out to an independent tenant as you can in NSW.
     
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  20. Gwynneth

    Gwynneth Well-Known Member

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    Thanks, jacM! I didnt know about this til now.
    So what are the rea advertising in real estate website that some properties have dual occupancy potential stca in melbourne? Or does this depend per council still?
     
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