VIC Geelong

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

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  1. LukeR

    LukeR Well-Known Member

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    Hi Sannch

    Try using Raj from AMG Architects and @Tufan Chakir from the Planning Professionals.

    I found Raj's proposal to both be extremely in depth and great value for his quality work, when compared to some other Geelong Architects.

    They both understand the planning extremely well, are based that way and are very informative.
     
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  2. Tufan Chakir

    Tufan Chakir Well-Known Member

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    PM me - I'm and architect AND a planner. Happy to chat and point you in the right direction
     
  3. Dave3214

    Dave3214 Well-Known Member

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    This property price here at auction in Manifold Heights i reckon shows Geelong is probably already in a serious BOOM.....matching the kind of prices that are reciprocated in the near Eastern suburbs, but this one smashed the record for this street, a standard side street off busy Shannon Ave by a couple of hundred thousand.

    Manifold Heights property sells well above reserve during hotly contested auction - realestate.com.au

    $836,500 at auction for this renovated Californian on a 650m2 block. I'm blown away to be frank, and it sets a new standard for a place here. About six kilometres up the road, 538 Thompson Rd Norlane sold for $355K, which also sets new standards of pricing for that area. But anyone holding properties in Geelong West/Manifold Heights would be very hapy here at what looks like an explosion of capital growth.

    To be honest from my own perspective that's a price which takes some getting one's head around. That price point would be one where some almost inner-middle ring Melbourne suburbs would furnish for such a place, probably like Footscray/Footscray West or the like. I admit Pakington St has really jumped in the last few years with so many new eateries and cafes, but wow.....if that sets a kind of ballpark figure for there, Geelong's hardly a big place, there are suburbs further North like Bell Park and even my beloved Norlane/Norlane West in particular where you're just a few minutes further away than this place, yet you can access those areas for about 35-40% of this price point.

    Truly, i am stunned by this price figure, stunned and very happy as a Geelong resident. The boom is real, and seems to be banging on Geelong's door as we speak. How long will it last? Maybe only time will tell as Kent Brockman might say.
     
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  4. David Shih

    David Shih Mortgage Broker Business Member

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    Went to Geelong last weekend to see what's happening on the ground, in particular Corio and Newcomb. Thought I'll share my experience and what I saw.

    Corio is an interesting place. I thought it'll be as bad as some of the feral Logan areas but no, it turned out to be quite nice! There are pockets which are not as desirable and you'll have residents staring at you hard as you drove past (might be because my rental car had a NSW plate on that day :p) but overall I'm actually quite happy with what I've seen on the ground. In general houses and front gardens are being looked after, there are kids playing on streets, parents pushing prams for a stroll and very little dumping of furniture or crap on the front yard.

    In terms of the open inspections, the ones I've visited around 250K mark had an average about 4 to 5 groups attending on the day. Most of them looked like local Geelong families looking to buy, or tradies looking to get their tools out for some good work. Definitely not as crazy as Sydney but not quiet enough for the agent to be standing daydreaming too. Haven't seen much interstate investors on the day though.

    I spent an hour or two in Corio Village to observe the type of demographics living in the area. Yes some do looked a bit funny but most of them are just typical Aussie/UK tradies & families. When I was visiting Logan Central Plaza I didn't feel very comfortable, it's that kind of feeling that you don't belong to this area so in some sense you "stood out" and people stare at you differently. I didn't get the same feeling when I was walking around Corio Village looking at people so that was good.

    Then I moved onto Newcomb which is only 3km from Geelong CBD and it's another level up! I took some time to walk around the neighborhood and houses are very well kept with quite a reasonable number of houses currently being knocked down and rebuilt. From what I can see lots of new houses popping up besides other old 60s or 70s house, so the area is definitely getting rejuvenated.

    Open inspections in Newcomb had a bit more interest than Corio in comparison. Again for the price range between 250K to 300K, I've seen on average 6 to 7 groups attending the open and a variety of different types of people too - there are the Asian mother with adult son, tradies with partners, aussie families with 3 generations attending to buy their first home and so on. Interestingly one of the family is saying the house will need to be knocked down and rebuilt as it's current state is terrible, when all it really needed is replacing the carpet, repaint and some cosmetic touch-ups.

    And highlight of the trip has to be the mini-meetup with @Dave3214 - our true Geelong expert! His generosity and knowledge of Geelong is like no other. Thank you Dave for your time and valuable inputs and insights to understanding the local Geelong area during my visit.

    There are definitely good opportunities in Newcomb as the entry price is still low (sub-300Ks) but I'm not sure how long that'll last. The price is starting to creep up - similar to when I was purchasing in Logan 2 years ago when most highsets were still available for under 300K but nowadays only the odds are below 300K. If you are able to afford the price then I would try get into Newcomb asap, otherwise look for deals with a big piece of land in Corio/Norlane which you can then subdivide later on. Note there seems to be a lot of subdivision going on on the ground in Corio, mostly 600 SQM being cut into two blocks each about 300 and they usually sell the subdivided land (with a plan or not).

    Cheers
    David
     
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  5. Dave3214

    Dave3214 Well-Known Member

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    Have to say, great post David..and in cricket parlance it's a magnificent way to bring up the double-century on the post count! Will agree wholeheartedly, it was awesome meeting up with you and chatting away about property, and i am very enlightened by speaking with you and also your report on how you found Geelong as you put your boots on the ground and did your own research like you did.

    Will vouch for Newcomb for sure, perhaps a little bit of a forgotten suburb, but it's as close to Geelong's CBD as Manifold Heights is, and houses in Newcomb are probably half the price as that now very expensive suburb, with the added advantage of much quicker access to Geelong's CBD due to having three multi-lane arterial roads leading right into town. Proximity to Pakington St notwithstanding, the price of a block of land in Manifold Heights costs more than a house on land in Newcomb, which for a city the size of Geelong doesn't quite add up given the amenities are quite similar, perhaps save the 'short stroll' to cafes etc.

    11 Airey Avenue, Manifold Heights, Vic 3218 - Property Details

    That's a classic example, a small block selling for the price of a couple of places in Neptune Ave Newcomb (#'s 16 and 34 are both for sale for about that exact price range, $290K-$319K). And that's the key i think, a suburb just 3-4 K's from Geelong, and so close to employment hubs, it's a no-brainer. And when neighboring East Geelong commands $600K or more, and even a place close to industrial Fyans St and the train line

    Sold 9 Helen Street, East Geelong VIC 3219 on 25 Mar 2017 for $615,000

    then the value is there for all to see. And as a local you do have the waterfront which is pretty awesome, and the Bellarine peninsular not too far away as well. I can't see these areas being anything but a place where growth will continue to occur. That's the thing too, Geelong's a city by the bay, and all suburbs are quite close to the coast. But at prices exponentially cheaper than a capital city.
     
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  6. House

    House Well-Known Member

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    Good write ups @David Shih and @Dave3214 (as always!). Keen to head down that way myself soon.

    Was watching East Geelong a year ago as was hoping to be able to buy there but it's jumped $100k+ in that time with significant amount of interest.

    Given Newcomb is beside it surprised it hasn't tracked any better (3% avg vs East G's 8%) given its even more affordable entry point and population growth in Vic. Any idea what's been holding it back? Is there any stigma attached to the suburb?
     
  7. LukeR

    LukeR Well-Known Member

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    @Dave3214

    Would love to hear your thoughts on Belmont

    I bought in Frank street last year with a large frontage overlooking the park
     
  8. wobbycarly

    wobbycarly Well-Known Member

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    Yep. :) But even so, we were looking there in late 2015/early 2016. Ended up coming back to Belmont. Another unrenovated property on a busier road than ours, but only 1 block across, recently sold for 10% more than we paid. Pretty much same floorplan, block size, etc.

    IMO, there is positive price movement in nearly all parts of Geelong.
     
  9. Dave3214

    Dave3214 Well-Known Member

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    Hi LukeR...didn't see your question about Newcomb.

    To be frank, not really. Whittington has a bit of a social housing stigma in areas like Solar Drive, Challenger Close, 'Exploder' (Explorer) Ct and the like, but that was probably brought about by events that were even apparent in the 80's when i was delivering papers around there. But Newcomb, it's a fairly quiet, staid suburb nowadays, with mainly 50's and 60's housing in the area between Boundary Rd and Wilsons Rd and in the 'planet' streets a lot of late 60's and early 70's classic government housing which may have been back in the day built to house the employees of Alcoa, which has now been closed for over a year.

    Simple fact is though, it's a gentrifying area (Watsons Rd as an example has seen many people in the 40 years since my parents moved there pass on), and it sits just 3-4 K's from Geelong City, it's got two large shopping centres nearby, Newcomb High and Geelong High schools nearby, and housing that's about 55-60% of the prices of East Geelong which is the very next suburb in. In every measure, when you look at Geelong as a ring around the CBD, East is the cheapest area by distance....you have Manifold Heights, Drumcondra and Rippleside, Belmont all around the 3-4 K mark from the CBD with houses approaching $500K or more. Belmont offers value too depending on what pocket you choose, but Newcomb has less traffic heading into town, with no river crossing to worry about and it's close to anything you'd want.

    As wobbycarly also said, Geelong is rising almost everywhere, even in Norlane too. But a house at 547 Thompson Rd sold at auction for 255K last Saturday....and about 150 metres away, a nice brick triple-fronted house in my street...50 Dunloe Ave sold for $359K just last week. In late 2015, 300's were a rare number around here. They are starting to become a lot more common..which is nice for my own PPR!
     
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  10. splatters

    splatters Well-Known Member

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    so it sounds like geelong is still booming then or do you think it will flatten alongside melbourne?
     
  11. David Shih

    David Shih Mortgage Broker Business Member

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    Just saw this and thought I'll share the news. This will be another kicker to pushing prices up in Newcomb and inner Geelong!

    Newcomb is set to boom thanks to the development at the former Alcoa site and Point Henry - realestate.com.au

    Newcomb is set to boom thanks to the development at the former Alcoa site and Point Henry

    [​IMG]
    An artists’ impression of what the developed site may look like.

    NEWCOMB is the next suburb tipped to boom as investors speculate on the impact of redeveloping Point Henry’s former saltworks and Alcoa land.

    Agents have noticed a spike in investor activity as new data suggests a rising market.

    CoreLogic data shows the median house price has climbed 6.9 per cent in 12 months to $310,000.

    And the homes are selling quickly, with the average time on market for the 104 sales recorded in Newcomc in the year being 21 days — half the regional average.

    Hayeswinckle East Geelong director Stacey Hayes said investors choosing Newcomb were speculating on the potential of the marina development at the nearby former saltworks.

    “I’ve sold six or seven properties through the ex-commission area — the planets streets, Neptune Ave, Venus Court,” she said.

    “They’re all selling to investors. Everyone’s saying when the saltworks (redevelopment) goes ahead, that’s why we’re buying into this pocket.”

    Under the development plan for the former Alcoa and Cheetham Salt site revealed by Bellarine MP Lisa Neville last week, 2000 new residents would call Point Henry home.

    The precinct would also include new hotels, resorts, major tourism attractions, a working pier and boating marinas.

    [​IMG]
    Alcoa master concept plans.

    Newcomb has some of the closest residential areas to the Point Henry land.

    However, the plan is long term, with a 30-year vision to transform the former saltworks precinct into a thriving ecological area.


    Harcourts East Geelong agent Donna Buckingham said the buzz preceded the announcement.

    “In the past six to eight months we’ve seen a surge of buyers from the potential of what could be done at the saltworks and Point Henry, it created a buzz mid-last year,” she said.

    “We’ve had more and more people consider Newcomb with the idea that this will get approved, it was in the works but now we have confirmation.”

    [​IMG]
    The Alcoa site as it currently stands.

    Ms Buckingham said available stock on market had halved this year, putting pressure on house prices.

    Regular 600sq m house blocks were most in demand, she said.

    WBP Property Group valuer, Simon Edwards said the project would be a spin off for Moolap’s industry.

    “Newcomb has grown organically. The inner-to-middle suburbs of Geelong are flying at the moment, there’s a part of that that’s related to low interest rates, as well as the potential of this development,” Mr Edwards said.

    “The big winners are going to be the small-to-medium sized businesses in the Moolap industrial precinct in the construction phase, and following on from that, the increase in employment.

    Edwards predicted the growth would continue east, to the northern parts of the Bellarine Peninsula.

    “Further than Newcomb, you’ll see flow on effects to Leopold, which is already growing with new shops, and even out to Drysdale and Clifton Springs,” Edwards said.

    “Their market hasn’t moved as much as others in Geelong in the past five years, but (will) if we can get some longer-term and ongoing employment out there.”
     
  12. larrylarry

    larrylarry Well-Known Member

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    Positive news all round.
     
  13. Steven_S

    Steven_S Well-Known Member

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    As a former Alcoa employee, this is both heartbreaking and exciting at the same time.

    May also want to check out the Geelong revitalisation projects underway and planned via this short Youtube vid.

     
  14. Steven_S

    Steven_S Well-Known Member

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  15. MikeyBallarat

    MikeyBallarat Well-Known Member

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    So is this getting the go ahead? Exciting!
     
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  16. Steven_S

    Steven_S Well-Known Member

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    The smelter is currently being torn down and this alone is a multi-year project. Whilst this is taking place, Alcoa has formulated a draft master plan that will do the rounds of community review and will possibly change to some degree based upon community feedback. I would expect this to take quite some time as well.

    Things are definitely moving though!
     
  17. Steven_S

    Steven_S Well-Known Member

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  18. MikeyBallarat

    MikeyBallarat Well-Known Member

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    There's also the Outer Metropolitan Ring Road, which will improve access from Geelong to places like Melton, Sunbury and the northern suburbs.
     
  19. larrylarry

    larrylarry Well-Known Member

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    Buy buy buy!
     
  20. David Shih

    David Shih Mortgage Broker Business Member

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    A number of people have asked me about my recent purchase in Newcomb and my thoughts about the area...so I thought I'll share this to everyone so people who are currently looking at Newcomb can also benefit from this.

    As per one of the local agent the stocks are currently lasting from couple of minutes to about 20 days...so they are going pretty fast now in Newcomb!

    I've marked up the Newcomb google map to make it easier for everyone. I would like to thank @Dave3214 who took time to provide invaluable inputs to help complete the map as well. I have to say I'm only comfortable to put this out to public when our local resident expert has given me the nod so I hope this will benefit everyone who is currently looking to buy/invest!

    Current observations:
    1. The pocket to right of Boundary Rd and left of Wilsons Rd are generally selling between 300K to high 300K. This is actually my preferred pocket as it's closest to East Geelong so will be the first one getting the ripple (which it currently is). If you can score something in the early 300s then I think it'll be a steal.

    2. The pocket to right of Wilsons Rd and left of Helms St are generally around 300K. Some of them you may even be able to pick up in the high 200Ks! See these two which only got sold in April:
    16 Neptune Avenue, Newcomb, vic - Property Sold Price
    35 Richard Street, Newcomb, vic - Property Sold Price

    These planetary streets used to be ex-housos (see the marked up map) but I think they are also going through gentrification now so I think they'll be good value moving forward.

    Other than that, I would say just don't go too far out towards Moolap.

    Happy hunting! :)

    P.S. If the attachment is too small I have also saved a copy in the Media section of this forum.
     

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