Head for Geelong or stay central

Hey Property Chat Legends,
My partner and I are deciding on our next move to make in the real estate game. We currently have an apartment in the inner suburbs of Melbourne (380k owing, Recently valued at 650k) which we would like to hold onto for now but are looking to take on something as a renovation project as well. I have been watching Geelong for awhile now and am kicking myself I didn’t invest there earlier! However is it best to stick to the area we know and live in? Or branch out and head down the coast for a bigger property? Any thoughts or suggestions would be greatly appreciated Looking around the 550-600k mark for a reno and hold.
Cheers for your help

 

Hey and welcome

It's easy to feel like we 'know' an area...but that isn't the same as having thoroughly researched an area

Unless you've actually gone all-in and done a good DD on the area you live, I'd take it from the top and start a brand new analysis to see where will give you the best results.

The odds of the area you're living in ALSO being an awesome place to invest are pretty low.

 

As you have been watching Geelong for some time now, I assume you are already in a position to say which property is a bargain and which is not in the current market. This kind of in-depth market knowledge is very important as you build up your property portfolio.

I’d suggest to keep watching the market you already know. You will find a few bargains in 3-6 months time, if those economists’ prediction become true about up to 30% fall in value. Then, pull the trigger.