Head for Geelong or stay central

Discussion in 'Where to Buy' started by Surfbaby, 4th May, 2020.

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  1. Surfbaby

    Surfbaby Member

    Joined:
    12th Oct, 2017
    Posts:
    17
    Location:
    Victoria
    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
     
  2. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    6,218
    Location:
    Perth WA
    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.
     
  3. Ko Ko Naing

    Ko Ko Naing Mortgage Broker Business Member

    Joined:
    10th Aug, 2015
    Posts:
    594
    Location:
    Melbourne
    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. :)