VIC IP Property - Budget 350-400K in Victoria

Discussion in 'Where to Buy' started by lazaa228, 8th Mar, 2021.

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  1. lazaa228

    lazaa228 Member

    Joined:
    8th Mar, 2021
    Posts:
    12
    Location:
    Victoria
    Hi all! :)

    I'm currently looking to purchase my 3rd investment property with the budget of 350-400K. Looking towards to finding something in regional Victoria, possibly Corio or Norlane.

    What is everyone's thoughts on these 2 suburbs?

    Any other suggestions where to invest in for long term capital growth (land bank 5-10 years) and potentially subdivide down the track and sell it with completed town houses/or sell with plans and permits? Wasn't sure if I should increase the budget and check out suburbs closer to Melb CBD such as Broadmeadows (but not sure if the CG has already reached its peak).

    Ideally looking for a decent sized land block 600m+ square.
     
  2. Nir

    Nir Well-Known Member

    Joined:
    31st May, 2019
    Posts:
    74
    Location:
    Melbourne, VIC
    The Corio-Norlane pocket seems to have done 5%-10% this year. Did you end up buying?
     
  3. Dave3214

    Dave3214 Well-Known Member

    Joined:
    11th Oct, 2015
    Posts:
    277
    Location:
    Norlane
    Norlane man here, there's still stuff here and there buyable with a 3 in front of it, even with a full size block. Prices have risen a bit over the last year or so, but in saying that suddenly the 3214 postcode is now significantly cheaper than most other areas of Geelong. And when it's all said and done, the amenities people pay to be very close to in suburbs like East Geelong, Geelong West, Highton, Belmont and the like, these amenities are only a 10-15 minute drive from 3214 anyway.

    The again there was this new build in Brooks St Norlane with a price tag that made my jaw drop......

    https://www.realestate.com.au/property/24-brooks-st-norlane-vic-3214

    $620K!! New build, very nice place 3/2/2, but wowza, the neighboring properties would be generally $150K or more less being older places. That is a record for a standard size block in Norlane for sure. So perhaps the fact that it is 50 minutes by train from Melbourne and close to Geelong, and has numerous shops nearby including Corio Village, maybe there's still value here.
     
    Nir and The Y-man like this.
  4. lazaa228

    lazaa228 Member

    Joined:
    8th Mar, 2021
    Posts:
    12
    Location:
    Victoria
    I ended up purchasing a property in Corio close to Hendy Street Reserve, approx 730m square, abit over 400k. It has a 18m frontage which was quite appealing!

    It is currently tenanted for $360 and I didn't have to put any money into it for renovations.

    Fingers crossed for future CG and possibly sell with plans and permits for townhouses or develop it.
     
    malleybull likes this.
  5. lazaa228

    lazaa228 Member

    Joined:
    8th Mar, 2021
    Posts:
    12
    Location:
    Victoria
    I saw this one on Brooks street! Insane price. Also saw https://www.realestate.com.au/sold/property-house-vic-norlane-136288434 which was quite a big price for that pocket.
     
    Dave3214 likes this.