VIC Melton South or Norlane

Neither.
Save your money and build a bigger deposit and buy a better quality asset.

 

That is what you said about Werribee.......Melton is next.....

For the record...I also thought Norlane would go no where in 2010...saw houses which needed work for 110-125k....now the same houses are 230-260k.....

My house in Melton bought for 155k in 2007.....ten years later at 280k....and it has not had a large upswing yet. My thoughts are it should hit about 350k over the next few years. Have plenty of average eddies on my portfolio.....

 

This.

To the OP, please never let your biases get in the way.

 

Define your suggestion of a better asset in the price range i have listed. Curious

 

The good thing about Norlane is you can get a quality property for so little. I'm not talking a housing commission home (though they are available too), I'm talking triple fronted cream brick, fifties weatherboard, and Californian bungalows. People will want to live in those kind of properties no matter where they are.

Inner Geelong is going through a mega boom. I bought my inner Geelong property late last year and neighbouring properties (on the same street even) are already 100-200k more expensive than when I bought. Melbourne is mostly unaffordable and people want to live in Geelong now. No reason why, as people are pushed out of the inner suburbs, people wouldn't come flooding north.

Norlane itself has been growing over the past few months. My ideal areas are Norlane West (west of Thompson Rd) and the south-eastern corner of the suburb where the Californian bungalows are.

As for equivalent areas, parts of South East QLD in commuting distance to inner Brissy would be worth considering. A quality heritage property in Ipswich may be a good idea.

Dave is our resident Geelong expert - ask him if you want to know more

 

Let's meet up when I next visit Geelong.

 

Please respond @Greyghost

 

Given your budget, I'd be deciding out of the following 2 examples. Both suburbs should see good growth over the medium term.

1. Buy land in a new Estate in Melton South. Buy as close as you can to Rockbank as prices there have already increased and continue to do so. Also a lot on new infrustructure is coming for that region. Source a builder separately and build a 3/2/2. Land prices are moving though, but hopefully you'll get this done around the 300-low 300k mark.

2. Looking at Norlane or Corio, buy a home on a good block. Look at the potential to add a second dwelling in the rear while keeping the existing home. While the figures don't quite make sense yet, it's probable that in the near future you'll be positioned for a nice equity gain and stronger cashflow if you do the build.

Hope this helps

 

It's happening!

NORLANE
13 Denver St Private Exchange $275k
3 B/R LJ Hooker Geelong

11 Finch St Private Exchange $245k
3 B/R House Burns Archer Realty

54 Tallis St Private Exchange $300k
2 B/R House Barry Plant - Geelong

There's a couple of places in Corio too (Norlane's Northern neighbor) that are attracting prices well into the $300K mark, a relatively rare rubicon a couple of years ago.


That link below can show the Norlane and Corio sales results for the 25th Feb, just need to alphabetically search C and N.

Melbourne Real Estate Auction Results

 

This is promising, very much so to Geelong's Northern suburbs, expansion of Avalon and Cotton On developing a DFO style outlet in the Avalon precinct. Avalon being just 15-20 minutes from Norlane/Corio.

http://www.geelongadvertiser.com.au...d/news-story/c3c4beb9b5ead306dc16d47404fdcebe

The article in full is copied below.


THE Cotton On distribution centre at Avalon has been fast-tracked, kicking off a massive hi-tech overhaul of the airport precinct that could soon could soon support 300 long-term jobs.

The Federal Government has announced the development will start 12 months earlier than expected, and feature a 35,000sq m warehouse on Department of Defence land currently leased to Avalon Airport Australia.

Defence Personnel Minister Dan Tehan oversaw signing the deed to speed up development of the Cotton On facility, construction of which will now begin in mid-2017.

It’s the first step in a huge $40 million upgrade of Avalon Airport in line with a master plan signed off on by the Department of Defence in 2015.

“We cut the red tape and removed unnecessary impediments, which means construction can start almost a year earlier on a project that will bring jobs and economic growth to the Geelong region,” Mr Tehan said.

The Department of Defence’s Avalon master plan aims to significantly expand the airport’s operations and establish “non-aviation related developments”.

The plan proposes upgrading Avalon’s domestic terminal to be used by international flights, constructing new terminals, extending the runway, and building a rail link into the airport.

It’s also aims to fit out the site with sport and recreation facilities, and develop the site to accommodate retail, commercial and industrial operations.

A Cotton On Group spokeswoman said the group was “incredibly excited” to be at the forefront of the Avalon Airport development.

“As a born-and-bred Geelong retailer, we’re incredibly excited to break ground as the anchor tenant of the new Avalon Airport Industrial Precinct, offering a world-class facility for our team members,” the spokeswoman said.

“The new 35,000 square metre site will allow us to process a greater number of products each day and improve our service to our retail stores and e-commerce customers.”

Corangamite MP Sarah Henderson applauded the decision to speed up the project.

“This is a great outcome for Avalon Airport and Cotton On, a global retail success story with its headquarters based here in Geelong,” Ms Henderson said.

Avalon Airport bosses are still coming down from the recent success of the 2017 Australian International Airshow last weekend, where “bumper” crowds flocked to the massive three-day event.

Airshow spokesman Tom Bennett said the crowd was “probably one of our biggest ever”, beating original expectations of 200,000 people for the public exhibition weekend.

If Avalon can gain international accreditation, it'll add more possibilities to the Geelong employment scene, and the Northern suburbs will be at the forefront. Pleasingly, the flight paths tend to simply go over Corio Bay rather than over land around Avalon anyway, so noise should not be a real factor. I can say that it isn't in the few flights Avalon has at the minute with Jetstar, i hear nothing really from my place.

 

Youser...had a look at prices in Norlane and Melton (particularly Sth).....they are rising faster than a helium balloon now...

 

I need to have that 'It's happening' gif here! Pleasing for my upcoming valuation for a life-changing refinance anyway.

 

This vandalised fixer-upper in Melton South (37 Mitchell Rd, Melton South) sold at auction for $237k yesterday. Not long ago this was near the median for the area.

37 Mitchell Road, Melton South, Vic 3338 - Property Details

Amazing how this home has degenerated. In 2014 when Google drove by it was tired but basically sound with windows still glassed.

https://www.google.com.au/maps/plac...7727ebf44!8m2!3d-37.712098!4d144.568832?hl=en

And, back in 2009, when it sold for $208k, it was very nice and recently renovated.

37 Mitchell Road, Melton South, vic - Property Sold Price

 

The price rise there is now being driven by a new Islamic school......everything is now moving quickly.

Also a lot of the South Asians want to be close to the station...previously Melton South was the poor cousin but with the upgraded train line (electrification) and Rockbank getting people to the area...in about 2 years...it will be hard to but under 300k.

I bought mine for 155k ....so essentially will double.....

 

Good news for my area too. House at 538 Thompson Rd, which was for sale for $325-$355K..which seemed a pretty high price for being on a busy road with a bus stop out front, well today it's got a sold sign on it, although as yet am not sure what for. But presumably somewhere in that range.

538 Thompson Road Norlane

If you click on that link and look at others for sale, there's still some for mid $200K's, and going by the land now, there's a vacant block in Tallis St (next door to a house that sold for $310K on 773m2 recently) for $199K-$219K. That may now set the bar for vacant land here now.

I think the days for under $200K are almost gone now for a house, unless a unit on a small block.

Pleasingly too for Corio, plenty of 3's, and only a couple of 2's on the auction results.

Certainly for Melton too, those low prices stand out compared to how expensive Melbourne is getting, although Geelong has dual drivers, it's own CBD and beaches...paradoxically many Melbourne commuters seem to wish to buy the further out Geelong suburbs. An article last week highlighted a nurse working at St.Vincent's hospital in Melbourne reacting positively to the increased regional FHBG and stamp duty concession..and then saying she's looking to buy in Mt Duneed, a southern Geelong suburb. Obviously she's happy to spend 70 minutes on the road rather than 50....oh well. The weird and wonderful behaviours of some homebuyers.

 

Sash, that Melton house, very similar to the 70's and 80's style commission homes of Whittington and Corio, they tend to just look shabby quickly if not cared for, just seems to be the design of the places. Maybe it's the Mission brown brickwork.

 

Yeah...know what you mean...

As for Armstrong Creek...I have already made a 100k on the old build...the new one is another 90k for a 260k build/land....keep it coming I say...

 

Hey guys, looking to make the leap into Norlane as an IP. Does it look like growth could potentially sustain itself into the medium term (5-7 years)?

Looks like theres still some stock that can be picked up between 215-230k (albeit fibro).
Extremely cheap considering it's far from being a regional town IMO.

 

and @Connor I had stumbled upon a first stage estate and was wondering what you thoughts when the only ones left are ones with easements? Does it matter if they are only at the end of the block but still around 300m2?

 

Yes easements matter.....it will reduce your building footprints...having a side easement could prevent you from building something with a double garage.