VIC Thoughts on these Corio / Norlane Properties

Sold for more than I thought.

87-89 Walpole Parade, Norlane, Vic 3214 - Property Details

 

Wowsers! Someone probably got sucked in by the good looking sales girls.

 

You never know, maybe it's a first home buyer and a ntv has just been issued for the end of the lease - where else can you buy a house for yourself at that price? Even so, it could be a pretty lazy investor just happy to say they have a property, with no real effort put into capital growth or subdivision potential. With rent of $270pw and only purchased for $255k, the maths stacks up and I can't see rent coming down in the near future, at least for low end properties, so it's not too bad for a sit and forget.

 

Good post Michelle. That ginormous crack in the external wall (front of the house) was too worrisome to me. It was like the house was splitting up.

 

Ahh, you see I didn't have the benefit of viewing this one personally - hopefully some poor sap hasn't been suckered into buying a 'bargain' because the maths is all well and good until you have to spend a depressing amount of money on structural repairs... then all that goes out the window.

 

Absolutely. It's so close to the goods rail line too. Depressing location. Only house on street. Dusty like it was in the middle of the desert. No thank you.

 

I'm guessing a rezone to commercial/industrial...quite a bargain really.

 

I

Plz update the timr n place.. Wud love to join..
Cheers

 

5/27 Hinton Close Norlane Vic 3214 - House for Sale #125051402 - realestate.com.au

Another one thats been on the market for a few months...Anybody inspected this?

 

Way overpriced. Why pay ~$230k for an apartment sized house when you can pay another 20-50k for a house with at least 500-600m2 in the same suburb?

Anyone with any thoughts on the unit block below:
1-3/10 Clavus Road Corio Vic 3214 - Unitblock for Sale #125954786 - realestate.com.au

Certainly an interesting one. I believe it's slightly overpriced but then again it's unique as I don't think I've seen one for sale in awhile in Corio and it's in the RGZ! Out of my prize range so happy to share it with you guys!

 

Interesting find @Pentanol. CF+/neutral property if you could get all 3 rented out. I reckon this'd get snapped up pretty quick.

 

This was on auction couple of months ago, passed in still on the market.

 

I saw that one last week and was very interested. It is quite unique. But $500k is a steep price for the area. Rent looks good but not sure about maintainance cost. Need to have good inspection.

 

As per google maps this property entry is facing Talona Cres, how was the appeal from this property when you visited?

 

I have not seen it in person. What I mean is I saw the ad last week and plan to inspect it this weekend. Will update here if I can make it tomorrow.

 

No worries mate. I thought you have inspected this property, please update us after your visit.

 

Insofar as 5/27 Hinton, this larger 3 bedder unit on 337m2 on St Georges Rd seems a workable price for at least a reasonable rate of return

1/61 St Georges Road Norlane Vic 3214 - House for Sale #126663730 - realestate.com.au

Looks like a 70's or early 80's build, but a different sort of construction to the nearby late 60's type houses nearby and in the southern parts of Corio.

I have noticed that they are selling blocks of land in the long proposed but now developing estate which is near Plantation Rd and Bacchus Marsh Rd. Examples like this,

Lot 302 Journey Way Corio Vic 3214 - Residential Land for Sale #201966690 - realestate.com.au

which put the land at a bit of a premium to land values in most of Norlane/Corio. Interesting to see how this fills up, as there's been no real development in greenfield estates in the 3214 area since the Streeton Close bit around the early '00's.

 

The house is not ready for inspection yet according the agent. But I will drop by to check from outside.

By the way, I found another one

39 Swallow Crescent, Norlane
39 Swallow Crescent, Norlane VIC 3214 - House For Sale - 2013835516

What do you think about it?

 

I can't imagine this getting snapped up at all. Not to be knocking the 3214 postcode but the only reason why you'll be purchasing there is for the yield play and this will not provide that as I can get something better yield just going for a place with subdivision potential with a 2 or a 3 in front. A richer investor or a noobie first time investor may be the only buyer that would be interested in buying it for future development potential though I doubt it with the fundamentals of somewhere like Corio/Norlane where CG will be less than other places with a 5 in front and even yield here is much less than what I'm getting. Who knows though, the equivalent of this in Tassie (Glenorchy/West Moonah) is sitting at 3 or 4 in front as someone who have lived there for more than two decades with a vacancy rate of 0.1%. For obvious reasons, I doubt this place will appeal to OO. At this point in the cycle I'll be cautious on buying anything, especially something with a 5 in front for Corio/Norlane. I tested them out by asking whether they'll accept anything under $500k but they refused immediately. It all depends on whether you're happy with the holding cost of waiting till it's feasible to develop at CF neutral and little CG or whether there is other opportunities for either CF positive and CG gains (most likely for anywhere with a 5 or lower in front elsewhere).

 

Good points here mate. Definitely not an OO property, where I was coming from was if you could get all 3 rented out at the same time, you'd probably break even at the end of the month and with time (10-20 years, who knows), might make a tidy profit.