VIC Thoughts on these Corio / Norlane Properties

Any thought on this 1/3 Adriatic Court, Norlane, Vic 3214 - Property Details . Imo, i can get a good 3 brick bed house with at least 550 smq land.

 

To be honest, I think they're targeting someone who wants a set and forget tenancy, likely one of those Sydney investors who see that it's a nice looking unit, that could potentially get an okay rental amount if you're happy to sit on it for years and years. But they must have hit the price right / or had a good database with someone in the market as it sold to someone. Not everyone goes land (and potentially older home / risk of maintenance but potential for subdivision) over a tidy low maintenance long term investment.

Just one way to look at it - would be interesting to know the demographics of the purchaser and their reasoning.

 

Thanks Michelle for giving out good point. This one is only 2 bed room. I dont think rental return is good enough comparing to buying price.

 

This one is right up in @Dave3214's alley - it's location is classified as Norlane West, which usually commands much more premium than the typical Norlane area. Much closer to Lovely Banks too. The house looks in decent condition so I feel it's probably an owner occupier. But yeah I agree with you @DylanNgo, it's not something that we would target as investors.

Perhaps Dave can pop by his new neighbor and do a bit of recon on what type of demographic bought/live there

 

That reminds me a unit was sold in my area a few month ago with the price more than 120k reserve price 1/2 Dubbo Street, Albion, Vic 3020 - Property Details. The guy nets the profit of 300k in 3 years. So i think it is all about buyers lol

 

I would like to tell you guys a funny story during the journey looking for investment property in Corio and Norlane.
We dont have much time to travel to Corio for house inspection every week. So we are very hurry in a sale. I know it is stupid. We was lucky in the past so that we believe in our luck lol .after buying the 2nd in that area we discover we can hire a buying agent...definitely will be carefully for the 3rd...
Lets go to the main point. We targeted 439 Princes Highway, Corio, Vic 3214 - Property Details 439 Princess hwy Corio. We increased the offer for 325k and was declined because the lady agent said the vendor prefered another buyer who has unconditional approval...that was sad as we liked brick house and big land...
A few days later i found another one which had been on the market for a long time 8 kosciusko avenue corio. Do you believe we made the offer 305k without coming to see the property and was accepted. The lady agent told my wife " is your finance ready as i dont want like last time" . She said she will email documents so we can sign...Yeah finnally we have brick house my wife shouted excitedly. We waited the whole day but no reply. We started worried . My wife called her, texted her. A day later i called and texted her...but still no response.
What the hell, why why why. My wife said to me she doesnt believe us as she recalled it is the same agent my wife tried to make an offer for another property about 2 months ago. After work i told my wife our deposit wasnt ready yet i didnt want to be risky. Luckily my wife hadnt signed the contract of sale. She texted the lady agent to apologize as our finance wasnt ready....
From that we knew we couldnt buy from that agent any more. What such a pity as they have many for sale in Corio and Norlane so our search is limited.
We ended up buying 390k property with a lot suspicious feelings...but we believe God always be with us.
In the last few weeks i received a lot of missed call from that estate agent. I didnt bother to reply as i didnt have any business with them. Later on we realised 439 Princess hwy was back on the market and sold for 305k. We dont know we are lucky or unlucky for that property. What do you think? We could have had it for 325k...
Lesson learnt. Dont be too honest about your situation. Just show off your finance to the estate agent.
Thank you everyone for reading. After my wife giving birth we will start to look for 3rd investment and hopefully i can get advices and opinions from PC .thank you in advance.

 

Sounds like you had good luck there. I always believe in Business Karma - trust your gut instincts and deal with people you feel comfortable with. Always happy to provide an opinion on potential sales in the area as are a few others on this forum (not a paid buyers advocate, but a PM of 15 years). Good luck with your baby coming!!! Very Exciting!

 

Thank you for your kind words. Yes, we are very excited and mixed with worries. Could be very busy...

 

Hi mate,
Not sure why no one pulled you up on this but did you say that you found something for $390k in Corio/Norlane? If so, I think you may have overpaid by probably $100k. Do you have a link to where you bought? I really hope you didn't buy in Corio/Norlane for that price and it probably would had been best to use a buyers agent due to your time restrictions as you potentially over overpaid by so much when you could pay someone $5k to buy under $300k there.

 

Hi Pentanol, yes we bought a property in Norlane for 390k. I know it is much more than median price 100k at the time of purchase. But i dont think i overpaid 100k because of its condition and its size. As you can see the market at the moment, its hard to find a good one for sub 350k. Btw the median 4 bed house in norlane is 344k now. It is 50k jump and 45k to reach my purchase.
Honestly to say, i didnt spend much time on searching to buy and relied too much on personal feeling. I know it is not good lol sure i will be better next time. Maybe an agent is more suitable for me. Thank you

 

That is a bit steep for Norlane, but if you are in this game long term then you should be OK. Hope it's not costing you too much to hold?

I overpaid for my first IP too but looking back I was glad at least I got into the market.

 

Many people overpay for their first investment - but provided it's long term, usually you can come out okay and if it's a foothold in the market (and you didn't overpay to the point where you can't afford to keep it) then you will still see growth.

 

Given the price paid I’m gonna guess it’s west of Thompson Rd?

 

Barcelona St.....Nice place, handy location which is equidistant from the ring road and Princes Highway, and yep in Norlane West.

12 Donnybrook, a much older house sold for $335K only a couple of weeks earlier, and this Barcelona one is a 4-bedder. The medians do trail the current market a bit in terms of a lag, so getting a place now under $300K is starting to be a challenge even for a 3-bedder, and even in the commission areas of Norlane, at least those places on a full block.

The new 3-2-1's being built i think on what was 72-76 Donnybrook on the townhouse sized blocks are going for about $350K as well, very close to Barcelona. And at least now with the new Aldi in Anakie Rd, Corio Village nearby, and Donnybrook Rd's shops the best shopping strip probably north of Separation St it's got things going for it. But i doubt it will go up much further in the short term until other places kind of catch up. $400K is a bit of a rubicon for Norlane which might take a little more work before that's reached.

Off the Norlane subject, but what may catch the eye of investors here is 35 Townsend Rd Whittington. 710m2 lot, old house, but it's for auction on Sat 16th....and here's the ad for it.

35 Townsend Road Whittington Vic 3219 - House for Sale #127000118 - realestate.com.au

It's actually probably built of the same material as some houses in Norlane along the likes of Pettit Cres, Brooks St and some places in those Canadian themed streets opposite Corio Village. A place nearby, i think 43 Townsend sold for about $250K a year ago, on a similar size block. It's a very busy road, but for the 3219 postcode, and not in the Solar Drive area, it takes a bit of beating for a place that's 4 K's from the Geelong CBD.

 

Hi Investors!

Hope you can help. I am looking at purchasing IP near Northern Bay College P-8 in residential growth zone in Corio for around $350k, recently renovated 3bed, 1 bath and 600+ block size. Don't believe I can build another dwelling at the rear without knocking the existing dwelling down. It's old but decent size house, not too big, not too small.

Do you think it's the right price for the place or am I paying too much? Would you personally see any potential here?

Thanks in advance.

 

Hi @PT18,

Is it completely renovated or just partially renovated?

Either way $350K is quite expensive in Corio terms so not knowing the address I suspect the house may have been mostly renovated (if not fully) and now owner wants their profit share. Without subdivision potential it may not be as attractive/feasible. You should also be mindful Corio price is currently driven by investors.

Personally for that kind of budget I would consider something closer to Geelong CBD with a better demographics instead.

Cheers,
David

 

Hi David,

Thanks for your input. The property is fully renovated. Address is 4 Kerry court, corio if that helps.

Thanks.

 

Hi @David Shih

Thanks for your input. The property is fully renovated. Address is 4 Kerry court, corio if that helps.

Thanks.

 

I bought a property in Norlane in August and the settlement is due in mid jan..
Can i sell it before the settlement? (for lil profit)

 

@Moses yes you can it`s called flipping however subject to different tax regime.