VIC Thoughts on these Corio / Norlane Properties

If you can get close to the lower price range I would consider. Otherwise I would suggest look somewhere closer to Geelong CBD (for better demographics) or towards South East QLD (for better deals).

What brought you to look at Corio?

IMHO for Corio and Norlane the ideal entry price is around 300k mark, and that ship is sailing away fast.

Also, given you won’t be the one who has done the renovation, you will also be missing out on some of the depreciation benefits if you do get the place. Have a look at this article which will tell you more:
How changes to depreciation will affect investors

 

Thanks David, my budget is around $350k and Corio/Norlane are still within reach. Also, they're closer to get to Melbourne and not too far from Geelong. It's very hard, if not impossible, to find 3 bedder below $300k mark in these suburbs these days.

I agree on the depreciation comment, but like everyone else, I am looking for better CG than focusing mainly on tax benefits.

Can you suggest other suburbs with good potential with this sort of budget? Which South East QLD were you referring to?

 

Can u plz elaborate it..
As the settlement is near, shall i contact the agent to sell it further since i chose for thay nomination clause, if so do i need to pay the commission on the whole amount or jist the profit amount to the agent or no commission..
Any thoughts will be highly appreciated.
Thanx

 

Agree it’s not easy but the opportunity is still there. If I look on house.ksou can find there are a properties in Corio sold for 300k or less in recent months. But you’re right, the average selling price is more in the 300k+ range which is why I mentioned earlier the ship is sailing away fast...if not already sailed.

How about Kallangur in Moreton Bay region? You can still get something around 350K and a USC campus is currently being built at Petrie with ETC by 2020. That'll bring a significant change to the area. There's another thread in this forum that talks about this:
QLD - Petrie - University / The Mill Priority Development Area

 

Hi Dylan, oh you bought a 4 bedder? I guess that's not as bad. But as @David Shih alluded to, for that price you may as well buy in other suburbs as it's mainly a yield play but since you bought so high I can't imagine you'll be ahead by much after all costs. So if something is costing you a bit to hold it would had been better to go either closer to Geelong or Werribee. Don't focus too much on the buying and take your time!

 

hey guys, just wondering. what's everyones opinion on the current trend in the pricing of norlane and corio? do we think it will go down a bit or will continue to increase next year? I'm keen to add another property to my portfolio next year.

 

Hey man, I've just came back from overseas. Did the property catch up in person go through? I'm keen to attend if there are any in the future. I am also starting my career in Real Estate Sales in Werribee on the 8th of Jan, so keen and cannot wait to be more exposed to real estate in general and complete my passion to help people in their real estate needs.

 

Hey,
Uff, thank God you didn't purchase that house. It is in the ghetto area of corio.
I fortunately purchased my first investment property at age 16, in a good pocket of corio that ticks all the boxes.

My property is also north facing, in Melbourne where I live North facing properties go wild during auctions with all the chinese and indians buyers.

Definitely would agree with Michelle in regards to business karma. I know the agent that you dealt with and I can tell you that it does not surprise me. She listed a house with a super large block without a price range in a good pocket of corio and I can tell you that the owner kept the house in an outstanding condition and was very rentable. She told me that the price range is in the mid 200's and since as we live in melb and during the week we are all busy. My mum rang her and put an offer for $250k and the agent told us that she would tell the vendor, she then later told us that the vendor wants high high 200's, at the end we betted over txt against a chinese family who bought the house for 290k in CASH!!!

 

Pretty sure the one @G TOWN organised went through. I wasn’t there in person though.

Good luck with the new job! Keep reading and learning on this forum and you’ll be in a much better position than most of other RE agents

 

Really? Damnit didn't hear anything about it...Really wanted to join so I could meet my fellow Geelong prop owners

 

See this Whittington place ended up selling for $330k, think it may be a case of a bit of underquoting, don't think it was ever going to sell for the $250-280 quoted

 

Thank you! i am glad i didnt buy it thanks for the unprofessional estate agent. 8 Kosciuko ave was sold 295k. Does the agent have the right to refuse the offer without giving it to the vendor? I never touch that agent again.

 

Hi everyone, any thought on 61 Fairbairn Drive Corio Vic 3214 - House for Sale #127197546 - realestate.com.au . Price range 240k to 260k i doubt it is underqouting. I would pay over 300k for it if i were ready for another shot

 

It's on Fairbairn Dr...I wouldn't go anywhere near it to be honest. Have a look at the map I've drawn up.

Corio Map (with Mark Up) by David Shih posted 3rd Dec, 2017 at 11:09 PM

Housing commissions + low socioeconomic area is a true reflection of such price. Although I suspect some investor who are not familiar with the area might still give it a shot because it's cheap...which is why Fairbairn Dr nowadays are also edging towards 300K

 

That makes sense lol i am still an amateur

 

Thanks David, Corio market is very different. You will find some properties for less than $280k whereas some, quite similar, are for sale for more than $350k.. So it's very hard ti find the right value for the property.

Now that you have mentioned Kallangur, I have also had a look at its surrounding areas and once again I find it more or less like Corio market where there is a lot of price variations around Kallangur and North Lakes.. Some are very expensive while some are considerably cheap..

Would appreciate your input. Thanks.

 

We all live another day to learn

 

Why are you making offers when you're not in a position to buy? Despite the other comments implying that this agent has known preferences, no one is going to trust you if you keep making offers when you can't actually go ahead with a purchase.

 

I have some what experience in real estate and next month I will be my own agent in Melbourne. It sounds like some dodgy activity is happening on her behalf, maybe she sold it to a best friend or family member. It happens in real estate more often then not.

 

Hey man, that price does seem tempting and seems like a good deal.
It is though in the worst part of corio that sterotypically has shocking tenants, but the house in the photos seems like a good rentable condition. The house in fact is not what i would call brick veneer, it is cement sheets with thin pieces of brick stuck on (literally 1cm deep) giving it the illusion of a real brick house. That whole pocket of corio is full of them.

That agent is known to underquote properties. He sold that exact style of house but the brick was a dark brown and the land was under 600m2 for under 200k not long ago. If your keen give him a call for inspection and put an offer.
I personally think your budget of 300k is more then enough for this house and personally i wouldnt put any offer above $300k, if even that. I think smack bang at 250k is what its actually worth.

All the best man