VIC Thoughts on these Corio / Norlane Properties

It looks like he's referring to the deposit, maybe not the bulk of the payment. Likely just a language thing?

 

I didnt sign the contract of sale, i did quickly apologize for that . Not just all about i wasnt ready as i realised that property has only 3 bed + a bungalow but it was advertised 4 bed. I agree with you the agent didnt trust me and didnt cry for that. What i disliked was that the agent accepted the offer and ignored our calls and texts. They just simply refused the offer and said we dont trust you...but thanks god i didnt buy that property. Thanks for your input anyway.

 

Yes, it has 4 large bed rooms. The total internal size is 178spm. I will probably pay out of my pocket $100 to $200 a month for that property. Is it too much? . I was too hurried and didnt spend time. Thank you very much for your advice.

 

Hi everyone, i have a property in Sunshine west . Maybe it is around 600k based on median price. It is renting for $310 a week. Should i sell it and buy 2 properties in Corio or Norlane to get around $500 a week? . One of the reason thinking about it as i dont believe Sunshine west is going up anymore...i appreciated for any input.

 

Hey man, no joke I have two properties in Corio and was thinking of the opposite to you, selling them and buying one in sunshine.

When ever you think of buying/ selling you should always factor what you think it will sell in the future based on the past. I used to live in Sunshine and my parents bought that old house on a massive block for legit 65k back in 1999, and we sold it for under 150k 2 years after and build a brand new house in wyndham vale for 210k. 15 years later to today, my house in wyndham vale is worth 400k and the sunshine would be worth 800k easy. To this very day we still regret selling sunshine, the growth in sunshine, sunshine west has always been by far better than corio, as a rough guide sunshines growth has been double the growth rate as corio.

My personal opinion for Geelong compared to Melbourne, is that Melbourne has always performed better in real estate and I don't expect it to change anytime soon.
At the end of the day choose a decision that you think will be best for you and what your gut feeling is.

All the best man

 

Sunshine if you can afford it. Good infrastructure and has good rail access to the CBD. As Melbourne grows will only become more and more desirable. Next footscray in my mind

 

42 Cox Road Corio Vic 3214 - House for Sale #127082054 - realestate.com.au

Is this house in some form of bad condition? Might be the 2nd or 3rd time it has been 'under contract', before returning back on the market.

 

Depending on where your IP is in Sunshine, I'd keep it. I'm sure you've got some equity sitting in the Sunshine property. Why not use that to buy in Corio or Norlane if you wish?

 

Don't you think it was because of distance from cbd and affordability?
Do you expect Sunshine to go up to 1.6 mil and Wyndhamvale to go up to 800k?
The % wise growth is always more at the lower end of the market. What you missed was missed. I strongly believe that more growth should be there in Wyndham Vale as compared to Sunshine. However, I may be wrong.

Also, the major growth was only attained in last 4 years. precisely in last 2 years. People who bought in this period were just lucky as they bought at the beginning of the boom.


Regards

 

Interesting, if i get a chance i will do a drive by tomorrow.
Cox rd is a busy rd, it looks like an old fibro commission place, small bedrooms and very poor lay out, land size isn't really large enough to warrant development.
My understanding is that the waterworld site is to be developed into a hospital soon, maybe @Dave3214 can confirm ?

 

PASS !!!!
Every house near this is on the bottom rung.
Block isnt very deep, ground is clay.....
Sure there is "Northern Health" development on the old waterworld site, the library and various other medical centres nearby.
This is likely why it hasn't sold (see pic) yes, large section of vacant land with the house to the centre right
Requires a lot of DD

 

Well that clears it up! Cheers for looking at it Stoffo.

 

Hey Ash,

Thank you and I appreciate your feedback. I would like to say that Wyndham vale will perform better than sunshine since I live in wyndham vale, however block sizes here in wyndham vale are typically very small and do not offer subdivision in comparison to sunshine where many people can subdivide. I hope your opinion on wyndham vale goes true! fingers crossed.

Do you believe sunshine/ st albans have peaked in the market? I have no clue on that topic but I am interested to hear opinions.
Also if you don't mind what's your opinion on corio as an investment?

Best wishes,

Emanuel

 

Melbourne’s most affordable suburbs revealed in new data - realestate.com.au

How on Earth did Corio/Norlane not make the list with a median of $285k and it's closer to the CBD than some of the other suburbs on the list!

 

Only because of one small technicality - it’s in Geelong not Melbourne

 

I saw that article Pentanol and G Town...and i made a facebook post suggesting exactly that point, i mean 65-70 K's West of Melbourne puts you in Norlane or Bell Park! Plus you're actually near infrastructure here and also much closer to beaches etc. I was amazed at how far East they have suggested could still be considered Melbourne. I would envisage Millgrove to be a nice sort of bushland/hills area near the Dandenongs, but you'd hate to have to commute to the Melbourne CBD for work out there.

And yes Stoffo, i can confirm that going by the signage along the Melbourne Rd side, the waterworld site will have a Northern suburbs health facility built by 2019 apparently, although apart from the signs i'm not sure too much has been done yet. Personally i reckon the vacant land from the former Norlane High School which is along Cox Rd close to the exit of the Ring Road would have made more sense, it's been sold but it shows no signs of life in that area. There's also an early learning centre being built right on that roundabout on Cox/Anakie/Matthews Rd.

Yeah, that vacant block, which looks like a double sized block next to 42 Cox Rd has been vacant basically for as long as i can remember...and being almost 50 that's a bloody long time! No idea why it is vacant, i really struggle to work out the logic behind land that might end up being inter-generational as whoever may have owned it has sat on it for yonks. Not sure what might end up there, i don't know if it's zoned anything other than residential, save to say that at the other end of Nevada Ave has a few shops there. Is there any caveat or something to be wary of in buying a house next to a very long-term vacant block?

 

Happy New Years all Corio had a blinder of a year... well 3 years I can't imagine many suburbs doing better over the last 12 months other than a handful of suburbs close to Hobart (not including Hobart) or close to Melbourne. In fact not even Werribee or Melton had a better year

 

That is awesome result and congrats to those who have got in Corio for the last 3 years! And I'm sure the result is as good if you have got in Norlane, Bell Post Hill, North Geelong or Grovedale just to name a few.

I can't help but wonder how much Newcomb has done to-date...so here ya go:


Tracking back to the big Geelong thread, I noticed it really started to take off as @Dave3214 harped on that thread on multiple occasion that Newcomb will "rise" back in late 2016, and here it is today...

 

I remember it pretty clearly too! I was also considering jumping into Newcomb too at the time but I just missed it and couldn't see value for what was left and thought I'll go for yield for this one! Looks like most of Newcomb's 3 year growth happened in the last 12 months? You timed it perfect man so good job and finding a corner block for the price you did! I still see more growth for both places so next 12 months will be interesting! I believe both should increase by another 20-30% by the end of the year as the interest rate stays flat until at least Feb 2019, the rezonings of Melbourne, affordability of the area, infrastructure and population boom continues

 

I'm very interested in the prospect of investing into Corio and Norlene and was wondering if anyone could shed some thought about this particular property and it's vicinity.

9 Georgia Grove Corio Vic 3214 - House for Sale #127335158 - realestate.com.au

I do like the land size with the intention of potentially sub dividing this in the next 5-7 years.

It does appear to be on a "court" but also wary about the big site behind this lot. Otherwise it ticks most of my boxes. Close to Corio Shopping centre, the park , library and new hospital/ clinic. Driving distance to the station with great sub-division prospect.