VIC Thoughts on these Corio / Norlane Properties

Awkwardly shaped block for redevelopment...probably get two units on it, but not exactly bargain priced considering you can buy two brand new lots in the Flinders Park development up the road for the same price and no councils, or demolition etc..

 

Hi All,

I have been to the area couple of times (both Corio and Norlane). My understanding is prices have already moved, now asking price starts with 300+ and normally its advertised as range from 330K-360K

Agents have advised that properties once listed, normally gets sold within first 2 weeks.

I am not sure if the area still holds value for investors. Typical block sizes vary from 550-660 sq m. Some streets are horrible with run down houses and some are decent. Its close to Geelong CBD and stations (North Shore and Corio) really need a facelift (incl. car parks)

There are couple of schools, however biggest attraction is the shopping centre (Corio), so anything close to shopping centre would help.

Has anyone purchased in Corio / Norlane at current prices, if yes what are the triggers and view points?

 

Does anyone have a good understanding of the area below in the image?
(Plantation Road > Matthews Rd > Purnell Rd > Beaccchus Marsh Rd)

Im interested to know your opinion on the area and where you think house prices are doing?

 

Hello all! I am looking to invest in Corio - looking for a property above 600sqm - brick - with scope to subdivide.
This will be my first IP. Going for the 10% deposit strategy - leaving the remainder of savings in an offset until I’m ready to buy number 2. This will be a long term investment for us.
I’ve been watching the corio market for a while - it’s jumped so quickly - I do wonder if it will plateau?
However with the new corio waterfront scheduled to be built - and the rate of people moving to melbourne - I am hoping the market will continue to rise.
Anyways - I’ve noticed that good properties are selling within 2 days of hitting the market - got to get in so quick to secure a sale - y’all aboit pressure!
Thoughts on these
properties
? It’s small -600sqm - I wanted larger and with a good layout to be able to subdivide.
1 Kyeamba Court

http://www.domain.com.au/2014334658

Second property:
35 Wyoming Avenue Corio Vic 3214 - House for Sale #128335254 - realestate.com.au

Don’t want to make rookie mistakes! (If possible!) thanks again again

 

What was the reason for that ? Thanks.

 

Lot 212 Flinders Park Corio Vic 3214 - House for Sale #126584226 - realestate.com.au
Are these house and land packages good in Flinders Estate Corio? I noticed Metricon have one for $360,000. Im considering buying a first home and renting out the other rooms for cash? thanks.

 

Only 263m2 I don’t see what this offers that a house on good land in the C’s or the guns doesn’t

 

At 263sqm and single garage, you have very limited buyer pool if you want to re-sell it down the track. This one is only for renting out but Norlane and Corio yield is very low and have low socio demographic so it is not good either. Personally, I would steer away.

 

1 Keyamba - I'd say the block shape is odd, would make it difficult to subdivide, Wyoming looks a little better for that. For this area, you have to be prepared to go through tough times - your rent is low, the tenant quality is low, but the buy in is not too bad compared to other areas like Werribee. There's more opportunity for capital growth than having a high yield - but I guess the benefit for that is the tax offset the negative gearing will give you - you just have to be able to cover the mortgage repayments for any issues you might come accross, and be prepared for maintenance given the houses are old and a lot of them haven't really been looked after. Good luck.

 

I agree with @Michelle Evans here - Kyeamba will be difficult to subdivide given the irregular shape and the house is right smack bang in middle of the block. So it won't be an easy subdivision, you'll most likely have to knock off existing house to go down that path.

Wyoming is a maybe, depending on the width of side access but there does seem to be a bit of space in the backyard. Again it's all subject to council approval.

The other thing that stands out to me is you're planning to go in with only 10% deposit. Just be mindful the credit landscape has changed and it's much more difficult to get approval for over 80% LVR at the moment - all comes down to your serviceability. So best to make sure you either have pre-approval or your broker has OK'd this before you jump in and make an offer.

Cheers,
David

 

Their perceptions regarding value, growth and calibre of tenants.

 

I spoke to Aussie home loans and they said i could borrow $400,000 at 96% lvr and pay LMI of $14,000 so would it be approved and is there someway i can confirm it without actually getting the approval? Thanks

 

Most of the time if you're broker is confident and telling you this then I'm sure they've done their homework so just comes down to trust them in their ability to deliver results

Though if you want to be pedantic then perhaps speak to Aussie and organize a pre-approval from the bank. Personally I don't favour this approach as pre-approval is only valid for usually 3 months, so if you couldn't purchase a property in 3 months then it's a wasted hit on your credit file. But it is one way of getting some level of comfort.

Caveat though - nothing is certain and whether a loan gets approved or not is ultimately up to bank's assessment team. I've heard extreme cases even though pre-approval was obtained but ultimately the loan still got rejected by the bank with some BS reason.

Cheers,
David

 

Hi all, seeking for some advice here. Been keen on property investment in Geelong area and Corio and Norlane are two suburbs that I believe have more upside potential. Corio is probably my pick due to shopping centre, residential growth zone and new health centre.

But i saw this property and price seems to be a bargain. https://www.realestate.com.au/property-house-vic-corio-128525022

I think this can be due to its odd shape which make it harder to subdivide and many of the experienced members here have pointed out. The other reason I think is it is not in residential growth zone. Apart from that, I can’t see any other obvious factors. Still, I think is quite value for money given there is not much to be done and ready to move in.

This is another one I am looking at, which I think has more growth potential?
26 Canadian Parade Corio Vic 3214 - House for Sale #128540202 - realestate.com.au

Any feedback thoughts will be greatly appreciated.

 

Hi Khooj123 - I guess it all depends on your goals. If you bought 26 Canadian - I'd be prepared for maintenance and, you'd want to check the building itself as a lot of the older homes have asbestos which adds a lot of money to the development / knock down. If you want to sit and hold - you have to be prepared for low yield, but good potential capital growth - then the added bonus of developing if that's what you're into.

 

This floor plan is not ideal - to get to one of the main bed you need to go past the study, and the study is very small as well only about 6 sqm. So strictly speaking it's 2.5 rather than 3 bedder.

Looking at the floor plan though, you *may* be able to consider turning the family room into another room if you want to....Otherwise yes the property is ripe for renting and not much work needs to be done (should the photo holds true).

Subdivision-wise it could be very challenging with a narrow entry. But looking at it from another angle, this land configuration could be a good fit for "duplex" - i.e. one common wall in the middle and two houses on each side with driveways. Just thinking out aloud and more DD is definitely recommended.

Cheers,
David

 

Thanks for the feedback. My goal is sit and hold with aim of good capital growth. I am prepared to set aside buffer for maintainance down the track. Most likely I won’t be doing development.
I am just wondering given that this is not within the growth zone, how much does it going to affect the capital growth ?

 

T

Thanks David for your great input, is interesting you mention about the possibility duplex, haven’t thought about that yet.
The floor plan was something that I overlooked, got too carried away by the block shape.
That also explaines lower advertised price.

 

It is a weatherboard house so maintanance maybe costly. The roof material is also not a low maintance one. Make sure you get a proper B&P inspection.

Regarding zoning, RGZ is of course better than GRZ since it allows higher density development with less or no minimum garden/POS area. So you can out more units/townhouses on the land which means higher CG potential. Of course, it also depends on the location, infrastructure, demographic. There are market in market even in one suburb.

 

Hi all! I’m interested in 12 Talpa Crescent and 4 Franklyn and 20 Kosiosko
Aim: brick - scope to subdivide in future - sit hold for CG

4 Franklyn looks brick but the back is all weatherboard.
4 Franklyn St Corio Vic 3214 - House for Sale #128624922 - realestate.com.au
12 Talpa was modified for a disabled person - 3 bedroom 2 bath - but only 600sqm.
12 Talpa Crescent Corio Vic 3214 - House for Sale #128646222 - realestate.com.au

20 Kosiosko doesn’t have the street appeal but land size bigger 655
20 Kosciusko Avenue Corio Vic 3214 - House for Sale #128592838 - realestate.com.au

Any advice on which property would better align with my strategy? Or issues to take into account?
Thank you for your time !