VIC Thoughts on these Corio / Norlane Properties

Well this has to top it off.. @Dave3214 you'll love hearing this.

Just msg'd the agent for 5 Dunloe, Norlane for asking price, unconditional offer, quick sale etc.

"its around $400,000 to $430,000. Cheers"

He's got to be taking the pi*s right?

 

It was James. I only know because my ex wife went there. If James was in trouble Daddy would just build a new pavilion.
Also Portia de Rossi went there too.

 

The agent must be on this forum. hehe.

 

This is a standard 415 volt powerline. Not an issue.

 

When I was down Corio a few weeks back an agent was saying that there has to be a distance of over 3 meters from the eve of the house to the fence line to use a driveway for a second dwelling out the back.

 

James went to Cranbrook, Kerry went to Cranbrook and then was sent to board at Geelong. Old Frank was a real mongrel to Kerry......one time Kerry came back home to Bellevue Hill for school holidays without his tennis racket. Frank sent him back to get it!

For the uninitiated, Geelong Grammar is an old money school with lots of boarders sent from Business/Grazing families from across Australia. Fairfax's, Packers, Holmes a court, Murdoch's all sent kids there.

 

Had a look at this at lunch time today. Geez it looked much better in the pictures than in person.. I know they generally do but this was next level. Potential for a smaller unit out the back. Quoted rental amount sounds a bit exorbitant, 4 beds but two are tiny. 590sq.In the better area.

10 Wellwood Avenue, Norlane, Vic 3214 - View Sold History & Research Property Values - realestate.com.au

Similar prices to the Barcelona Street place..thoughts?

 

With Norlane moving up into the 300's.. am I better off looking closer to Geelong? What do people think of Breakwater or Whittington?

 

It's neighbor #8 sold for $291K in January this year, but i am certain it sold in 2014 for $167K as it required a bit of a reno.

8 Wellwood Avenue, Norlane, Vic 3214 - Property Details

I am rather staggered (but happy) to see 5 Dunloe asking $400K-$430K, but that's the sort of money that can buy into Belmont, most of Bell Park and even Hamlyn Heights. It could be that Norlane West is starting to be looked upon more as Bell Post Hill lite maybe, but even I as a homebuyer here myself would probably say that's not the best value housing in Geelong.

As Nige 12 has mooted, i think once we're talking into the $300K mark, Whittington, especially in the areas West of Wilsons Rd between Boundary Rd, and Thomson which is between Lomond Tce, St.Albans Rd and Boundary Rd also offers value, as those areas are just 3-4 K's from Geelong's CBD, they are close to Eastern Park and Eastern Beach, plus local shopping centres and Geelong Hospital and South Geelong station. Examples are these that sold for workable prices.

36 Winstanley Road, Thomson, Vic 3219 - Property Details

16 Regent Street, Whittington, Vic 3219 - Property Details

43 Townsend Road, Whittington, Vic 3219 - Property Details

5 Hodges Court, Breakwater, Vic 3219 - Property Details

9 Young Street, Breakwater, Vic 3219 - Property Details

There's plenty of other examples if you just google 'sold price (insert suburb), but some old those later examples are ones sold late last year. Sub 300's anywhere in Geelong are starting to get thin on the ground. Bear in mind though, Geelong's on the coast, and is a city in it's own right, and if you don't need to work in Melbourne, the local commute times leave a capital city commute in it's dust. Is getting a job that pays $10-$15k more a year worth it if you're spending 10 hours a week on the road, consuming fuel, depreciation or spending on fares? Those are considerations that may be helping Geelong's market too.

 

Hmm I just found it strange that Corio is still so affordable given that it's so close to the School as all the suburbs in the catchment for the good schools are so expensive. I can see that the median wage with the 3214 postcode is still less than Melbourne as a whole. But I guess you get can still drive there with minimal congestions further away. I guess there's probably still that stigma about Corio with its government housing. I'm betting that once the population balloons in Geelong, we may see rapid gentrification in Corio especially with the plans around Corio/Norlane activation sites and rezoning of certain areas into mixed use.

 

Been looking at Corio too here and there. Last sold results on re.com show about $320k sorta price. If you now look at quoted prices, a lot of houses are in the $340-$360k range already. Anyone looking at Corio needs to pounce sooner rather later and gobble up a house.

Anyone know if certain pockets of Geelong are favourite termite feeding sites? Paging @Pentanol @David Shih @G TOWN @Dave3214 for information.

 

Not sure really, but if its a weatherboard house I would always get a B&P clause into the contract. Better safe than sorry. If its a brick veneer then I go in with just a finance clause to secure the house.

This place according to the Geelong plan is likely to become a mixed use zone which is something I've been keeping my eyes out for:
47 Station Street Norlane Vic 3214 - House for Sale #125914118 - realestate.com.au

So its got a lot of potentials but I wouldn't have borrowing capacity to do it but thought people here may be interested. JV @David Shih ? But seriously though, may have snagged myself a job in Sydney now and would like to meet you for coffee at some point?

 

Just went to see this property today.
47 Station Street Norlane Vic 3214 - House for Sale #125914118 - realestate.com.au
Its all frames inside.. Consider this property as land only. They should put a pic of inside too.

 

Hmm...I would say the quickest way to get this info would be to give a Geelong Pest specialist a call, they would have this info

Funny enough I didn't get Alert on this message you paged me...almost missed it!
I'm pretty much in the same boat as you on borrowing capacity so JV could be an issue buddy, but a coffee? Yes I can still afford
Congrats on coming back to NSW...when are you planning to move to Smogney?

Here are some photos back in 2015 when it was last sold in Mar 2015:
Photos of 47 Station Street, Norlane, VIC

Kitchen and bath looks habitable back then...is it no longer the case now?

 

Waiting to pass the National Police Check before I get my offer so hopefully I'll start in the next few weeks! Where are you based in Sydney? I'll be around Strathfield so maybe we can meet in the middle. Haha yeah I have given Redom my loan structure in the hope that he can find me enough borrowing capacity for one more property - I'm sure you're doing the same! I've been waiting for a house like that to come since I saw the Geelong plans for the mixed zone potential!

 

If prices are edging to the $340 - $360k, for would you consider Hamlyn Heights to be a more advantageous investment area - being close to the central Geelong? Albeit prices in HH are slightly higher at $380k+

 

Looking into Norlane, excited at the potential opportunity in this area!

 

Geelong Grammer has no relation to house prices in the area. It's not a "catchment" type schoolp. Most of the kids sent there are from extremely rich families and I bet lots aren't even from Geelong. Lots of kids live at the school and some teachers are required to live there

 

Yes lots of boarders I reckon like The Kings in Sydney.

 

Some big results achieved this week in Corio my fellow Corio investors! Quietly very happy getting in before 1 July. Even non brick houses creeping towards the 300k mark and I believe it's nots not possible to get a brick house for less than 300k now