VIC Thoughts on these Corio / Norlane Properties

Discussion in 'Where to Buy' started by Nige12, 11th Jul, 2017.

Join Australia's most dynamic and respected property investment community
  1. Dave3214

    Dave3214 Well-Known Member

    Joined:
    11th Oct, 2015
    Posts:
    277
    Location:
    Norlane
    Interesting to see the essentially unlivable house at 47 Station St Norlane sell today for $306K.

    [​IMG]

    This pic is illuminating though, as it does show how close Norlane is to the waterfront of Geelong, although the beach along here is not exactly the Gold Coast. There's a few blocks along Station St that have developments of 5-6 units, like 3 Station St, and also 67, with plans for 69 to also be one with a multi-unit development. This picture also shows the proximity of the North Shore station right where that Geelong-bound train is situated.

    It was a 795m2 block, many of these are a bit larger than the standard 600m2-ish blocks elsewhere in this suburb.
     
  2. Pentanol

    Pentanol Well-Known Member

    Joined:
    20th Feb, 2017
    Posts:
    448
    Location:
    Sydney
  3. Pentanol

    Pentanol Well-Known Member

    Joined:
    20th Feb, 2017
    Posts:
    448
    Location:
    Sydney
    What do you think about the noise pollution with the proximity of the houses on station St?
     
  4. Dave3214

    Dave3214 Well-Known Member

    Joined:
    11th Oct, 2015
    Posts:
    277
    Location:
    Norlane
    That's the thing, it's the Geelong/Melbourne train line, and also the goods trains on the standard gauge run along here too. My Aunt used to live at 17 Station St, you do tend to get used to the trains. Sadly to some extent the amount of heavy industry around here is less now than the 70's when Ford had 5000 employees, International Harvester was in full production and others were up and running back then.

    But i would suggest that these houses along Station St would experience more train activities than any other part of Geelong.
     
  5. larrylarry

    larrylarry Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,386
    Location:
    Sydney
    I have lived next to train line (Rockdale) in an apartment block. Renting and reselling was a bit tougher than the apartments not facing the train line - noise and dust. Never again.
     
  6. David Shih

    David Shih Mortgage Broker Business Member

    Joined:
    21st Jun, 2015
    Posts:
    1,034
    Location:
    Sydney
    And that train line is only gonna get busier and busier, as Geelong population grows into the future there'll be more demand for faster/express trains into the Melbourne CBD.

    Unless they change to double glazed windows and never opens them there'll always be train noise. This is something that money cannot fix....one of the reasons why I would stay away if it's too close to the train line.
     
    Lions4Eva likes this.
  7. Michael_X

    Michael_X Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    333
    Location:
    Gold Coast/Sydney
    The house is just a shell, completely gutted on the inside.

    The auction was pretty competitive. Bidding between three parties, and ultimately a young Indian fellow won. He had a very good bidding technique :)

    I wasn't a fan of the location, too close to the train line and on the opposite side is all industrial.

    Cheers,
    Michael
     
    Pentanol likes this.
  8. Pentanol

    Pentanol Well-Known Member

    Joined:
    20th Feb, 2017
    Posts:
    448
    Location:
    Sydney
    Does this mean the great Michael is considering investing in Geelong? :)

    True it's not an ideal location but according to plans it's the area that is most likely to be rezoned so I can imagine 306k will be seen as a bargain in five years. I suppose if you can survive the holding cost it will be a decent first development project for anyone with retail on ground floor. I don't know any areas with this opportunity so cheap. Whether there the rezoning will be expanded further from station St I dunno as it depends on population increase.
     
    Dave3214 likes this.
  9. Michael_X

    Michael_X Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    333
    Location:
    Gold Coast/Sydney
    Have quite a few clients buying in the area so wanted to see what the fuss is about. Can definitely see why now, lots of potential. It's on the shortlist for areas to study/learn & buy this year.

    Time to shift myself from the Logan thread to Geelong :)

    Cheers,
    Michael
     
  10. Lions4Eva

    Lions4Eva Well-Known Member

    Joined:
    25th Jul, 2017
    Posts:
    100
    Location:
    Melbourne
    Yup, looking at Corio now. Hoping to make a decision by next week. I have nailed it down to Norlane or Corio.

    Can't believe I didn't spend more time looking at this area.
     
    MikeyBallarat likes this.
  11. Jmillar

    Jmillar Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    679
    Location:
    Sydney
    Is anyone finding properties in Norlane/Corio with immediate development potential, or are they not stacking up just yet?

    I've got a couple QLD sites that can be developed but I need to sit on them for a few years... need something to cut my teeth on now-ish
     
  12. Pentanol

    Pentanol Well-Known Member

    Joined:
    20th Feb, 2017
    Posts:
    448
    Location:
    Sydney
    Did you end up finding a place and pulling the trigger?

    Hey mate, once again thank you for telling the PC community about your journey so far! You've done well and it's always great to hear of another PC success story (rather than another whinger!)

    I'm not sure how many people know of the rezoning potential alone station st close to the North Shore and Corio Station but these are probably the cheapest option you can get in the market. Houses on this street doesn't come onto the market often but when it does, I reckon there's immediate development opportunity. I see potential around Corio central or near Corio Station (~391-395 Princes Highway) too as I believe Corio could become like a Fitzroy and have a foodie culture as first home buyers flock to the area. According to the PTV site, its less than an hour on the train to Melbourne so you have a larger pool of potential tenants than buying further into Geelong (Newcomb is the other suburb with similar prices).

    It depends what development you have in mind. It may not be worth it yet to knock down a house to build a duplex, but H+L package can be done almost at the currently median Corio house price.
     
    Last edited: 15th Aug, 2017
  13. Pentanol

    Pentanol Well-Known Member

    Joined:
    20th Feb, 2017
    Posts:
    448
    Location:
    Sydney
    That area where 391 Princes Highway is, was sold June 2016 as a commercial purchase so there may an opportunity to try your hands at being a commercial landlord too. I can't find any information on what they're planning to do to the site so it'll be interesting as it's so close to the other big retailers.
     

    Attached Files:

    Lions4Eva likes this.
  14. Lions4Eva

    Lions4Eva Well-Known Member

    Joined:
    25th Jul, 2017
    Posts:
    100
    Location:
    Melbourne
    Yes mate! Wanted to officially make the announcement once the loan had been approved (Will be done by this weekend, a few days earlier wouldn't hurt!)

    Ended up purchasing property in Oregon Avenue (Corio), for a price better than I expected. Really excited at this opportunity as this is my first property I have ever bought! Would like to say thanks to everybody in this forum for their constructive words, especially to @Dave3214 who I listened to very carefully.
     
    David Shih, ashaarrh, josh123 and 4 others like this.
  15. Lions4Eva

    Lions4Eva Well-Known Member

    Joined:
    25th Jul, 2017
    Posts:
    100
    Location:
    Melbourne
    This is the beginning of my journey though, so I will still be sticking to this forum like glue! :D

    I am only 23 and I feel pretty bloody accomplished, but as said above I am just getting started.
     
    Magnet, josh123, mitsui and 1 other person like this.
  16. MikeyBallarat

    MikeyBallarat Well-Known Member

    Joined:
    26th Aug, 2016
    Posts:
    678
    Location:
    Ballarat East
    Congrats mate! *high five*

    Nice to see another young bloke get into property investing. Come make your way down to one of the meet ups if you can!
     
    Lions4Eva likes this.
  17. MikeyBallarat

    MikeyBallarat Well-Known Member

    Joined:
    26th Aug, 2016
    Posts:
    678
    Location:
    Ballarat East
    I would love for this part of Geelong's waterfront to be redeveloped. It's already got a train station and lovely period homes along the waterfront strip, and as you're facing Geelong CBD, the views from there are incredible.
     
    Dave3214 likes this.
  18. Dave3214

    Dave3214 Well-Known Member

    Joined:
    11th Oct, 2015
    Posts:
    277
    Location:
    Norlane
    Well done Lions....i can say that where the Oregon property is, it's a very nice quiet area....the surrounding houses all had neat, tidy lawns, and gardens etc. Close to Corio Village and the medical precinct, i know the house will need a little work, but considering it's amenity i do think it's hard to go past. There's not much anymore that's well under the $300K mark nowadays, and i reckon as Melbourne's prices rise, and particularly travel times increase for their outer suburbs, perhaps the idea of living in a city like Geelong where commute times locally are much quicker, and just about everything exists that you could want (apart from a Mongolian barbecue restaurant) will become much more appreciated by future residents.

    You've done well, at 23 y/o, when you're my age (49) you'll be dominating. I'll always regret my foolishness with my money for the 20-odd years of working life i wasted, but at least even at age 42 when i got my PPR in Dunloe, it's small but important rise in capital growth has helped me out big time. Time will be your best asset...Good stuff!
     
    Lions4Eva likes this.
  19. ashaarrh

    ashaarrh Well-Known Member

    Joined:
    30th Mar, 2017
    Posts:
    75
    Location:
    Melbourne
    Congrats @Lions4Eva! That's an amazing achievement at 23. I purchased my first at 25, currently 26 and shopping for my 2nd hopefully.

    Mind sharing some of the details/numbers of your purchase? Purchase price, block size, bedrooms, expected rental return etc

    Agree with @G TOWN that it's good to see other young fellows in the game. Mind me asking how old you are yourself? I may need to get down to a meet also!
     
    Lions4Eva likes this.
  20. josh123

    josh123 Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    166
    Location:
    sydney
    I thought it was that property. Well done mate!
     
    Lions4Eva likes this.