VIC Thoughts on these Corio / Norlane Properties

I can't help but notice that most of your questions are asking about the future, and all I can say is I don't have a crystal ball...if you ask 100 people they will all likely to give you different answers.

What you should be asking are the present tense questions, such as:
- How much would this property rent, and what would be the gross yield?
- What are the recent comparable properties that have been sold for?
- What sort of demographics lives here and what are the vacancy rate, so I can determine the type of renters and rental demand?

Investing is not about speculating - it's about finding a deal based on current/historic information that you can gather, so my suggestion would be to ask more present tense questions and I'm sure there'll be more forumites who are able to help.

If you've already bought it then what's done is already done - no point asking whether you paid too much as you cannot change the past. But I'm sure there'll be a lesson or two that you get out of this purchase? Use it towards the next purchase and then you'll be well on your A game

 

Catching up on Geelong threads now and saw this - @G TOWN good initiative and I'm sure there are plenty of others who are interested! Time to do up a post in the Networking & Meetup section?

 

I'm about to buy a corner block in Norlane with the plan to subdivided and build so have been reading the H&L posts with interest. It shows each persons path to the enlightened investment land takes many different routes.

For me, if I buy land for $300k, I have the holding costs of that until I build a house so I need to build straight away or I won't have any spare money for smashed avo breakfasts. No capital growth, just the difference between the build and the end value. I've made little $50k and $100k's before and it doesn't make you wealthy or else I'd be on a cruise now with someone feeding me grapes, not on my computer at home at 5am.

With this property in Norlane (terrible name, sounds like an old girlfriend. They can put "New" in front of it, but it's still Norlane), I do my daggy old house up a little and put a tenant in who pays me some nice holding costs money. I go and do something else with my life instead of reading forums, and come back in 2020 and do the numbers. If they don't stack up to build I go away, cool my jets, and come back again and check. At some stage if there's capital growth in the area, it will add up and I'll have options to build, sell one or both or keep holding. This one is being put in my portfolio for debt reduction around 2025 but as my future goggles are broken I don't know if I'll be paying hundreds of thousands off my debt that year or $10.

 

with the way properties are getting sold in Corio and Norane,i wonder if the bad pockets wont be as bad pockets for much longer.

 

Over 100 lots just sold, or a couple left maybe, at the new estate (Flinders Park) in Corio, so the area is on the rise. When you consider it's a direct 45 minute drive to Melbourne CBD, it represents good value ($150k, and some well below that) compared to comparable new estates. By the time these title in 2018 expect a good 30% increase in value instantly.

 

must not be that bad seeing it got sold for 330 today! hey guys whats the difference off perspective between norlane and corio? is corio considered nicer or more rough?

 

I don't have a ton of insight into this @Steve90 but from my driving around these areas, it looked like the rougher areas had the same appearance in both these suburbs, but Corio's nicer parts were nicer in comparison.

 

some more good news for Geelong
Canberra to Geelong: Comcare bid in decentralisation carve up

 

What do people think about this? 27 Georgia Grove Corio Vic 3214 - House for Sale #126412582 - realestate.com.au

Burnt badly, here is the original article that connects to this property (I think)
No Cookies | Geelong Advertiser

155-170k on the statement of info....Obviously lots of money will need to be sunk into this house for a make over or total demolition.

 

That's a demo mate.....add the cost of the demo, stamp duty, holding costs for at least a year for subdivision...new construction costs and determine if the numbers work for two new townhouses... good luck.

 

How is everyone's experience with RE agents in Geelong? I feel like one agency is particular who happens to have a lot of properties listed with them, are not so great to deal with. No response to emails, if shown interest over the phone in a property, not much interest shown back , not even getting to the stage of discussing numbers and a lot of other things like that.
In all not very approachable. It just makes everything very difficult.
Whereas the experience with every other RE agency in Geelong has been nothing but lovely.

 

I can't really get it to work unless you get 4 on the site

 

Ok

 

That is quite helpful. Thanks heaps.

 

I've noticed there are a few properties around Corio/Norlane around the $270-320k mark.

With my budget of up to around $450k, is there a particular suburb or pocket in the Geelong area people would suggest to look towards? My goal is capital growth and I figured the higher my outlay/purchase price the greater the return will be (hopefully) from a $ perspective relatively speaking.

I briefly looked at North Geelong but there doesn't seem to be much stock on the market, and proper/east/west Geelong all seem to be well above my budget

 

The RGZ would be a no-brainer I'd imagine.

 

May i know why?
Can U plz elaborate?
Since I'm planning to buy another one in these areas n might go for RGZ

 

Stuff Corio/Norlane everyone.

Buy this and put a houseboat on it for 65k 34 Mitchell river flats road Bairnsdale Vic 3875 - Residential Land for Sale #201374614 - realestate.com.au

Trust me people will want a boat change soon enough. If the land ever floods the house will just float. Problem solved. Much much better than buying in Corio/Norlane.

 

Long and short, developers love the RGZ and pay more for properties in this zone because of the greater potential to make $$. Read through this one pager - https://www.planning.vic.gov.au/__data/assets/pdf_file/0017/32129/Residential-Growth-Zone_Web.pdf. If you're buying into the Corio/Norlane areas, might as well buy in the RGZ and reap the benefits later.

 

Yes plenty of RGZ in Corio, and also a section in Bell Park near the North Geelong secondary college.