VIC Thoughts on these Corio / Norlane Properties

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

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  1. ashaarrh

    ashaarrh Well-Known Member

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    There doesn't appear to be much in the RGZ for sale at this stage unfortunately, not in Corio/Norlane anyway
     
  2. Westie

    Westie Well-Known Member

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    Isn't 3 Canadian Pde, Corio still on the market?
     
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  3. Richard Taylor

    Richard Taylor Well-Known Member

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  4. Lions4Eva

    Lions4Eva Well-Known Member

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    Noticing more properties in this area are selling on the market[​IMG]
     
  5. ashaarrh

    ashaarrh Well-Known Member

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    I did see this one but noticed it's only a 390 sq block. For the same price (or $10k more) you can pick up something similar in a different pocket of Corio on a 600ish sq block.
    While the house on the bigger block might not be in the RGZ I would have thought in 5-10 years time it would be worth more given it would have more development potential than 3 Canadian
     
  6. Westie

    Westie Well-Known Member

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    I agree with you.
     
  7. David Shih

    David Shih Mortgage Broker Business Member

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    For budget up to $450K North Geelong would be my pick, but as you said there aren't much available stock.

    You can also keep an eye out on the following suburbs: Bell Park, Bell Post Hill, Breakwater and Newcomb. Again seems like stocks are very limited across the board, which is another reason why Geelong prices keep going up.

    The other option is to buy a block of land and arrange the new build yourself which seems to be the latest niche in making CG in VIC :)
     
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  8. ashaarrh

    ashaarrh Well-Known Member

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    Appreciate the pointers. Just took a look and noticed a few properties in the Bell Post/Park areas for that price range.

    What is Princess Rd in Corio like? In particular the part between Purnell rd and Goldsworthy rd. It looks like a fairly major road so curious to hear on how busy it is around there and whether people would consider buying an investment there as it is part of the RGZ.

    Going to make the trek down to Geelong this Saturday to check out a few inspections and get a feel for the area. If any of the locals are around and free I'd be keen to catch up for a coffee or lunch while I'm down!
     
  9. is_don_is_good

    is_don_is_good Well-Known Member

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  10. Dave3214

    Dave3214 Well-Known Member

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    That's next door to my Aunts old house going back in the 70's and '80s. Always enjoyed watching and listening to the trains back then, although nowadays i guess one will have to accept that you are indeed across the road from one of the busiest train lines in the state, the Geelong/Melbourne line, and also this station is just before the junction which is the standard rail gauge that takes heavy and long goods trains (And the Overland) from North Shore before it branches off under the Separation St bridge en route to Adelaide.

    Now, the price for this though is about the same price wanted for this empty block of land in Warrawee Cres near the Alkira Ave shops...here...

    4 Warrawee Avenue Norlane Vic 3214 - Residential Land for Sale #201919574 - realestate.com.au

    The large blocks on Station St do lend themselves to multi-unit developments, there's a fair few already in place, at Numbers 3, 67 and 69....with a couple more possible at Number 47, and maybe even the recently sold 11. I will admit though it's an area which is not particularly appealing streetscape-wise, you have an assortment of run-down houses on the odd-numbered side, and you have a stark view of the station, train tracks, industry in the distance, and when the businesses start along the even numbered side of Station St, several are car wreckers and other less than sightly places which do have their fair share of graffiti on them.

    But being close to the station there is a high possibility of multi-unit sub divisions, so perhaps getting a steady stream of rental income while maybe being able to sell off smaller blocks could be a profitable exercise. Mostly these units are 1-2 bedroom ones, which tend to have been sold for about the 220K mark for the 1's, and say 270K for the 2's. Not sure of the build costs, but across several it could be worthwhile.

    I will also say, that the North Shore station is going to get a bit of an upgrade for buses as well soon, and it's a station that now is used a lot more often than it's more desolate northern neighbor Corio, which tends to have trains only stop there every two hours.
     
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  11. Moses

    Moses Active Member

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    Been at this property.. Needs lot of work..
    It's not been tenanted from last 18 months.. Or needs to be completely demolished to build at the back.
     
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  12. is_don_is_good

    is_don_is_good Well-Known Member

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    Thanks for the great local knowledge.
     
  13. JPMedia

    JPMedia New Member

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    507 Thomspson Road Norlane West (2 bedroom) sold last month for just under 342K , the same property was less then 200k only a few years ago , Norlane West is on the way up , people are seeing the value , and the relatively accessible proximity , (Just north or Norlane West - Bell Post Hill ) is also doing very well and there might be some spillover here
     
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  14. PropertyExtraordinaire

    PropertyExtraordinaire Member

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    This thread will go down as one of the greatest mistakes when the bust happens.

    Hint: It is happening right now - look at the sydney/melb/brisbane data.

    Hint 2: It is about to get much worse - rates are about to rise and Corio/Norlane will be destroyed.
     
  15. craigc

    craigc Well-Known Member

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    Perhaps put your crash forecasts in the estimate of where location growth will be in 12 months thread and see how close you are.
     
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  16. Dave3214

    Dave3214 Well-Known Member

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    Is it possible to have a mega-like? :)

    That's quite a nice and relatively rare for the area 'clinker brick' place, but that's an impressive price for Thommo Rd, a busy arterial for sure. I do agree that with the newer places of Lovely Banks just over the road on Anakie Rd, and the BellPost shopping centre (which geographically is Norlane West anyway)....and the imminent opening of both Aldi and Cheap as Chips along Anakie Rd just before the train line, Norlane West has the same amenities as Bell Post Hill, maybe just not the views.

    I love it, been there over 7 years, and i'm just 12 or so minutes away from two of my brothers and a mate who all live in Highton, the ring road is very proximate to all of our places. The establishment of the new Phalaris Park estate just in the triangle of land between the Ring Road, Matthews Rd and Goldsworthy Rd may also be a driver, as Norlane West will suddenly be sandwiched between four areas of higher value, Bell Park, Lovely Banks, Bell Post Hill and this new estate. There has to be a bit of spillover to some extent.
     
  17. Dave3214

    Dave3214 Well-Known Member

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    They'd need to rise quite a lot to make my $1300 per month mortgage unaffordable. I probably pay less on the mortgage than it would cost to rent a modern 3-bedder anyway.
     
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  18. Michelle Evans

    Michelle Evans Well-Known Member

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    Just thought I'd put it out there- we manage properties across the area (Corio, Norlane, Bell Post Hill). Some of our owners have subdivided, built the second unit, sold off - made a killing, and kept the rent coming in at the same time from the original property. It's a good market if you can get something big enough at the right price. (happy to provide rental appraisals on anything you might be considering)
     
  19. DylanNgo

    DylanNgo Member

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  20. Dave3214

    Dave3214 Well-Known Member

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    On the plus side it appears to be fully renovated and therefore should not require any real expenditure to have it ready for renting. It's in a handy spot, Barcelona runs easily to either the Ring Road or Princes Hwy and there's shops aplenty with Corio Village, BellPost and the brand new Bell Park Plaza with an Aldi and Cheap as Chips which only opened in late October. Being a 4-bedder, i'd venture to say the rental would be over $300 a week.

    Downside is that it's priced probably at a point which approximates say a Bell Post Hill property, although it's essentially in the same area minus the hills in a way. $390K is a lot more now than probably two years ago when at that stage $300K was a bit of a rubicon for Norlane West properties. But we're even seeing $350K's, $360K's now for places on the East side of Norlane, which is the more commission house orientated area, so the market has moved appreciably in this time.

    I guess being a 4-bedder it's going to be a touch more, one bathroom might be a little annoying when many newer places (This would be a 70's brick place, looks like it's been rendered now) would have two. And speaking from the perspective of someone who lives quite close to this place (Dunloe Ave) i'd say the growth in the last 2-3 years would mean future growth will be conditional on what happens in the Geelong market to come. At $390K other suburbs come into consideration, such as Breakwater, Whittington, Corio of course and maybe even entry level in Newcomb and Grovedale.

    I can honestly say though that it's a relatively quiet street, with most houses in Barcelona Ave looking quite neat, there's a significant European demographic around this area, and they tend to keep their places neat and tidy. There is also the proposed Phalaris Park estate which is being developed now, just nearby in the wedge between Matthews Rd and the Ring Road, these new places nearby may also help with values in the existing areas too.

    FWIW, my 3-1-1 build in 2010 on a half-size block in Dunloe was valued at $315K in March '17, and it's getting to the point where a good conditioned house in this area is certainly over the $350K mark. You're not probably paying overs, but it's in the upper reaches of many places in this area.

    Here's a snapshot of some places close by and sold prices FYI...

    20 Donnybrook Road, Norlane, Vic 3214 - Property Details

    Hope this info helps anyway....good luck with your purchase. Geelong's still a lot less than Melbourne, and certainly as far as access goes, Barcelona is an easy place to commute to/from anywhere in the Geelong area, and there's lots of shops and amenities nearby.
     
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