Hi all
I have decided this is the year for me to start investing in property. I have held out for over a year and read many posts in these forums. They have all helped me out greatly with excellent points on what to look for ect. . My question now is should I buy a unit in Melb or should I go for a house for similar money in the Geelong area? I am wondering if anyone can guide me to any good locations in Geelong? I am not familiar as yet with suburbs in the Geelong area. I have a small deposit and my home loan has been paid off. Any feedback appreciated.
cheers
Mothy.It really depends what you are looking for.
If it is capital grwoth, and that is what creates true wealth, then you will find areas with better histories of strong long term capital growth in the inner south east and bayside Melbourne than in Geelong.
But not every suburb will do well and not every property will do well in the good suburbs.
Do your research, buy below market price and add value – these will all addd to your capital growth
Michael Yardney
METROPOLE PROPERTIES
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FREE subscription http://www.PropertyUpdate.com.auI’m geelong born and bred so if you ever need advice on suburbs and such, I’m your girl! I’ve been interested in property for a number of years but being only 18 and just starting uni, I’m putting of my investing dreams until i have enough knowledge and capital. If you need further advice than what I give here, send me an email.
If looking to rent out, avoid suburbs like Corio; Norlane and Whittington. I’ve lived in Corio and have friends in Norlane and they are the lower-class areas where there is a greater chance of your property being trashed. However in these areas you can get some really cheap properties – my mum has managed to get four below $100’000 but it usually involves knowing the owner and making an offer when they are desperate, such as during a divorce or if someones parent dies.
Geelong West is recommended. The houses are small but its within walking distance of the CBD and is rather close to the waterfront uni. There is another campus out at Waurn Ponds. I’m a student there and you can advertise (i think for free) on the student association database which could help you reach more people.
In terms of capital gains the markets sort of flat – i think prices have declined in some areas. Prices are rising in the corio and norlane areas though, which is odd, and you can make an okayish profit by renovating and reselling however its a lot of hard work for small gain.
Grovedale is a place I’ve been eyeing off. Its got pretty good infrastructure and the prices are between $200-$300’000. It might seem like a lot but these are rented out at good (by my standard) rates. Its 10-15 minutes from the surf beach, yet close to the shopping centre and the uni. Its also close enough to town. Look up maps online. Belmont appears to be a good area as well.
Theres out on the peninsula as well – places like Ocean Grove and Drysdale might be worth looking at.
Some Geelong-ians may disagree but im discussing this from a tenants point of view. I hear at school and uni of peoples renting stories and have also been researching pretty heavily.
Pretty much a cheaper house usually equals cheaper rent so do your research
happy hunting.
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