I am looking at investing in properties in northern Geelong (Corio, Nth Shore, etc). Although some of these places have a bad rep, my line of thinking goes:
* Geelong is increasingly becoming a commuter town for Melbourne
* These suburbs are on the Melbourne side of Geelong- quicker access to/from city and more train services, meaning they will increasingly be sought after.
* You could still pick up an old Housing Commission house fairly cheap. Even private sales in that area would be lower price than rest of Geelong.So two questions: Is the area really "That Bad", and how do people think the Geelong Bypass will affect the potential of this area?
My concern as I was thinking of buying around Corio is that Ford is a major employer in that area and with the downturn in the economy Ford may shed staff and thus affect the housing prices in the area.
I do not think the By-Pass will have any effect as the main highway doesn't go through the main shopping area in the town of Geelong now so it will not be much different except for the fast food shops and petrol stations on the main highway losing customers.
Geelong has Deakin University and also has a large population
Have you driven into Melbourne from Geelong in Peak Hour?
You get a good run until you reach the grid lock when you reach the Western Ring Road into Melbourne.Hi MisterMarcus,
Interesting questions you ask. Not to disregard Duckster’s comments but sometimes locals don’t see the investment opportunities in their own neighbourhood because their too emotionally attached to the area, maybe the better question it to ask the median rental yield and the management cost for a rental property in the area.
1) If property prices drop due to unemployment, when the likelihood is rental with strengthen
2) If prices drop and you have the capital then you can hedge your “nominal” loss buy buying in again or other have an option in place.First thing you should consider is to unlock your equity, before credit policies tighten too much which will give you the opportunity to bargain at those private sale, Whereby, you can quicken settlement timeframes and earn a better price.
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