Hi, I am looking for an investment property in the Geelong region and have about $250-$270 to spend. Past advice has been to avoid areas like Corio and Norlane, but that advice seems to be from around 2010. Is this still the case? My thoughts are to look towards South Geelong as better investments and rental return? Does anyone have any thoughts on which suburbs are currently a good investment? Your help is much appreciated.
Hi Carolyn,
why are you asking about Geelong? Is it because you live there or grew up there? If so you probably have some good local knowledge about the area. If you live in the area then that's a good starting point, because if you are happy to live there, then so will other similar people.
Have you gone for a drive around those areas? If not, its a good way to get a feel for the area, see how much development is going on, and see how people treat their suburb. Call the local planning office at the council. Also, look at real estate sites for past sales history and price trends.
The more popular property investing magazines also have data in them every month that covers every suburb, so for under ten dollars, a read of a few of those will help you narrow your search.
Also, what's your planned structure? Is $270K your deposit plus costs, or your total price?
regards
Mark
Geelong is a great investment area I would say- that is my opinion. If you have up to $270K to spend- then look at where you can spend that sort of money. Will $270K get you something in Geelong South? Probably not -so go to Norlane and Corio then. I know someone who has invested in these areas- property prices have continued to rise – his properties are cash flow positive now…. after not too many years.
Do your research and listen to your own advice- if you listen to everyone else you will end up with analysis paralysis…..Geelong is a great incestment area. We have a few clients who have recently bought in corio,with rental returns being very high compared to what you get in Melbourne. Corio/ Norlane are significantly undervalued and its only a matter of time till they go up in value.
Yes, of course- Geelong is good buying. Corio and Norlane are on the Melbourne side of Geelong. Mark is right and so is Gameplan.
Did you end up buying anything?What are the good streets in Corio? I’ve heard that I should avoid Fairbairn ? Avenue.
A drive around the area will reveal all is my suggestion.
Yes avoid Fairbairn Drive area. Corio is great for investment. It is certainly my strong prefetence over Norlane as it has better facilities (shopping centre etc) than Norlane. Norlane has too much of that scabby little strip of shops thing going on for my liking.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Take a drive, use your eyes and you will learn useful things such as which streets have one too many sofas on the front porch, or which streets have too many units. Talk to some local realestate agents to find out what kinds of properties are in most demand, and monitor how long things take to disappear from the rental offerings on http://www.realestate.com.au
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Hi All,
I'm currently looking at investing in Geelong at the moment.
I was just wondering if anyone has any agents they could recommend speaking to in the Geelong area?
Thanks
Alexia
Wayne Davidson from victims realestate recently sold me a house in corio.
Buxton realestate
Thanks Caprivik for your quick response.
I've been looking at Corio or Norlane as my budget is under 250 mark.
I've also beening looking at units closers to the CBD eg Bell Park, Herne Hill, Belmont but the rental return isn't as high as other suburbs further out.I'll give thoses agents a call and we'll go from there I guess
Thanks
Alexia
Caprivik – what do you mean”victims” real estate? Do you think he ripped you off?
Yes, Corio has a shopping centre- and lots of those housing commission type houses going on- there are parts I guess that are ok – ish.
Norlane – some parts again ok- I was impressed with the parts with streets named after birds- “Swallow” and “Dove”.. Old Dept of Housing type houses but tidy. Last time I looked other side of the Freeway- Melbourne side was where those boarded up strip shops were.
Mind you – I used to think this about Fairfield, and Thornbury- how sad is this with all the boarded up shops – now it is some of the most expensive real estate in Melbourne… and Yep- used to be a lot of ne-er do gooders there too…………..Sorry auto correct on the phone. I meant buxton. He’s very good with the corio area.
That’s funny! I thought you were having a go at them!
You really shouldn’t turn your nose up at a suburb due to its stigma. I have made it my business to get to know Geelong very well, spending each weekend and some weeknights here, talking to lots of agents and tenants, attending loads of opens to understand demand. And visit shopping areas to understand the demographic. There really is no ignoring Corio. PM me if you want more info on geelong and which property managers to definitely avoid
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
WomeninPropMelb wrote:Caprivik – what do you mean"victims" real estate? Do you think he ripped you off? Yes, Corio has a shopping centre- and lots of those housing commission type houses going on- there are parts I guess that are ok – ish. Norlane – some parts again ok- I was impressed with the parts with streets named after birds- "Swallow" and "Dove"..I believe that part of Norlane is nicknamed "the Birdcage" by the local cops!
Speaking to a local and he said this layoff Ford is doing will really effect Corio. It might pay to watch it for a while.
JacM I am so with you. I would love to know more about Geelong and what you know. I will PM you. I think Geelong is a good place to invest – even more so now with the “lay offs”- yes definitely one to watch.
Not with the stigma thing or anything – but I dont think rental will be affected in this area – Centrelink is still at work.I like the Bird cage thing too!
I know in Altona there is a “bird cage”… again where the streets are named after birds.
I have thought Geelong for quite some time- and it is so nice how they have improved the fore shore.
Yep – drive around the shopping centre.
Oh, BTW- I live in one of those “lower demographic areas” in Melbourne….. prices here are still going up………….
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