Bendigo vs Horsham vs Corio

[ILoveProperty]

That's the shell refinery. Go West from there, across the Princes Highway.

 

[tubs]

From today's Geelong paper alone...

http://www.geelongadvertiser.com.au/article/2007/09/11/6753_news.html

http://www.geelongadvertiser.com.au/article/2007/09/11/6766_news.html

 

[tiger]

Thanks tubs
Again, not all that different from my local news. We get drive bys here all the time, have I ever seen one? Nope
If I choose Corio, I'll be finding a nice quiet spot (if it exists).

In other news Im heading to Vic at the end of the month to look around these 3 areas!
It will be on the long weekend so not alot will be open unfortunately, but are there any tips you can give on what to look for?
We plan on just driving around the streets, looking in real estate agents windows, picking up local papers and talking to locals.

 

[grizzly_1]

Corio is definatley majority a rough area. i wouldnt be buying any of their 150k properties but you can get into some of the better parts of corio for 190-210k. Some decent houses there but not 100% sure of the best areas sorry. but even better still go for bell park or bell post hill or somewhere like that but will be stretching your budget to 200k

 

[tiger]

I've pretty much crossed Corio off my list. I could stay in Sydney in a rough area for a bit more, why move interstate to do that..

Thanks all

 

[Bandita]

Hi Tiger - what's your max budget? There are some areas closer to Melbourne that fall into low 200ks area that aren't considered as rough....especially in the North (Melton, Subury, Craigieburn, Roxburgh Park, South Morang, Epping, for a start) - range between 20-30km from CBD, all with transport (either train or V-line train).

Cheers,
Jen

 

[tiger]

Budget is under 200k
We could go up to 220k or so but really dont want to on a first purchase. We'd like some room to save quite a bit for our next purchase and our incomes aren't huge.
Also dont want to borrow a large % - if we go for a 170k house then we'll have probably 15% deposit. Anything higher than that and our deposit will be hovering at the 10% mark.

Would love to pick up a house for 180k or even less although i know that will be bottom end of the market almost anywhere.

Definitely looking at Melton as a serious contender. Not familiar with those other areas you mentioned although I've had many Melbournians tell me how "crap" the north is in terms of crime and types of residents.. actually didnt really expect to get any closer to the city then Melton though for under 200k.

 

[Bandita]

Definitely looking at Melton as a serious contender. Not familiar with those other areas you mentioned although I've had many Melbournians tell me how "crap" the north is in terms of crime and types of residents.. actually didnt really expect to get any closer to the city then Melton though for under 200k.

Some areas are, some areas are perfectly fine - all the suburbs I mentioned I'm sure you'll feel safe in (i feel safe there, and I'm picky ). They are all developing areas with lots of first home buyers moving in and building houses, similar to Melton.

Here's a search on Craigieburn for houses under $210k:

http://www.realestate.com.au/cgi-bi...minbed=&maxbed=&parking=&minlandsize=&m=&p=10


Or if you're looking as far out west as Corio, you could stick with the west and look at surburbs much closer to the city (~25km) with city loops trains and heaps of infrastructure:

Hoppers Crossing (under 200k):
http://www.realestate.com.au/cgi-bi...minbed=&maxbed=&parking=&minlandsize=&m=&p=10


Werribee (under $200k):
http://www.realestate.com.au/cgi-bi...minbed=&maxbed=&parking=&minlandsize=&m=&p=10


I would pick any those suburbs to live in over Corio anyday.

Cheers,
Jen

 

[tiger]

I've been told that Werribee stinks, literally. Like there is a horrible lingering smell there.
Is that true? and if so, how far does it extend?

Re.com.au are tricky. Those searches you did (which I did myself too) come up mostly with houses that are unpriced, auction houses and houses without land. Its deceiving!

 

[Bandita]

I've been told that Werribee stinks, literally. Like there is a horrible lingering smell there.
Is that true? and if so, how far does it extend?

Hmmm, I've been to Werribee a few times to visit family and never smelled anything? But I don't know - maybe during some seasons or closer to the water? On the otherhand, when you're driving over the Western Ringroad past Sunshine - that stinks! Awful smell, but never smelled that in Werribee. Saying that, I would personally probably choose Hoppers Crossing over Werribee, although you will probably find more properties under $200k in Werribee.

Re.com.au are tricky. Those searches you did (which I did myself too) come up mostly with houses that are unpriced, auction houses and houses without land. Its deceiving!

After you do your search, in the left side, click on houses, then resubmit. If you keep changing the max price, you'll see houses appearing and disappearing and that should give you an idea of there price range.

To give you an idea of prices in the area, here's last weeks sales results for Werribee and Hoppers (Geoff works at the Chemist Warehouse in Hoppers by the way, so I know that area slightly better).

Hoppers Crossing:
$200,000 - Private Sale - Virgilia Dr, BV, 5rm, strata (Agent John Kontek)
$225,000 - Private Sale - Bethany Rd, BV, 5rm, 650m2 (John Kontek)
$230,000 - Private Sale - Baggott Dr, BV, 5rm, 537m2 (Barry Plant)
$243,000 - Private Sale - Thistle Cl, BV, 6rm, 700m2 (John Kontek)
$243,000 - Private Sale - Bellbridge Dr, BV, 6rm, 592m2 (Barry Plant)

Werribee:
$194,500 - Private Sale - Niara Way, BV, 531m2 (Barry Plant)
$210,000 - Private Sale - Acheron St, BV, 597m2 (McNaughton)
$225,000 - Private Sale - Karinya Cl, BV, 7rm, 540m2 (McNaughton)
$229,250 - Private Sale - Egan Cl, Bv, 5rm, 377m2 (Barry Plant)

Cheers,
Jen

 

[tiger]

Thanks Jen

Hoppers sounds great but seems out of our price range
Since we are buying next year I imagine prices will probably be higher then too.

Hmm you've opened up yet another can of worms for me now
Firstly I was looking way out at Horsham and Bendigo, then I started moving into Ballarat, then Melton, now Im getting closer to Melbourne.

What to do, what to do!

Now need to decide if investing in regional Vic is better for the long term or buying in the very outer suburbs of Melbourne.

 

[our obsession]

Tiger:

Now need to decide if investing in regional Vic is better for the long term or buying in the very outer suburbs of Melbourne.

.....and this is quite interesting:

Historical growth patterns how do they compare regional vs metro?

North Melbourne: Change from 94-05: 162%

Ballarat: ........153%

Beaumaris: .....152%

Bendigo:.........138%

East Melbourne:............269%

Port Fairy:................205%

Carlton:..............114% as opposed to the likes of a Horsham:..........88%

Median House Price for Carlton was in 2005: $460,500.......MHP for Horsham 2005: $155,000........I can possibly buy myself 3 x IP's and possibly if I'm shopping well get some good dirt inclusive with that to wack up another one or two, three IP's...not bad bang for my buck? What have I missed?

Craigieburn: ......130%.......Castlemaine:.........180%: Craigieburn's MHP 2005: $238,000..............Castlemaine's: $210,000

Moonee Ponds:..............171%.........Mortlake:.........182%


Hampton:........220%.............Hall's Gap:........227%


Georgie Pilcher from Herald-Sun did a story about the city feeding the rural boom (Wed 12th Sept. 07):

In it she talks about the population growth in country areas (VIC North) doubling...over the past 5 years.

Labor markets very healthy, employment growth well above our national average...and the past two years rural Vic growing twice as fast as NSW

The places mentioned include Benalla, Shepparton, Yarrawonga...Wimmera Mallee: this region's population growth has doubled over past five years...(he he remember when Bernard Salt called Horsham boring and flat he had never been there!)...try and get yourself a builder in Horsham..

Tony Pearson from (ANZ Head of Australian Economics), finishes by saying :

"There has been a lot written about rural and regional Victoria which focuses on the downside of the drought, and you get the impression once you leave the outskirts of Melbourne you are into recession land.

Nothing could be further from the truth."

Pearson predicts rising rural incomes over next 12 months would also add to growth..

(So true, from the frought aspect alone, there are southern farmers and business people lining up to procure Wimmera Mallee land...it's great farmland-they can purchase it at relatively cheaper prices than what they could in their own neck of the woods).

Large part of the expansion and growth in the regional towns and cities has been tree changers. Seriously, given the choice would you like to live in an area (that has good infrastructure), but less density of population, some wide open spaces and raise your kids in the country....?

It is a very interesting comparison...investing in metro or the bush

 

[tiger]

Kids will be raised in Sydney, when we move back here
This first purchase is #1 for investment for future purchases (hence good CG is needed) and #2 to live in in the meantime.

Thanks for the stats

 

[Bandita]

Hi Tiger,

If it's predominately CG's your after, just to spin your head a bit more , last Sunday the Domain Property Review released thier growth predictions for all suburbs in Melbourne (on a 5 star scale) - I can't find Bendigo or Horsham, but here's some othe suburbs you've been looking at or have been suggested:

Corio - 1 star (houses), units n/a
Franston - 1 star (houses), 1 star (units)
Franskton North - 1 star (houses), units n/a
Melton - 2 star (houses), units n/a
Melton South - 2 star (houses), units n/a
Hoppers Crossing - 2 star (houses), 3 star (units)
Werribee - 3 star (houses), units n/a
Craigieburn - 3 star (houses), units n/a
Sunbury - 3 star (houses), units n/a
Epping - 3 star (houses), 4 star (units)
Roxburgh Park - 5 star (houses), units n/a

Cheers,
Jen

 

[brisbane 04]

Hi I like Bendigo.You can still get rental returns of 6%.Capital growth has been flat for a while now but I'm hoping for improvement following Melbourne recent gains.The water problem has been eased somewhat with the new pipeline.Hosuews are still pretty affordable in my view ie You can purchase a 3 bedroom brick veneer in pretty good condition in a good area for $205000 to rent for $230 per week.Keep in mind I live here and invest here everybody.
Regards Martin

 

[units4me]

I think that you're much better off in the long (and short) run in a strong regional area over an outer suburb. Especially if you plan to live there.

 

[tiger]

I think that you're much better off in the long (and short) run in a strong regional area over an outer suburb. Especially if you plan to live there.

Hmm interesting
So you'd take Bendigo over Wonthaggi or Melton?

 

[units4me]

I don't think you would go wrong with Bendigo or Wonthaggi.

 

[tiger]

I don't think you would go wrong with Bendigo or Wonthaggi.

Great, can you elaborate a bit as to why you think that?

 

[units4me]

I just don't view the outer suburbs/estates as a great place to invest, due to the constant additional housing being built, many of which go straight onto rental lists. Also many without good access/amenities could look pretty ordinary in 10 yrs time.