Geelong opinions

I've been lurking for a while and posting once in a while for the last couple of years.

I'm looking at the Geelong area for some quality buy and hold units or houses. My strategy is buy and hold close to amenities in capital or major cities. I'm happy to hold slightly negatively geared properties if there is CG potential.

I'm doing some research prior to visiting and having a look around. I'm looking to spend around $375k max.

I've read many posts here on areas within Geelong. Purely based on online research I'm comfortable with Newtown, Bell Park, Hamlyn Heights, East geelong areas.

What do people think of these areas. Is East Geelong around St Albans Rd, Garden street sort of area any good or are there any pockets i should avoid?

I'm hoping people that live in or know the area can provide their thoughts. Any thoughts/suggestions would be much appreciated.

Thanks
 
Most of the houses around St Albans Rd and Garden are weather board heritage and probably cost more than $350k. Used to live at 5 St Albans Rd. Bit of traffic but fantastic liveability. Shops etc. If you can afford it I would buy in one of the quieter streets behind St Albans. Thear, Loch and others. Have not been there for 3 years so not up on prices, just ideas.
 
Hi

I was looking in West Geelong over a year ago, but found that demand was around 69 people looking per property so pulled out of the market. I suggest you check out the demand ratios via the suburb reports on realestate.com.au. They are a pretty good 'real time' indicator.

Regards

Jennifer
NQ Buyers Agent
www.facebook.com/NqBuyersAgent
 
Thanks a lot for your suggestions. I'll definitely look into it.

I'm fortunate enough to have $130k in equity available ready to go.

Any concerns over potential Ford or Holden closure. What is the economy like?

I'll call the council/chamber of commerce tomorrow.

Thanks
Srini
 
I've had a look at Geelong & surrounds for a few years now and have always been concerned with the state of Ford so have given it a miss.

And today it's come to pass..........FORD is CLOSING in Geelong & Broadmeadows 2016 :(

Keep an eye on the news for a press conference soon.
[edit] Just heard the press conference will be about 10.45am
 
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Given the Ford decision, I would take any decision on Geelng and surrounds off the table. Having worked at Ford frm 1999-2003, the impact that is has on the local economy is more than even most people think. The psychological impact is going to be substantial. Even though there is 3 years before the doors close and the ability for the local economy to adjust, I would still look elsewhere now.
 
Given the Ford decision, I would take any decision on Geelng and surrounds off the table. Having worked at Ford frm 1999-2003, the impact that is has on the local economy is more than even most people think. The psychological impact is going to be substantial. Even though there is 3 years before the doors close and the ability for the local economy to adjust, I would still look elsewhere now.

Couldn't agree more. Just got the economic outlook numbers from the council. Ford is the 3rd largest employer in the area. Can only imagine how many supporting industries have set-up shop in the area because of Ford.

So, I'm moving on from Geelong now.

Any suggestions on where in VIC or NSW to find neutral or slightly -ve buy and holds?
 
heard an interview on the radio, about some woman crying poor now that her husband is going to lose his job in 2016 and how they have bills and mortgage to pay, 3 YEARS AWAY!!!

She got her 15 mins !:D
 
Hi folks - 2 years on from this thread and just wondering if any of the posters ended up buying in Geelong? If so, how has growth and tenancy been, since your purchase?
 
Hi C-mac,

I buy in Hamlyn Heights 12 months ago. Hamlyn Heights is going through gentrification at the moment. Also the completion of the new super School that merged 3 Schools in to one in the area is a bonus.

I paid 330 for mine and 4 months ago a desktop value at 357

Current vacancy rate 1.04%
Rental population 22.63%
Median listing price $362,500
Median price change -2 years 7.40%

Fords closed slowly over many years.
Greater Geelong population growth for the next 20yrs more than 200,000 people.
 
I moved Geelong 9 months ago.....looking to purchase soon.. have been watching it over that time. Appears a buyers markets with stock sitting for a while, dropping before either selling or taken off. But that's top end market Im watching..so depends which market you're targeting.


For lease signs appear to be popping up often also with them sitting there for months before being leased.
 
Agree with you about Geelong with the exception of the top end...the Geeling market is warm. Once the West of Melbourne is read hot...there will be major push.

The city has good fundamentals..population increase is only one aspect. I would stop listening to the so called experts on Ford and Target. Most of the jobs have already gone....but others are coming through bringing in much more employment. I was on the ground twice..have bought in 2 estates there...here is why:

1. New Epworth hospital construction started...

2. Victoria Transport Accident Authority has relocated offices there

3. Works Compensation office may move there

4. Deaking is growing..including a construction a dorm facility for extending the medical student residences. Probably tied to Epworth's growth. If this happens more allied medical people will follow.

5. Geelong whilst having lots of land has very few new homes in proportion.

6. The number of train service to Melbourne has increase from 150 services to 250 services. Don't you think people will commute to Melbourne??

7. More planned shopping centres....Armstrong creek is the place to watch....

Hi C-mac,

I buy in Hamlyn Heights 12 months ago. Hamlyn Heights is going through gentrification at the moment. Also the completion of the new super School that merged 3 Schools in to one in the area is a bonus.

I paid 330 for mine and 4 months ago a desktop value at 357

Current vacancy rate 1.04%
Rental population 22.63%
Median listing price $362,500
Median price change -2 years 7.40%

Fords closed slowly over many years.
Greater Geelong population growth for the next 20yrs more than 200,000 people.


Agree about the top end market....the lower end (sub 450k) is very warm and will go off shortly. Also most houses in Geelong are old...new houses get better rent than Melbourne.
I moved Geelong 9 months ago.....looking to purchase soon.. have been watching it over that time. Appears a buyers markets with stock sitting for a while, dropping before either selling or taken off. But that's top end market Im watching..so depends which market you're targeting.


For lease signs appear to be popping up often also with them sitting there for months before being leased.
 
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