Geelong - Units & CG??

[Carl]

g'day all

Been reading these forums for the last few months and dont usually post as most of my answers are hidden in here somewhere!!

Finally settled on my first property this week - $300k townhouse in Queanbeyan, NSW. Suceeded in my plan to have a property by the time i was 22, and will most likely get one at the end of next year, depending on other factors of course. Will live here for a year due to all the firsthomeowner concessions (plus i am only in ACT working for 1 more year..) and then rent it out, whilst buying another property

Am back home in Geelong researching the area to hopefully help the gf find something for her investing appetitite - any suggestions where to buy something between $200k-300k in Geelong which has high probability of above normal CG?

I am currently looking at anywhere within walking distance to the CBD/bay as with possible turbulent times ahead i believe that living in the centre will produce good results. This unfortunately means that the variety of property available is much reduced, with basically only units.

Any thoughts on how unit prices in inner Geelong suburbs (geelong east/west/south/central) may fare in the future?

 

[BayView]

What are the demographic trends in the area you are looking at? If more single, or professional people are moving closer to the town centre where you wish to buy, it may be better to go for a townhouse or unit. Something with a bit of yard for land component.

If the trend is for families, then maybe look more at houses with yards, and nearer schools and shops etc (do that anyway).

What is your budget - can you afford a house?

It may be better to go with a house with subdivision potential for the future.

As a general, I think Geelong will do ok long term, as it is still cheaper than Melb, and lots of people live there and commute to the CBD.

There are good and bad areas, so research carefully.

 

[warrioress]

Hi there,

I am not in the position to buy at the moment, so haven't been researching G-town of late, however a colleague of mine has been looking to buy and I am keeping my ears open at what's available.

Walking distance to town would limit your possibilities to East & South Geelong or even my hood - Geelong West. There are bargains out there, but there are a lot of renovator's delights around. (Not sure if that's what you'd be looking for).

I think long-term anything close to the centre of Geelong would have steady CG - but are you in for the long haul?

The TAC have unofficially moved to Geelong (based in the old Gordon building on Moorabool Street) and will be looking to recruit staff in the next few months. This will bring at least 200+ professional jobs to the region.

Good luck with your search and let us know how you go.

 

[Soren Lorenson]

do a search on here mate,

there was some talk a while ago, i seem to remember a place called waurn ponds was recommended

 

[tubs]

Waurn Ponds is good I think, although growth has been slow over the last couple of years. Do a search on it.

I'm (also) in Geelong West and 2 houses sold in my street recently very quickly. 1 in 2 weeks, the other in 3. That's a good sign.

Also, check out Bell Post Hill. Houses are inexpensive, and its right next to the new ring road, which opens next year (that section does at least). This may push prices a bit.

 

[jingo]

Also, check out Bell Post Hill. Houses are inexpensive, and its right next to the new ring road, which opens next year (that section does at least). This may push prices a bit.

Bell Post Hill is very disconnected from the centre of town. I don't know what impact the new freeway will have, but there are very few ammenities in the area. I grew up in Bell Post Hill as a child. My parents sold their two story house there in 1987 for $120,000. I don't believe growth has been very good since then. You can still pick up places there for around $200,000. Whether that will change or not remains to be seen.....



Regards Jason.

 

[Carl]

thanks for your input.

Its for the gf and i believe she will be able to borrow enough for a $300k place, whether this is a weatherboard or unit. She would be able to renovate some to an extent, but looking at some of the properties advertised, there are some poor floor plans for some of these old houses, with access to bathrooms very inconvenient...

The main reason im looking at central Geelong is to open it up to the single professionals and couples who work in the cbd.

My relative works at the hospital and recently when she moved out of the small unit she was renting for around $200/week there was a lot of interest from couples, singles and even youngsters wanting to leave home but be close to work in town. This is shaping my thoughts on buying in G-town as I am seeking a long term investment which will always have strong demand for owners and renters, thus ensuring both capital growth and a steady rental yield.

I read the thread on waurn ponds and grovedale and the effects the new bypass may have on these areas, and although i have previously looked at belmont, i am thinking that buying something close to town can't go wrong, or..? My investing research and advice seems to revolve around buying close to a major city and being in there for the long term, not what some would call 'speculative' places like mining towns which only rely on the one industry. The threads on the effect of Ford's downsizing in Geelong is also very interesting for prospects in G-town, but i believe that the 2nd major vic city will keep on going, steadily at least...

Another thought is that with higher interest rates, outer areas in Geelong may be affected more by this with the high % of homeowners, yet people will always be keen to live near where they buy... i.e. the whole gap b/n rich and poor suburbs affecting capital growth..

Just throwing it out there..

 

[warrioress]

Jingo,

Have you been to Bell Post Hill lately? There are quite a few amenities around:
- New childcare centre being built on the corner of Anakie Rd/Ballarat Rd
- Lots of schools (primary & secondary) - Kardinia, Christian College, Rollins, Western Heights, Bell Park North, North Geelong
- New Supermarket & Shops (Old Meadowvale) - gym, chemist, shoes, video shop, liquor etc.
- 10 mins drive to Geelong CBD
- 20-25 min bus trip to Geelong CBD
- 50 mins to Melbourne CBD
- Close (2 min drive) to Separation Street (long shopping strip)
- 5 mins away from major industrial hub for employment - North Geelong

I work in employment and many of my clients are located in North Geelong.

................

Carl, I don't think you can go wrong with central Geelong for CG over time - even with parts of Ford closing down, and other companies associated with Ford. In fact, I need good reliable staff - not enough people to fill jobs! People will flit between jobs the minute one offers more money. It really is a pain. I guess a good problem to have if you're looking to invest.

Good luck!

 

[jingo]

Jingo,

Have you been to Bell Post Hill lately? There are quite a few amenities around:
- New childcare centre being built on the corner of Anakie Rd/Ballarat Rd
- Lots of schools (primary & secondary) - Kardinia, Christian College, Rollins, Western Heights, Bell Park North, North Geelong
- New Supermarket & Shops (Old Meadowvale) - gym, chemist, shoes, video shop, liquor etc.
- 10 mins drive to Geelong CBD
- 20-25 min bus trip to Geelong CBD
- 50 mins to Melbourne CBD
- Close (2 min drive) to Separation Street (long shopping strip)
- 5 mins away from major industrial hub for employment - North Geelong

I work in employment and many of my clients are located in North Geelong.

................

Carl, I don't think you can go wrong with central Geelong for CG over time - even with parts of Ford closing down, and other companies associated with Ford. In fact, I need good reliable staff - not enough people to fill jobs! People will flit between jobs the minute one offers more money. It really is a pain. I guess a good problem to have if you're looking to invest.

Good luck!

Warrioress,

I have been to Bell Post Hill recently, and was amazed by how little things have changed over a 20 year period. The most substantial change is the new freeway going in behind the suburb.

Many of the facilities you describe above have been in the area for many, many, many years. (Over 20 actually).

1) Rollins Primary School - Established in the early 70's.

2) Coventry College (Not to be confused with the other Christian College with a campus in Heighton) - Established in the 80's, and is certainly not within walking distance of the majority of the houses in Bell Post Hill!!

3) A 10 minute drive from the centre of Geelong is quite a long way as far as Geelong is concerned! West Geelong, North Geelong, East Geelong, and Newtown are all much closer, and it would be possible to walk into the centre of Geelong from some of these areas. (ie. West Geelong, East Geelong and Newtown).

4) The suburb's proximity to Melbourne will be enhanced by the new freeway.

From an investment perspective I would be concerned by the little growth that has occured in Bell Post Hill over a 20 year period.

Hope this helps.

Regards Jason.

 

[warrioress]

Jingo, what's your definition of amenities?

Counting 6 schools in a 2k radius, at least 3 childcare centres, shopping strips on Separation Sts, Hughes Sts, Ruhammah Ave, Kinlock St, Anakie Rd, Bellpost Shopping Centre (including a new Safeway). A bus line which takes you from any point on Rollins Road or Anakie Rd to get into town. Strong employment opportunities around the area - I'm not sure I'm catching what you're throwing.

I personally have an IP in Bell Park (2 bedroom unit), purchased for $200,000 (new) and is now worth $250,000 (the front unit was purchased for $240,000 1.5 years ago). We rent our IP at $230 p/week. Not spectacular, however I am comfortable with that amount of growth.

I have not investigated bell post hill of late, but I would be impressed if you could purchase a house (not unit) for $200,000.

I'm happy to be corrected, but I don't agree with the suburb being disconnected to central Geelong. You could then say the same thing about Hamlyn Heights, Manifold Heights, Highton, Waurn Ponds etc.

 

[Dose]

Well I live in Bell Post Hill. It takes 15 min by bus into central Geelong compared to almost an hour using two buses from Waurn Ponds. Takes a whole 10 mins to drive into central geelong and you are not battling the traffic that you do from the otherside of town ie. Waurn Ponds, Highton Grovedale. We have had a few IP's in Bell Post Hill and all have more than doubled in less than 10 years. Lots of new houses have been built at Prestige Park and near Kardinia International College(one of the best schools in Geelong). Coventry college is definately walking distance from every house in Bell Post Hill unless your too lazy to walk 10-15 minutes.
Geelong West & Newtown are terrific suburbs and I think will have good CG for Units compared to BPH. Pakington St in Geelong West is a great place to shop & dine however there is only one small IGA supermarket.
Unfortunately our local council has clogged up most of the roads within the central Geelong area and have limited the all day parking spaces so if you can get something within walking distance you are definately going to have less headaches with parking.

Dose

 

[jingo]

Jingo, what's your definition of amenities?

Counting 6 schools in a 2k radius, at least 3 childcare centres, shopping strips on Separation Sts, Hughes Sts, Ruhammah Ave, Kinlock St, Anakie Rd, Bellpost Shopping Centre (including a new Safeway). A bus line which takes you from any point on Rollins Road or Anakie Rd to get into town. Strong employment opportunities around the area - I'm not sure I'm catching what you're throwing.

I personally have an IP in Bell Park (2 bedroom unit), purchased for $200,000 (new) and is now worth $250,000 (the front unit was purchased for $240,000 1.5 years ago). We rent our IP at $230 p/week. Not spectacular, however I am comfortable with that amount of growth.

I have not investigated bell post hill of late, but I would be impressed if you could purchase a house (not unit) for $200,000.

I'm happy to be corrected, but I don't agree with the suburb being disconnected to central Geelong. You could then say the same thing about Hamlyn Heights, Manifold Heights, Highton, Waurn Ponds etc.

As far as Geelong is concerned, I personally would prefer to buy close to the centre of town, and would consider West Geelong, Newtown and East Geelong for example. These suburbs would give you access to excellent amenities including:

1) The Eastern beach and bayside area.

2) The city centre with it's extensive shopping areas.

3) The private schools in Newtown.

4) The Geelong Hospital.

5) Deakin University.

6) Train Station with access to Melbourne and regional Victoria.

The suburbs above have many beautiful street scapes (particularly Newtown and some areas of East Geelong) with period homes which are popular with many home buyers. Compared with Melbourne prices, these homes are an absolute bargain, and still very affordable.

Just my opinion, and others may disagree.

Regards Jason.