investing in Geelong/Lara areas

I recently visited the area of Geelong, I had never been there before, but found it to be very attractive, close to Melb, and ocean, and on train line to the city. my heart told me that this would be a great place to invest! (bad move)
Now as you all know, we shouldn't listen to our hearts with investing, so I would like to here from anyone who has invested there, and if they have had any recent capital growth/losses, I also noticed how cheap the rents were, that also made me wonder are they due for increases to catch up with other areas, have they been low for a long time? surely they can't stay that cheap for much longer?
I am really confused with this one, so any feeback would be appreciated.
thanks Jewels
 
We had an IP in Corio that we just sold. We paid $158,000 for it nearly 2 years ago.
We sold it last month for $175,000 and it is tenanted at $200 a week.
We did not do any sort of Reno on it, all we did was install a reverse cycle AC and a new gas hot water system.
 
Best places in Geelong (IMHO) are Waurn Ponds/Grovedale where the new ring road finishes - accessable to Melb. and near the beaches around Torquay

Also Bell Post Hill, also accessable to the ring road, relatively close the the Geelong city centre and inexpensive. Plus many houses have good views of the bay from a distance.
 
Geelong is an interesting area for investing because there are 'suburbs within suburbs'. eg, some will say Newtown is THE place to buy, but there are "bad" areas of Newtown. I've lived here for 10 years (PPOR and IP) and still find that there are pockets in great suburbs that are a bit dodgy, and vice versa - some 'poor' suburbs with great little pockets.

Also have to be careful about whether the suburb is called by the Aus Post name or the RE name! :) (East Geelong/Thomson is a classic)

So, same as anywhere else, do your research. Talk to locals if you can.

As for your direct question, right now, it's a seller's market here (in most areas). Colleague has been trying to buy for 2 months. New property would hit RE.com at 9pm. By the time he rang about it at 10am the next day, it would be under offer!

If you have any specific questions, I'd be happy to share my opinion.
 
I would generally give a big 'thumbs up' to that whole Geelong West area, bordered by Shannon Ave, Church St, Pakington St and Autumn/Aberdeen St. Something to keep in mind is that a lot of that area is on narrow streets, so off-street parking is highly desirable.

Like any shopping/cafe strip, the closer to Pakington St ("Pako" to us locals ;)) you can get, without being on top of it, the better.

As for specific properties, I'll let you decide that one! :D
 
Thanks heaps. I have my training wheels on in shopping for a first IP. It's an area that I thought - from the other end of the Geelong Road and an occasional visit - looked interesting. And, comparatively cheap.
Thanks especially for the tip re off-street parking - not something I'd considered up to this point but, obviously, very relevant.
 
The epicentre of that area is really Pakington St, near Autumn St. Anything (particularly northwest) is highly sought after.
 
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