Hello to all, I am a complete virgin newbie here and have at least 1 million questions to ask, but I will start with one. Does anyone have any views on Geelong? I live in Melbourne and would like to buy an investment property. My family and I drove down last week to have a look around and get a feel for the place, talk to real estate agents and check out the market. It all seem affordable but I'm still very unsure at this point. We have only recently decided to venture down the IP path, so I've been reading everything I can get my hands, books and forums. I would love to hear your opinions as I don't know anyone who has even one investment property. Thanks Chickenrittle
Is geelong going places?
- Thread starter chickenrittle
- Start date
Use the search feature on the forum here for "geelong" and you'll get quite a few threads to read.
Also you could try on google:
site:somersoft.com "geelong"
Happy reading and welcome
Also you could try on google:
site:somersoft.com "geelong"
Happy reading and welcome
Going places? Yes the surf coast - thats where it leads...
(I couldnt resist either)
(I couldnt resist either)
Geelong is going nowhere!
Top of the ladder last season!
3 premierships in 4 years
you can't get any higher then that, so going no where
sorry, just had to
Top of the ladder last season!
3 premierships in 4 years
you can't get any higher then that, so going no where
sorry, just had to
Geelong is going nowhere!
Top of the ladder last season!
3 premierships in 4 years
you can't get any higher then that, so going no where
sorry, just had to
as a st kilda supporter, that hurt!
Popped down there the other day to have a look and it has the same feel as Franskton, a bit down and out and that was in the middle of the CBD. Have a look at the shop qualites and fit outs of the commercial properties, very low end. Having said that some great undeveloped big blocks there that seem reasonable in price. Prefer Frankston, as if I dare to bring up that suburb again
Unfortunately, the CBD is pretty dodgy, especially the mall, once you get up the hill from the new Westfield. Geelong West (Pakington St), Belmont (High St) and Highton have some nice little "village" feel shopping strips.
The shopping centre at Waurn Ponds is being extended and there's plenty of land (good thing or bad thing?!?) being opened up on the Highton hills that you can see from the Ring Rd.
Suburbs such as Bell Park are gentrifying and closer to town, big blocks in Manifold Heights and Hamlyn Heights are being cut up, old houses are being knocked down, and new stuff going up.
But Geelong is a big-ish place and there are even good and not so good areas within the "good" suburbs. So that also means that there is something to suit everyone; $1M+ on the waterfront, subdividable blocks, affordardable homes in Corio/Norlane, period reno's in Geelong West, etc... and over 100 pages of real estate in the Saturday Advertiser!
Thanks for the Google tip Propertunity, I found a lot more posts that way. Reading the replies it doesn't seem as if anyone has any strong views on Geelong either way. Cheers off to more research.
Hi all,
At some point in the not so distant future, you would expect the Ford factory, the largest employer , to close down. This will be a real downer for the city. Hopefully other industries will start up expand.
I know I am a bit negative here, but we own property in North Geelong, and have no intention of selling. In the longer term, Melbournes increasing population can only lead to price increases for sleepy hollow.
bye
At some point in the not so distant future, you would expect the Ford factory, the largest employer , to close down. This will be a real downer for the city. Hopefully other industries will start up expand.
I know I am a bit negative here, but we own property in North Geelong, and have no intention of selling. In the longer term, Melbournes increasing population can only lead to price increases for sleepy hollow.
bye
For what its worth.....
Have have serious doubts about investing in Geelong.
Firstly, I would much rather buy something that is a commutable distance from Melbourne (eg Frankston/Seaford) in the outer suburbs where (for the same price) there are more opportunities for jobs, transport, infrastructure improvements, etc.
Secondly, like everyone here I'm after capital growth. Big generalisation here - but this is caused by housing and/or land shortage or increased capacity to pay big prices. In Geelong, there is no housing and/or land shortage. There is so much land available to be rezoned within 15mins of the city, leaving me to think - why would someone pay to live in a old house 12 mins from the city, when for the same price they could live in a new house 14 mins from the city.... Also, whilst I acknowledge that Geelong's economy has diversified since I lived there during the recession, it is a highly manufacturing based economy and we all know who manufactures cheaper than Australians....
So, after being tempted by a few entry level development possibilities, I decided to give it a miss. Turing up for a OFI with another 20 first home buyers to escalate the price confirmed my decision....
Cheers,
Have have serious doubts about investing in Geelong.
Firstly, I would much rather buy something that is a commutable distance from Melbourne (eg Frankston/Seaford) in the outer suburbs where (for the same price) there are more opportunities for jobs, transport, infrastructure improvements, etc.
Secondly, like everyone here I'm after capital growth. Big generalisation here - but this is caused by housing and/or land shortage or increased capacity to pay big prices. In Geelong, there is no housing and/or land shortage. There is so much land available to be rezoned within 15mins of the city, leaving me to think - why would someone pay to live in a old house 12 mins from the city, when for the same price they could live in a new house 14 mins from the city.... Also, whilst I acknowledge that Geelong's economy has diversified since I lived there during the recession, it is a highly manufacturing based economy and we all know who manufactures cheaper than Australians....
So, after being tempted by a few entry level development possibilities, I decided to give it a miss. Turing up for a OFI with another 20 first home buyers to escalate the price confirmed my decision....
Cheers,
While definitely inexperienced investors, my partner and I just purchased our first IP in Highton (one of the nicer suburbs of Geelong). Having lived in Geelong for 5 years (2004-2008) it was a fantastic place to live and a very convenient size. We look forward to living in the Greater Geelong region again one day (after our stint in North Western Australia).
A big point for us was that a lot of Melbourne-ites are realizing that Geelong is a quicker commute (50mins) to the Melbourne CBD than some of the Melbourne outer-suburbs (Frankston etc) and from experience a better place to live. We are achieving 5% and are quite comfortable with our 'safe' investment given the new ring road, proximity to Deakin University, not to mention Highton has it's own shopping village and sought after schools. Highton, Geelong West and Newtown are considered to be the 'blue-chip' suburbs of Geelong, with the good private schools and Pakington Street shopping hub. I'd also recommend South Geelong for location, and while East Geelong has soared in price the land value is far greater the property values (mostly old weatherboards in need of some TLC) and doesn't have easy access to train stations or the ring road.
We are looking to purchase another property this year, perhaps in Geelong, although we are prepared to take a gamble with this one so may end up looking in the Gladstone/Surat Basin region once the floods dry up!
A big point for us was that a lot of Melbourne-ites are realizing that Geelong is a quicker commute (50mins) to the Melbourne CBD than some of the Melbourne outer-suburbs (Frankston etc) and from experience a better place to live. We are achieving 5% and are quite comfortable with our 'safe' investment given the new ring road, proximity to Deakin University, not to mention Highton has it's own shopping village and sought after schools. Highton, Geelong West and Newtown are considered to be the 'blue-chip' suburbs of Geelong, with the good private schools and Pakington Street shopping hub. I'd also recommend South Geelong for location, and while East Geelong has soared in price the land value is far greater the property values (mostly old weatherboards in need of some TLC) and doesn't have easy access to train stations or the ring road.
We are looking to purchase another property this year, perhaps in Geelong, although we are prepared to take a gamble with this one so may end up looking in the Gladstone/Surat Basin region once the floods dry up!
Bill L, I think these days Barwon Health is the largest employer in Geelong. I think since the engine plant closed at Fords, there is a much smaller workforce so its not as big of a player as it was in its hey day. There are lots of other industries that are filling the void.
I think holding on to your IP in North Geelong makes lots of sense though, and that's the area I would be looking if I was going to be purchasing an IP. I think Belmont, Geelong West, East and South are becoming overpriced for IP purposes.
Mixed reaction to Highton - its such a large suburb and some areas are more desirable than others.
I think one area of Geelong that puzzles me is Leopold. Land for days, however still close to the main drag and some people I know who have built new IPs are getting a 6%+ yield. Fellow Geelongians and those that know the area - what are your thoughts on capital growth ?
I think holding on to your IP in North Geelong makes lots of sense though, and that's the area I would be looking if I was going to be purchasing an IP. I think Belmont, Geelong West, East and South are becoming overpriced for IP purposes.
Mixed reaction to Highton - its such a large suburb and some areas are more desirable than others.
I think one area of Geelong that puzzles me is Leopold. Land for days, however still close to the main drag and some people I know who have built new IPs are getting a 6%+ yield. Fellow Geelongians and those that know the area - what are your thoughts on capital growth ?
Hi Chickenrittle.. "Complete virgin newbie".. ha, made me laugh.
Anyway, I was looking in Geelong at the end of 2009 for my first IP. Shocking time as it was the big rush for first home buyers to get the last of the increased FHOG. So i ended up shelving my plans for Geelong and bought somewhere else.
Landlord78 - isn't Frankston/Seaford about the same distance to Melbourne as Geelong is? And are they really the same price? Honestly, could you find a 3 bed house on a 600-700sqm for under $300K in or around Frankston? I'm not being smart, I had just thought Frankston prices had blown out the last few years...?
Anyway, I've always liked Geelong as an investment oppurtunity so I've also got a few questions if anyone could help me. What are peoples opinions on buying a large sub-dividable block in suburbs such as Bell Post Hill/Bell Park/Hamlyn Heights etc as opposed to buying a house & land package in Armstrong Creek? I'm talking about capital growth too. That's my aim - to get as much growth as possible in the short-term. Is anyone investing in Armstrong Creek at the moment - apparently it's going to be like another Caroline Springs set up. AC is in its first stages of land releases and prices wont get any cheaper to buy land there.. But it's a lot further south than the other suburbs I mentioned (and obviously have to wait and pay for it to be built before getting tenants). But the positive in it being south is it's also closer to the beaches down at Torquay etc.. Keen to know if anyone has any thoughts on this. Thanks!
Anyway, I was looking in Geelong at the end of 2009 for my first IP. Shocking time as it was the big rush for first home buyers to get the last of the increased FHOG. So i ended up shelving my plans for Geelong and bought somewhere else.
Landlord78 - isn't Frankston/Seaford about the same distance to Melbourne as Geelong is? And are they really the same price? Honestly, could you find a 3 bed house on a 600-700sqm for under $300K in or around Frankston? I'm not being smart, I had just thought Frankston prices had blown out the last few years...?
Anyway, I've always liked Geelong as an investment oppurtunity so I've also got a few questions if anyone could help me. What are peoples opinions on buying a large sub-dividable block in suburbs such as Bell Post Hill/Bell Park/Hamlyn Heights etc as opposed to buying a house & land package in Armstrong Creek? I'm talking about capital growth too. That's my aim - to get as much growth as possible in the short-term. Is anyone investing in Armstrong Creek at the moment - apparently it's going to be like another Caroline Springs set up. AC is in its first stages of land releases and prices wont get any cheaper to buy land there.. But it's a lot further south than the other suburbs I mentioned (and obviously have to wait and pay for it to be built before getting tenants). But the positive in it being south is it's also closer to the beaches down at Torquay etc.. Keen to know if anyone has any thoughts on this. Thanks!
Good luck competing with everyone else that has the idea to subdivide in the north/west suburbs!
I think it's a great idea - but there are lots of others that also agree!!As for the suburbs further south, I think you would potentially miss out on Melbourne commuters; yes, it's closer to the beaches, but the North/West is very convenient to Melbourne now with the Ring Road open. If people go to the beach on weekend (once a week) but Melbourne to work (5 days a week) where would you prefer to save 20 minutes?
Personally, we're (casually) looking at the East Geelong/Newcombe area for renovation and/or subdivision, as I think the North/West has had it's growth for the short term and will settle for a while.
I'll give you my views on Geelong. In one word: 'bleh!'. I grew up there and one of the best days of my life was the day I left for good. As far as investment properties? There are plenty of good areas. As Propertunity said, do a search for Geelong.
It's always been like that. As long as I can remember. Actually, it's probably improved since Westfield moved in.
