Is geelong going places?

[landlord78]

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...?

In terms of distance - I would suggest that there is a larger perceived and actual distance between Geelong and the Melbourne and Frankston/Seaford and Melbourne (this includes Melbourne's outer suburbs & places of employment). To put it simply, Frankson/Seaford are on the Metro line, whilst Geelong is VLine.

Are they really the same price? When we bought - yes. A subdivideable block on the beach side of the freeway in Seaford sold for the same price as a similar place we looked at in Portarlington - that was in 07. Last year when I wrote the above, we picked up another subdivideable in Frankston at about the 300K mark.

I too grew up there and have moved from there, and whilst the foreshore is looking great, the $2 shops and tattoo parlours that have taken over the CBD don't do the town any favours. That said, East Geelong is looking great with heritage restrictions and demographic change.

Cheers,

 

[wobbycarly]

In terms of distance - I would suggest that there is a larger perceived and actual distance between Geelong and the Melbourne and Frankston/Seaford and Melbourne (this includes Melbourne's outer suburbs & places of employment). To put it simply, Frankson/Seaford are on the Metro line, whilst Geelong is VLine.

And being VLine means you can get from Geelong to Melbourne with only about 4 stops!!

Are they really the same price? When we bought - yes. A subdivideable block on the beach side of the freeway in Seaford sold for the same price as a similar place we looked at in Portarlington - that was in 07. Last year when I wrote the above, we picked up another subdivideable in Frankston at about the 300K mark.

With respect, Portarlington is NOT Geelong. You have a fairly large retiree demographic in Port and not much infrastructure (shops, etc).

I too grew up there and have moved from there, and whilst the foreshore is looking great, the $2 shops and tattoo parlours that have taken over the CBD don't do the town any favours. That said, East Geelong is looking great with heritage restrictions and demographic change.

Cheers,

Agree, sadly the CBD is becoming a pigsty and accommodating the lowest common denominator.

 

[jezza]

My thoughts and I do have a few properties down there, infact bought one last year, subdividable block and returning 7.8%yield. There are some rough areas, but no/more rough than a lot of Melb areas. There are some suburbs with huge opportunities and when you see new developements come onto the market where you can buy a house closer in currently for less than the new developments land will cost than I see that as a winner. The 2 big changes of recent which I actually see as a positive is the closing of part of Ford which makes people see the whole city rather than a 1 town employer as was always perceived and the complete changover at the council. The new council for a change are looking at revamping the city. As for CG I would say for the first property down there I bought it has gone close to doubling in value within the last 5.5 years.

In relation to it being a satellite city, it definitley has its own capacity to service its current population which I belive is around 180k and comes in about 11th or 12th on the list of populated cities.

Jezza

 

[jezza]

Agree, sadly the CBD is becoming a pigsty and accommodating the lowest common denominator.

Wobbly have you visited places in Melbourne CBD of recent, Flinders St Station, Swanston St, bottom half of Exhibition St. I would not think Melbourne is exactly picture perfect.

Jezza

 

[wobbycarly]

Wobbly have you visited places in Melbourne CBD of recent, Flinders St Station, Swanston St, bottom half of Exhibition St. I would not think Melbourne is exactly picture perfect.

Jezza

No I haven't, not recently. But outside of Westfield, Geelong CBD seems to be made up primarily of tattoo parlours, sex shops and $2 shops. And my favourite, "Smokes and Grogs"!

 

[pickles2]

The CBD is a pigsty shity shops alot closed down, I think because people are shopping at WaurnPonds/Newcomb/Leopold etc..because there is free parking!
Geelong city council is making moves to clean it up but one real easy step would be to reduce the cost of parking.
I have owned a number of investment properties in Geelong over the years and have always found inner suburbs the best.
Geelong is a city that has a river and those suburbs city side of the river always hold up better.
I am always looking for IP and would consider all property city side of the river, however with a new bridge being built at breakwater i beleive the suburb of Newcomb will benefit, someone also mentioned Marshall I do like it for these reasons train station, school, supermarket, new homes and it's proximity to coast and city however the name is Marsh all so be weary! buy on the high side of the street.....as with all things DYOR..

 

[Mr. Fabulous]

No I haven't, not recently. But outside of Westfield, Geelong CBD seems to be made up primarily of tattoo parlours, sex shops and $2 shops. And my favourite, "Smokes and Grogs"!

CBD is not much chop, but this is just a wee bit of an exaggeration. What's wrong with tattoo parlours? I have a few mates that work in tattoo parlours and they are all great blokes.

 

[bombers86]

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.

Wouldn't you miss out on Melbourne commuters being in East Geelong/Newcombe as well? Or are you just looking at making money from the subdivision?

If you don't think going as far south as Armstrong Creek is a good idea.. What do you think of Highton as the blocks are roughly the same price? You sound like you know the area pretty well so I'd be interested in your thoughts?

 

[wobbycarly]

Wouldn't you miss out on Melbourne commuters being in East Geelong/Newcombe as well? Or are you just looking at making money from the subdivision?

Correct. We would miss out on Melbourne commuters. Our target market would be hospital staff (lots of East is walking distance to the hospital) or at least locals, with the idea that the reno/subdiv would bring the place close to neutral, or positive.

If you don't think going as far south as Armstrong Creek is a good idea.. What do you think of Highton as the blocks are roughly the same price? You sound like you know the area pretty well so I'd be interested in your thoughts?

Highton, generally, is a "good" area. they have opened up a whole heap of blocks that overlook the new ring road (aka Wandana Heights). If you like the heights, and don't mind the wind, I would go there before Armstrong Creek - also closer to amenities, right now. BUT, I don't look at land for investment (don't do building - yet!), so lifestyle choice would come into it. AC is closer to the likes of Ocean Grove, Torquay and Barwon Heads, and you'll still be on the Ring Road in about 15 min. I can't comment on the land/block prices, because I haven't looked.

 

[tubs]

There's more to Geelong than just Geelong. It isn't all the same. Sure you can get houses for <300k but you probably wouldn't want to. There is as much diversity between Geelong suburbs as Melbourne suburbs.

The city centre is struggling, but it's partly because the new Westfield development has sucked the life out of other parts of the city. But the population is moving south anyway.

As a local I'd go Grovedale, Waurn Ponds, Armstrong Creek because they're close to Melbourne (on the ring road) and close to the beaches in Torquay. It's the ultimate lifestyle mix.

Or I still like Bell Post Hill because it's time is coming.

 

[Wunderbar]

Wow it's a sad indictment on property investment when people have to go to Geelong to find an 'investment'.

Best property to buy in Geelong is the Centrelink building - cause you know that will always be busy

 

[wobbycarly]

Wow it's a sad indictment on property investment when people have to go to Geelong to find an 'investment'.

Best property to buy in Geelong is the Centrelink building - cause you know that will always be busy

Incorrect - at least not this one. It'll be empty soon. They're building a new one! Will combine the ATO office AND Centrelink. The money will go in one end and straight out the other.

*extends prickles*
If you don't like Geelong for 'investment' you can always look at Frankston. I think there just as many stereotypes there, as in Geelong.
*retracts prickles*

 

[Wunderbar]

My mistake - Thanks for the heads-up

 

[wobbycarly]

My mistake - Thanks for the heads-up

Well, I wouldn't want you to get lost finding it!

 

[murph14]

No, unless flood waters come and wash it away, it'll stay right where it is.