Thoughts on Geelong and Ballarat

Just wondering what are people's view on VIC regional market. I am looking specifically in Geelong & Ballarat. Is one better than the other? We want to invest for long term and capital growth is important for us, to gain equity
and buy again. Budget is 350K (but less would be better).

Looking for a house with decent land component so can develop later on. Not a fan of body corp fees as our 1st IP is costing a bit.

Personally I've always believed to invest in capital cities keeping capital growth in mind. Geelong has suffered from number of job losses in recent time.
My partner thinks this is good time to get in and buy counter cyclically. Any thoughts....

Is anyone looking or buying in these markets or have bought recently. Any areas to avoid etc...Appreciate any feedback.
 
Maybe you're right about it being counter-cyclical ;).

I don't know either of these places very well but remember hearing about Geelong being the next best thing about 5 years ago. Hasn't really worked out that way yet.

If I was in your neck of the woods, I'd definitely be having a good look around that area, especially if people are selling up.

Please be aware: I'm no expert. :)

I guess my main reservations atm are the yields. I have a place in Frankston and won't settle for such yields again - unless I get mega-rich, mega-quick.
 
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I'm from Geelong and it's gone gang-busters in the last few years! It's actually doing really well despite all the job loses. It seems people are happy to live in G-town and commute to Melbourne. The schools are fantastic and of course housing is cheaper. Other people who grew up in Geelong, rented in Melbourne and are now moving back to Geelong to start families.

If you want guidance on which Geelong suburbs are better than others, let me know.
 
I'm not liking Geelong's prospects. I understand the theory behind buying 'counter cyclically' but you want to buy at the bottom. You could see some price dropping or at least stagnation for a few years until things perk back up meanwhile your money would be tied up when it could have been used more productively elsewhere.
 
wattleIdo, Geelong has been hit by number of job losses recently and that is why my partner believes this is time to get in. Frankly we've not done any research on any areas yet. It's faie to say being second biggest city in VIC long term future is bright for geelong.

Onion33, what are you seeing in market their locally, are properties are selling faster and how abt yields.... I personally prefer capital cities but in this case my partner is convincing me on Geelong...budget is 350K max...Ideally i want house on bigger block which i can develop later....do you think it's achievable on decent suburbs as per your understanding....
 
I'd prefer Ballarat to Geelong if purely for an IP. If you're eventually planning on living there, I'd go the reverse.

I think for $350k you're looking at the outer suburbs, you may be better off looking at townhouses or apartments in Geelong at that price.
 
I'm from Geelong and it's gone gang-busters in the last few years! It's actually doing really well despite all the job loses. It seems people are happy to live in G-town and commute to Melbourne. The schools are fantastic and of course housing is cheaper. Other people who grew up in Geelong, rented in Melbourne and are now moving back to Geelong to start families.

If you want guidance on which Geelong suburbs are better than others, let me know.

Gangbusters!!!! Not a chance in hell

Prices haven't moved that much, especially the lower end


Plus when the rest of the state has risen moderately, Geelong hasn't risen as much due to these job losses etc

I personally think the joh losses haven't hit the market at as of yet, wait a few more years and we will see

So when the rest of the state is rising and if Geelong isn't then that's a disaster

Ballarat over Geelong in a micro heartbeat
 
I agree Spades. Driving on the Westgate freeway during peak hour is a nightmare. A lot of people do commute daily from Geelong to the Melbourne CBD. Ballarat also has a significant population of commuters. Further upgrades of public transport would only increase this.

20 years from now these two towns will probably be outer Melbourne suburbs.
 
Jaggannath, I am after investment. What attracts you to Ballarat than geelong for investment. house on big block with option to develop within 350K is achievable here? Started my investment with townhouse/apartment, looking to buy house as investment
next.....

Truly Exotic, why ballarat over geelong. Is it just that the Geelong is basket case compare to ballarat. Ballarat has any positives going for it now

Pete, I agree eventually these two cities have to pickup but when is the ??....commuting from Ballarat to Melb should become
easier as well....
 
Truly Exotic, why ballarat over geelong. Is it just that the Geelong is basket case compare to ballarat. Ballarat has any positives going for it now

Population growth: TICK
Established Infrastructure: TICK
Proposed Council Projects/Goals: TICK
Decent Population: TICK
Industries: Service and Manufacturing
Population Growth: TICK
 
Prices in most of geelong's suburbs have increased a lot in the last few years.

It's less than an hour on the express train to Melb. That's much closer than some of Melbourne's south east suburbs. I have a lot of friends and family selling up in Melbourne to move back to Geelong because the private schools are excellent yet affordable. Not to mention an easy lifestyle - 5mins to school, shopping etc.

Yes you can get something for 350k with a decent size block. It won't be in the exclusive suburbs but a ripple-effect suburb
 
Population growth: TICK
Established Infrastructure: TICK
Proposed Council Projects/Goals: TICK
Decent Population: TICK
Industries: Service and Manufacturing
Population Growth: TICK

This is exactly why.

Geelong is a nice train ride to the Melbourne CBD, but the people likely to work in the CBD aren't the ones travelling by train haha!
 
This is exactly why.

Geelong is a nice train ride to the Melbourne CBD, but the people likely to work in the CBD aren't the ones travelling by train haha!

I don't get what that means? I used to catch the train to work in the CBD. The train was packed so much that you couldn't get a seat. I was earning 6 figures in Melbourne and was lucky enough to score a higher paying job in Geelong. We aren't all blue collar. Plenty of educated people move to Geelong after completing their degree at Deakin.

While manufacturing may be ceasing in Geelong, more service-based industries are opening up: TAC, NDIS etc.
 
We have a property in Geelong and are shopping for one in Ballarat.

Geelong the property was bought last year and has already seen some growth. The property is cashflow +ve. I think Geelong has enough in it that the job losses are only a small impact (but this is my 2c).

We would have been shopping for a property in Geelong again but would prefer to spread out - which is why we are shopping in Ballarat.
 
I don't get what that means? I used to catch the train to work in the CBD. The train was packed so much that you couldn't get a seat. I was earning 6 figures in Melbourne and was lucky enough to score a higher paying job in Geelong. We aren't all blue collar. Plenty of educated people move to Geelong after completing their degree at Deakin.

While manufacturing may be ceasing in Geelong, more service-based industries are opening up: TAC, NDIS etc.

I think Jaggannath is under the impression that white collar workers don't slum it on public transport :rolleyes:
 
I think Jaggannath is under the impression that white collar workers don't slum it on public transport :rolleyes:

It was a joke, perhaps I didn't make it obvious enough.

My brother has two IPs there, and my parents live there, so I actually love Geelong. I just feel Ballarat is a better option, but as with anything if you buy well you'll do well.
 
It was a joke, perhaps I didn't make it obvious enough.

I read your post literally. Context is sometimes lost in text. My apologies.

My brother has two IPs there, and my parents live there, so I actually love Geelong. I just feel Ballarat is a better option, but as with anything if you buy well you'll do well.

I'm with you there. I like Geelong but for an investment I'd go for Ballarat too at the moment.
 
Considering I wrote it Fifth, the fault is mine in not being clearer. MOAR EMOTICONS PLZ hahaha!

My problem at the moment is making a decision on strategy... got a bit of analysis paralysis, once I work out how much I can convince the wife to spend, and what opportunities exist, I'll make a decision between a regional (Ballarat region is one of the areas on the list) or metro Melbourne with a view to making it a PPOR in the future.
 
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