Geelong

Viewing 4 posts - 1 through 4 (of 4 total)

mike04
Member
@mike04
Join Date: 2004
Post Count: 6
January 25, 2004 - 9:52 am
What do people think about investing in Geelong?
Can anyone share any experiences they have had and anything to watch out for. Also what is the rental market like in Geelong? Has anyone had any trouble renting out a property?
I look forward to your comments
Thanks
Mike
Mike_Melb
RickHy
Member
@rickhy
Join Date: 2003
Post Count: 39
January 26, 2004 - 12:01 am
Mike,
I live in Geelong, well bellarine Pen…. Geelong prices over the last few years have increased greatly and to be honest I think you would be doing well to find a CF+ in Geelong. There always seems to be at least 2 pages under “to let”in the weekend papers.
Any investment down this way I believe would be for cap growth rather than rent returns and pos CF.
I have bought 2 places in ocean grove over the last 3 years. 1 cost $130K now worth $250K and second one cost $280k (to build) now worth $500K plus. Good CG but the returns are very average.
ajwans
Participant
@ajwans
Join Date: 2002
Post Count: 45
January 26, 2004 - 4:25 am
I was able to relet my property in one of the better areas of Geelong
in about 4 weeks in the middle of last year without increasing the rent
but my SIL sold hers in the next street and it sat vacant for almost 6
months.
When it was eventually let the gross return was 3.5%, not exactly earth
shattering stuff. Geelong has pretty much had its run IMHO.
andy
mike04
Member
@mike04
Join Date: 2004
Post Count: 6
January 26, 2004 - 8:03 am
Thanks for the feedback.
I took a drive out to Geelong today to have a look around. It seems to be developing at a rapid pace. Not much chance of securing a Cashflow+ property, however some decent sized homes and blocks for under 200K. Maybe some good capital gains to be made in the long term.
Mike
Mike_Melb