GUys,
I was wondering if anyone can give me advise on NORLANE, Victoria.
I am looking to invest in that area and was wondering if anyone knows much about the area. The prices seem very cheap.. I was wondering if it was a Housing Commission area or just a bad area.
Any help would be great.
Cheers
Hi,
My Grandmother used to live in Norlane and then passed her house onto my Mum when she passed away.
Norlane from memory wasn’t a particularly bad area, just not much going on there. It is on the Melbourne side of Geelong and is pretty flat and uninspiring. You basically drive through Norlane from Melbourne to Geelong! Houses are typically reasonably old weatherboard style and can get fair sized blocks.
All I know is that my Mum rented the house out and apparantly was trashed by the tenant. Of course being her Mum’s family home for many many years and my Mum’s only rental, trashed could mean the grass not mown or a ding in a wall so probably not a good indicator!
On a investment perspective, you will have to look at past sales and talk to council and urban renewal and the like.
Good luck!
Norlane is ex-housing commission places… a bit rough in some areas, but in general not too bad….
A good place to start out…..
Cheers
ScottOriginally posted by jgray1982:GUys,
I was wondering if anyone can give me advise on NORLANE, Victoria.
I am looking to invest in that area and was wondering if anyone knows much about the area. The prices seem very cheap.. I was wondering if it was a Housing Commission area or just a bad area.
Any help would be great.
Cheers
Of all the 1,00’s of suburbs/towns in Australia, what made you consider Norlane?
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
FREE subscription http://www.metropole.com.auMichael,
The reason i have looked at Norlane is because of the prices….. Is there a problem with looking for barains? Or is that not your style? Would you prefer to buy an overpriced house?
Cheers
Originally posted by jgray1982:Michael,
The reason i have looked at Norlane is because of the prices….. Is there a problem with looking for barains? Or is that not your style? Would you prefer to buy an overpriced house?
Cheers
Hey please don’t get defensive. I was not being judgemental, but asking a serious question in order to help answer your query with some thought.
You see..my team and I have bought about 40 properties so far this year, so I definately understand the need to buy below market price.
But cheap prices do not make a bargain. A bargain is when you buy a good property below market price. That is very different.
If you are wanting to investigate the area I suggest you buy a report from Residex http://www.residex.com.au and get a history of sale prices in the area as well as a history of the growth in the area and their predicted capital growth for the next five years.Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
FREE subscription http://www.metropole.com.auIt may be the red wine, but I see a communication train smash about to happen. Let’s start from basics: you need to know what your aim is before you invest.
I have met Michael and would recommend him to anyone committed to the capital gain, value adding model. But I’m not sure that this is what jgray1982 is either seeking or can afford.
An explicit statement of what you want, how you intend to go about it and what information you need will get a better result. It may require some consideration on your part before you respond.
And Michael, you, like I, should probaby lay off the combination of red wine, internet and Friday night. [biggrin]
I’ve lived in Geelong for most of my life and know many of the suburbs quite well.
Norlane – originally back in the 60s and 70s was a housing commission suburb but since then many home owners/investors bought out the housing commission houses and have cleaned up the suburb mostly. There are still bad areas in Norlane though.
I’d rather put my hard earned in Norlane rather than Corio
I didn’t realise this was a 10 year old thread, but i have lived in Norlane since early 2010, and am very happy here. Specifically the ‘better’ area is probably the Norlane West area, but in the time since this thread was started there’s been a huge amount of new development in Norlane, in all areas, with new houses and units rapidly filling up the old 50’s style weatherboard places built when the suburb was first populated.
Bunnings opened a brand new hardware store right on the corner opposite the Norlane Hotel a few years ago, and this has helped a bit too attracting people at least to the suburb, if only to merely shop there. But the key aspect is it’s accessibility. Very easy to get to major shopping areas, like Corio Village, Bell Post, Separation St, and it’s only 10 minutes to Geelong anyway. If you want to go to Melbourne it’s a 50 minute drive. Even now, in Dunloe Ave a 4 bedroom 50’s house on 670m2 sold at auction for $225K yesterday. Where else can houses on big blocks be bought this close to major cities at those prices? But in contrast to that there are new bigger houses in Norlane West that have been going for amounts in the high $300K’s as well. Much cheaper than Melbourne, and indeed in an article in the Herald Sun yesterday too, titled ‘Victoria’s most affordable places to buy a home’ Norlane was listed in 8th place, with a median of $220K. Of the 10 towns listed, only Norlane is within cooee of major cities like Melbourne and Geelong. Like i said, been here since 2010 and am very happy here.
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Laneman.
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