G`day, Would love to here any remarks or comments about residential investing in Corio or Norlane. Has one suburb got an undesirable stigma over the other. Also does anyone know where the new suburb Armstrong Creek is located in Geelong. Cheers DWG.
Hi DWG
I was considering buying a investment property there in December 2007, however was in process of changing employment and decided not buy.
Houses in Corio are slighly more expensive, partly due to closer proximity to th Corio Village Shopping Centre which I undderstand is the largest in the Geelong area.
Both suburbs have a lot of ex-housing trust weatherboard 2/3 bedders some of which have been done up are or in other cases torn down replaced by two modern 2 bedroom units. A standard block in this area is 600 plus sqm which allows for a multiple unit development subject to council consent of course.
Yes, people I spoke to while I was over there (real estate agents, taxi drivers, etc) did mention that the area does have a high proportion of people on welfare. Conversely it does also provide more affordable housing alternative to people who work in North Geelong and are willing to commute.
I was partly interested in the area due to the proposed expansion of Avalon Airport. This may have now been shelved due to the ciurrent economic climate. This is worthy of further investigation.
Also at the time, I also remember the Victorian state government made a budget comiitment to fund the construction of low-cost housing in the area.Hope this helps
FrankHi DWG,
Armstrong Creek is located just off Torquay Rd basically in between Torquay and Waurn Ponds about 5-10mins from Torquay.
As far as investing in Norlane and Torquay you will certainly find cashflow + properties there. Unfortuantely they are very low income areas and suffer high unemployment. It's an industrial area that obvoiusly relies on industry for employment but with Fords and other factories laying off staff it has set the area back.I think the best way determine if suburbs such as Norlane and Corio are good investment prospects 1st check out how many real estate agents are located in the areas! In the case of these two the answer is zero!!
As you may have gathered I am born and bred in Geelong and currently have my PPOR and I.P in Waurn Ponds which is around 30-40mins south of Corio, Norlane. The new ring road finishes in Waurn Ponds and the population is expeceted to triple over the next 20years so prospects are much better in central Geelong and places south of there I believe
Thanks Guys, The comments are much appriciated.
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