Melbourne's high median price shifts investors focus to Geelong: HTW
Investors’ attentions are now shifting towards Geelong due Melbourne’s high median price, according to Herron Todd White’s latest report.
The property investment firm says that Geelong’s proximity to Melbourne is what makes it attractive to investors.
“Due to the high median house price in Melbourne, some investors are now shifting their attention to Geelong.
“Geelong is attractive to investors due to its proximity to Melbourne, public transport options, education, the beaches and strong growth over recent years.
“Many people commute to Melbourne every day from Geelong, therefore the demand for properties close to a railway station is high.
“57 Carr Street, Geelong (above) is a good example of the type of property investors are looking for.
“The property sold for $470,000 in March 2017 and was rented out in June for $400 per week reflecting a yield of 4.4%.
“It is also important to note that the property sold in January 2015 for $416,000,” the report stated.
Warun Ponds have a strong yield and capital growth Herron Todd White advises.
“In the suburb of Waurn Ponds, capital growth and yields are strong.
“60 Willesden Drive, Waurn Ponds (below) sold for $600,000 in April 2017 and was rented for $500 per week in June 2017, reflecting a yield of 4.33%.
“The advice for investors looking at the Geelong market is to look for properties close to railway stations.
“Properties in these areas tend to have strong capital growth and good yields.
“With possible railway upgrades along the Geelong to Melbourne route on the horizon, property in Geelong will continue to be in demand for people looking to live outside Melbourne,” the report advised.
A four bedroom house at 25 Cairns Avenue, Newtown (below) was recently sold for $970,000.
Built in 1930 it last sold for $237,500 in 2001.
A three bedroom house at 4 Trewheela Avenue, Manifold Heights (below) was recently sold for $540,000.
It last sold for $342,000 in 2011.
A four bedroom house at 8 Pit Street, Grovedale (below) was recently sold for $539,000.
