High Quality Investment Properties Under $450k?

Suburb Details:

In my recent articles I have been looking at suburbs around Victoria and another suburb has popped up on my radar, Corio. With a median price of $495k there appears to be many opportunities to purchase a property under $450k. These would be high quality investment properties. Currently Melbourne is not an ideal investment location however some metrics indicate that times are changing. Read below to understand my thoughts!

Key Data Metrics

Location & Infrastructure

Corio is a suburb of Geelong, Victoria, located about 9 kilometres north of the Geelong city centre and approximately 70 kilometres southwest of Melbourne. As a well-established suburb, Corio features a mix of residential, commercial, and industrial areas. Key infrastructure includes Corio Village Shopping Centre, which offers a range of retail stores, supermarkets, and dining options. The suburb is well-served by public transport, with bus routes connecting Corio to central Geelong and nearby areas, and easy access to the Princes Freeway, providing a direct route to Melbourne. Educational facilities in Corio include Corio Primary School, Northern Bay College, and several childcare centres. Healthcare needs are catered to by local medical clinics and the nearby University Hospital Geelong. Corio also offers various parks, sports facilities, and community centres, making it a well-connected and convenient suburb for its residents.

Other Important Factors:

Stock on market is low sitting around 1.14% and has be trending down for the last 3 months. This will create house price pressure however one metric contradicts this pattern. Days on market on has been increasing suggesting that there is less interest in this suburb as time goes on. Generally as an investor we need days on market to decrease because that shows more interest in the suburb as properties are being sold quicker.

Rental yields are incredibly low in Corio/Geelong average around 4-4.5% meaning that your property will be negative geared by 10-15k/annum assuming a 12% deposit. There are other regional suburbs in Victoria that achieve higher yields which I have covered in other articles. However rents are rising in the suburb at about 5% per annum.

Corio currently does not have a large amount of building approvals however Geelong as a whole (statistical area 4) has a large amount of building approvals. North of Corio there is developable land supply which can hamper prices in the future if the surrounding areas are rezoned.

Nearby Major Projects:

• Corio Windfarm - Link

• Geelong Major Projects - Link

Example Property:

_{*Note: These calculations are purely estimations, but overall numbers will vary depending on your deposit, interest rates and other factors.}

Pro’s Of Investing In Corio

• Great opportunities under $450k.

• Easy access to Avalon Airport.

• Rising rental yields, vacancy rate low.

• Stock on market dropping for the last 3 months.

Con’s Of Investing In Corio

• Rental yields are poor → 4-4.5%. 10-15k out of pocket per annum.

• Areas of large developable land supply. Large number of building approvals in Geelong area (SA4).

• Days on market is increasing and limited online search interest.

• Cool Market. No indication of rising housing prices.

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_{Disclaimer: The information provided in this article is for educational and informational purposes only. It is not intended as financial, legal, or professional advice. Always do your own research and consult with a qualified professional before making any decisions. The opinions expressed here are solely those of the speaker and do not reflect the opinions or views of any other organization. By using this information, you agree that the creator of this content is not responsible for any financial or other losses you might incur.}