Situated in a quiet court, this 3-bedroom home offers great family living in Corio, a suburb of Geelong, Victoria.
Conveniently located near schools and parks, Corio Village Shopping Centre, bus transport, Corio railway station, and a short drive to Geelong CBD and is easy travelling to Melbourne CBD.
The house is on a 618 sqm block with an open plan kitchen and dining, spacious lounge with a wood heater, 3 good sized bedrooms with robes, a central family bathroom and separate laundry. You can look forward to reduced power bills as there is 5kws of solar panels.
There is also an undercover alfresco area, garage for 4 cars or a boat or caravan, and a workshop also forms part of this space. You could add capital value to this home by renovating, redeveloping or it can be enjoyed as is.
It was initially on sale at $395,000 in April 2019 but has now been reduced to $379,000. It last sold 8 years ago for $245,000 in 2011.
Currently, asking prices for houses in postcode 3214 range from $352,000 to $355,000 and units range from $290,000 to $295,000. House prices in the area have grown by 42.0% in the past 3 years, but declined 4.1% in the last 12 months. However, over the last month we see a promising increase of 1.3% in house prices. Unit prices in the area has also seen positive growth of 18.4% in the past 3 years and is also creeping back with a 0.9% growth over the last month. SQM’s Valuation tool estimates this home between $370,000 to $400,000. The vendor is keen to sell and is offering a short settlement if required.
This home is ideal for first home buyers looking to get their foot into the property market or investors can take advantage of this investment opportunity and earn rents of $290 to $300 per week for houses, obtaining a gross rental yield of 4.41%. House asking rents in the area increased 17.9% in the past 3 years, but has declined 2.0% over the last month. Vacancy rates are a very tight 0.3%. There are currently 186 houses and 23 units listed for sale in the area since May 2019.
Corio is currently more affordable than its neighbours North Geelong, Geelong West and Geelong where house prices can start from approx. $476k, $597k and $710k respectively. Overall, the Geelong region has seen a recent boost to its population and increase in jobs with employers such as WorkSafe Victoria, National Disability Insurance Scheme, oil refinery Viva Energy Australia, in the area. This could be a good area to explore.
Monitor this market and other areas by accessing free property data at SQM’s website. Also consider the Property Valuation product for more in-depth data and property price estimator.