LOVELY PLACE TO BANK ON GROWTH
LOVELY Banks could be Geelong’s next sleeper suburb where homebuyers can unlock solid capital growth for a bargain price.
Property research firm Riskwise has named Norlane and Lovely Banks its best suburbs nationally to score an affordable home for long-term gain. Both are about 45 minutes from Melbourne’s CBD and enjoyed strong demand even during a period of lending restrictions and lower borrowing capacity.
Norlane has a median house price of $370,000, according to CoreLogic, while Lovely Banks tops $455,000.
Gold Coast, Brisbane and Sunshine Coast suburbs round out the top 10.
Riskwise chief executive Doron Peleg said buying a bargain property didn’t necessarily mean buying a “cheap” one.
“It’s more about knowing where to buy for long-term capital growth,” Mr Peleg said.
Riskwise identified the most affordable suburbs where solid growth was expected, even if Labor was to win the federal election and make changes to negative gearing and capital gains tax.
Norlane and Lovely Banks both enjoyed capital growth of 26 per cent in the past 12 months, in contrast to the weakness in greater Melbourne, where the median price fell -5.8 per cent.
Norlane has long been on the radar for investors, but Ray White, Corio agent Maddison Boothroyd said Lovely Banks was a favourite for family buyers, with most securing the second and often forever home.
“People that buy there definitely want to stay there — it is a very family-oriented area and there are good quality homes as well,” she said. RIPE FOR RENOVATIONS: Page 14