Lot S229 Princes Hwy, Norlane VIC

Description

This newly completed rooming house property in Norlane offers an outstanding investment opportunity. Featuring 8 spacious bedrooms with ensuite bathrooms, a generous 240sqm internal area, and situated on a substantial 696sqm block, it’s tailored for high-demand tenant needs. The property is fully turnkey and ready for occupancy, boasting modern design and energy-efficient systems. Investors can expect strong returns with a weekly rent of $1,920 and an estimated gross yield of 13.42%.

Suburb profile:

Norlane is a fast-emerging suburb in the Greater Geelong region of Victoria. With its proximity to key transport links like the Princes Highway and North Shore train station, it offers residents convenient access to both Melbourne and Geelong CBD. The area is seeing substantial urban renewal and development, making it a hotspot for first-home buyers and investors alike. Norlane is known for its affordability, strong rental demand, and access to amenities such as shopping centres, schools, and healthcare facilities.

Inclusions:

• Fixed Price - Full Turnkey

Site Inclusions - Site Works, Foundations & Connections:

• Fixed site costs
• Storm-water connected to Council's Legal Point of Discharge
• Fixed Site Cost up to H2 Slab

Internal Inclusions:

• Cabinets with silk finish laminate doors
• 20mm stone benchtop (builder’s range)
• Porcelain tiles in bathroom/ensuite
• Ceramic slim top white vanity with 20mm stone
• Split system air-conditioning units to all bedrooms

External Inclusions:

• Flyscreens on all openable windows
• Coloured concrete to driveway and path

Electrical Inclusions:

• Exhaust fans to bathrooms
• Smoke detectors

Appliance Inclusions:

• 900mm stainless steel oven
• 900mm stainless steel rangehood

Energy Efficiency:

• Chromagen solar hot water system

This rooming house property is a prime investment with excellent rental yield potential and long-term value in the growing Norlane area.

Single-person households are on the rise, accounting for a significant 25% of all households in Australia. This trend shows no signs of slowing down, and experts project a continued growth in single-person households, reaching an estimated 3 to 3.5 million over the next two decades. This surge underscores the increasing demand for housing options tailored to individual occupants.

Rooming house properties represent a form of shared accommodation, offering private bedrooms with ensuite bathrooms, and often including living and kitchenette facilities akin to a compact, one-bedroom unit or apartment. These properties appeal to tenants seeking affordable, adaptable, and hassle-free living arrangements that align with their lifestyles and requirements.

Many rooming houses are strategically situated in suburban areas, providing proximity to transportation, shopping centers, restaurants, cafes, and community hubs—making them an enticing choice for tenants.

Typical rooming house tenants encompass young professionals, students, digital nomads, entrepreneurs, creatives, and seniors who prioritize convenience, connectivity, and collaboration.

For investors, rooming house properties offer a compelling value proposition. They present a high-yield, low-risk, and forward-looking investment opportunity. Rooming house properties consistently maintain higher occupancy rates, lower vacancy rates, and reduced turnover compared to traditional rentals. This aligns with the burgeoning demand for affordable and flexible housing solutions in urban settings.

Additionally, rooming house properties often boast higher capital growth potential, given their prime locations with access to transportation, education, employment, and entertainment hubs.

Why are rooming houses so attractive to investors?

• High Demand: Rooms are in high demand, ensuring quick occupancy.
• Higher Yields: Often double compared to the suburb average.
• Diverse Tenant Base: Young professionals and older singles generally seek this accommodation category.
• Tax Depreciation: Benefits from fixtures and fittings.
• Income Security: Steady income flow even when one tenant moves out.