Lot S59 Forster St, Norlane VIC

Description

This impressive rooming house property located in Norlane VIC presents a fully turnkey investment opportunity. Offering 8 bedrooms and 8 bathrooms, this modern design ensures privacy for tenants while maximising rental income for investors. With a registered title, full inclusions, and a projected weekly rent of up to $1,920, this property is built for strong returns. Ideal for those seeking a high-yield, low-maintenance investment in a growth suburb.

Suburb profile:

Norlane is a rapidly evolving suburb within the City of Greater Geelong, Victoria. Known for its affordable property prices and improving infrastructure, it has become increasingly attractive to both investors and tenants. The area benefits from proximity to major highways, public transport options, shopping centres, and employment hubs. Norlane continues to experience strong population growth, making it a strategic choice for long-term property investment.

Inclusions:

• Cabinets with silk finish laminate doors
• 20mm stone benchtop (builder's range)
• 900mm stainless steel oven and rangehood
• Porcelain tiles to bathrooms/ensuites
• Ceramic slim top white vanity with stone benchtop
• Split system air conditioning units to all bedrooms
• Chromagen solar hot water system
• Exhaust fans to bathrooms
• Smoke detectors
• Flyscreens on all openable windows
• Coloured concrete to driveway and path

Site Inclusions - Site Works, Foundations & Connections:

• Fixed site costs
• Stormwater connection to council's legal point of discharge
• Fixed site cost up to H2 slab

This rooming house property represents a fantastic investment opportunity in a high-demand location, delivering excellent rental yield and strong long-term growth prospects.

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.