VIC 1 million investment ideas in Melbourne for 2019

Hi Guys, I am thinking of make my next move in 2019. I currently want it to be IP but might move in after 5 years later( when kids go to secondary school and also I want to live a bit closer to CBD). I like the southeast area around Mount Waverley ( I know they are currently a bit over 1 mil and hopefully drop a bit in next year). I am comfortable around 1mil but can probably squeeze out up to 1.2 mil.

I would like hear your opinions on :
- which suburb would you rather buy
- should I wait a bit longer

 

If kids secondary education is the main criteria.

Top secondary schools Melbourne
Melbourne suburbs with best secondary schools | Better Education - 2017

 

Suburb is pretty good but is it bang for buck in current market? probably no ..

 

How much do you think will be a fair price for that suburb for a block about 650 m2?

 

If you want to buy in Melbourne, the consensus continues to be to hold off for a year or so. Mt Waverley is a suitable choice as the suburb does have really good schools. On the other hand, for investment growth Geelong and the Mornington Peninsula are good choices in Victoria and are fairly independent of the city market. But no schools in Geelong make the top 50 rank however a Mornington Peninsula school does.

 

@johnmteliza Thanks for the timeframe. But I would like to stay a bit closer to CBD.

 

@humptydumpty Thanks

 

You can consider Wheeler's Hill and Vermont. Good school and good views.

 

Wheelers Hill and Vermont are also gradually declining.

 

Jordanville and

If I was a betting man, I'd wait a bit longer.

I'm still amazed at how many people, despite the downturn are eager to spend in excess of 1mil on houses these days. FWIW I was semi seriously looking in Mt Waverley (around the Jordanville area) circa 2012/2013 and the most expensive but livable one I looked at but baulked at auction sold for $800K.

 

Close to "Transmission Line Linear Reserve" is signifcantly cheaper

https://www.realestate.com.au/property/54-bales-st-mount-waverley-vic-3149

Just over 1 mill for 767sq but a bit slopped and the dreaded powerlines

 

Man good luck trying to sell it later on.

 

Yeah, agreed... the name of the reserve doesn't help either. Wow.

 

I just posted this in anothed thread but the East ECSPECIALLY where your looking is ridiculously overpriced.

I would be looking at the North West around Essendon. You can’t even compare the quality of home your going to get for 1mil compared to Mt.Waverly, the private schools are brilliant (Essendon Grammar, St.Bernards, Lowther Hall, St.Columbus). Multiple access routes to CBD (Train, Tram, and way faster freeway access), Highpoint for shopping, multiple large cafe strips spread throughout and airport 15 minutes away if you travel a bit.

Don’t get me wrong I like the East but it’s so overpriced when it offers arguably nothing more than some leafier streets.

 

Let's keep it hush eh!

 

The problem with Essendon I saw was that it was a good "stand alone" suburb strangely surrounded by average suburbs. It just never gained or shall I rather say, suffered from the spill over effect.

The boom out in the east was pretty much imho a result of the flow over effect and the crux of what drove these booms - "good" public schools namely starting with Balwyn High and then Glen Waverley High. A lot of people rightly of wrongly loved these schools and deemed it nearly on par with private school education (at lease the rote core education i.e. the end of year tertiary entrance score).

I just saw this in news.com.au today (dated 10/11/2018):

How Melbourne’s property market has changed in 20 years

MELBOURNE’S BIGGEST GROWTH ‘BURBS

Suburb — median price today — median price 1996 — % increase



Ashburton — $1,840,000 — $160,000 — 1050%

Braybrook — $751,000 — $70,500 — 965.2%

Box Hill — $1,650,250 — $157,000 — 951.1%

Highett — $1,331,000 — $129,000 — 931.8%

Clayton — $1,100,000 — 110,000 — 900%

Ashwood — $1,345,000 — $136,486 — 885.4%

Burwood — $1,370,667 — $140,000 — 879%

Heidelberg West — $730,000 — $75,000 — 873.3%

West Footscray — $897,500 — $92,500 — 870.3%

Box Hill South — $1,337,500 — $138,050 — 868.9%

*Source: CoreLogic

 

I don’t think Essendon is surrounded by average suburbs.

To the east, Strathmore and Pascoe Vale South are very upmarket. As are Essendon North/West. Niddrie is by no means a bad area either.

To the south, I see where you’re coming from. Moonee Ponds, Ascot Vale and Flemington all have significant public housing areas - but the non-public housing parts of these suburbs are still highly sought after.

 

@willister Essendon is actually surrounded by very disersble suburbs.
A recent poll on here had Moonee Ponds in many peoples top 5 suburbs.
Then their is Niddrie, Strathmore, Essendon West/East, Pascoe Vale which are all top suburbs.
The public schooling may not be at the level of MtWaverly but Buckley Park, Essendon Keilor are still good schools. The choice of private schools is some of the best in Melbourne (ecspecially for the gifted sports kids).

Also zoned to the best public hospitals being Royal Melbourne, Royal Children’s and Women’s.