VIC 600k budget in melbourne?

Is heidelberg inner melbourne? This seems like a bit of a bargain for 560k

https://m.realestate.com.au/property-house-vic-heidelberg-120843553

 

You can't quite walk to the CBD from Heidelberg (unless you've got plenty of time), but it is fairly close to the city.

There's the nice part of Heidelberg and the ex-housing commission part. This particular property is also on a very busy main road.

I'd also call this property a townhouse. Many houses in the right location can sell for well in excess of $1M.

 

If you are willing to go outside of the inner ring, heading south you will fall into Seaford and Frankston for your price range. You will get a family home on large land for your money.

Surprisingly, people actually live outside of the inner ring AND properties in outer areas also increas in value and have rental demand ;-)

 

check it out on google maps- its about 15-16 km from the CBD- not inner but not far out either.

 

I assume you're not talking Frankston north ...

There was a link to 10 year growths in another thread and I noticed that frangers was on the low side for the last ten years .

Any thoughts of other areas that have underperformed in recent years that might be with a look.

I haven't bought in Melbourne before , but am thinking of buying one or two given a perception that Melbourne is ahead of Brisbane in the current cycle . We can probably afford a couple of slightly negative cash flow properties of there are good prospects of cash flow .

Cliff

 

I don't disagree on this...however, the market thinks that god lives in the inner ring and the long term performance backs it up...

 

I do agree with you overall. And if you have the budget, absolutely inner city is a great option. There are far more suburbs inner city that have grown in excess of 8%pa as a 10 year average than the outer suburbs, however I think you will find that all of them also come with a $1m+ price tag which the OP doesn't have right now.

If he was to look at the suburbs as close to the CBD as possible within his budget And compare them to good quality, higher income areas in the outer, I think he will discover a very similar 10 year average growth rate.
The ripple effect is changing the landscape. Suburbs that were once considered out in the burbs and not as classy are now $1m+ suburbs. There is opportunity to buy into suburbs which will become the next $1m suburbs.

I am not suggesting that outer is better, just posing the idea that there are good quality area in demand beyond the inner city ring if he cannot locate a suburb he is happy with that offers all of the things he would like in the property.

 

No, im not thinking Frankston North ;-)......

Yes, frankston has been a long time coming. I have been watching the landscape change in Frankston the past 2 years. It has had all the right ingredients for a very long time, but the stigma has kept it patchy. There is still a mixed demographic but the mix is greater (in the right direction).
Now that the growth has moved down the bay, Seaford and Frankston are the last remaining bayside suburbs you can get into for under $600k.

A lot of the agents from further north are bringing couples down to these two suburbs after missing out at auction on places that need work. They are realising they can get more for their money and the growth is pushing into the two areas.

There are a few areas around that I think are good potential "step sister" suburbs between $500k-$600k mark.

Under $500k and you're heading into a different type of area and housing style. More the housing estates all varying in age.

 

yeah, I agree. sure there are quality areas outer...id suspect its hard to pick the winners in outer as opposed to inner?
Ultimately, it comes down to the market...and the market, in the long term, has placed a generally higher cagr on inner vs outer. I too am not saying one is better than the other- just that the market places differing cg values...

 

How abt Heidelberg west?

 

Sales have been strong until this weekend. One potential development site south of southern road sold last weekend for 650 I think. There are better parts and worse parts, so you would need to be careful. It has potential though, especially if you buy well. Possible issues are no train or tram. Not sure about busses.

 

@Perthguy yeah I have some relatives that live there bought maybe 200k I know there are some rough patches but still it is next door to Heidelberg and close to bulleen

 

There are certainly nice parts and prices have been strong lately. Your rellies did well buying at 200k.

 

@Perthguy that was a long time ago though like late 90s as that was all they could afford back then.