VIC 600k - where to spend it? Lalor vs Werribee vs Corio

speak to love real estate agent to know more about this property. Vendor is asking 800k ,one buyer offered 780k but still he is not accepting it. vendor is crazy..........

Every one is looking for land. 3 bedroom townhouse are selling over 550 k in lalor at the moment.

 

i know love real estate (also don't get toyed by agent) but i will say this. anybody who buys it at 700-800K is overpaying as how much do u think that area will grow?. No way lalor will be 900K to 1 mil dollar plus suburb before thomastown and reservoir.

You were smart to switch suburbs as once the wave goes in how much do you think lalor can grow? same like Pt cook - it can only reach a stage and than stay stagnant. Unless it is zoned for higher density, then you could get a permit to have it valued for more - which you dun care right? to learn? even doncaster and doncster east which i used to have IP in reached 1.4 mil had to come down to 1.2 mil. It is unreasonable to have the similar sized properties more expensive than balwyn. Lalor is good no doubt and there is only one property sold last year 580K for 700+sqm which is a good buy or is it really 670sqm due to the irregular block

 

Sure man - I'm a 23 yr old born and raised in Melbourne's west, and I consider Melbourne city centre and surrounding suburbs irrelevant to me. It's nice to visit there from time to time, maybe once every few months.

When it comes to jobs, for our generation of uni graduates, regional is the way to go. I'm in health care, and our jobs are actually *more* readily available in regional areas than near the Melbourne city centre.

Not to mention - being away from the inner city has its own benefits outside of employment. I can buy a heritage weatherboard home 1hr away from the city for the same price as a CBD/Docklands apartment. I have more space to roam around, less hustle and bustle, a more relaxed lifestyle. I can still access all the services I need in Geelong CBD without the stifling traffic and inconvenience of Melbourne CBD. Not to mention the proximity to the Great Ocean Road and Bellarine Peninsula!

My post has gone from answering your question to yet another diatribe about the awesomeness of Geelong...so have a read of this: Are the suburbs like the inner city?

Just one local's perspective!

 

@melbournian im not sure who the $250 / $500 bidder was but he sure did crack me up the way he threw his bids out there. Same can't be said for the guy who bought it, he was getting really pi**ed off.. lol.

@melbournian can I get your thoughts on the 8 glenburn street Thomastown place. I reckon I can pick it up for 600, corner block with plans and permits for a double storey townhouse. How much is plans and permits worth, and makes me wonder why they got plans and permits but didn't build themselves.. any thoughts?

https://www.realestate.com.au/property-house-vic-thomastown-125617746
8 Glenburn Street, Thomastown

 

i think this 8 Glenburn Street, Thomastown is ok 532sqm though I think 600K is a bit steep. Smaller block and also a bit far to the train station. someone will need to drive to get there.




permits like that depending if it is a draftsman or architect could be anything btw 8K-17K since it is merely adding one in the back. but the trouble of the work etc so the vendor would be expecting 30-50K more than it is worth. it is a small block though if you want to keep the one in the back and also near the highway. Not sure what the level of noise is there.

 

wow impressive. could u do one for me too

 

what's the address?

 

2 Gerald st Werribee.
this one was sold for 412k
at the moment looking at the auction result i dont see any anything similar to this price. Iam abit confuse about the market after 1 July. is it supposed to go up or down?

 

Thanks again @melbournian, you're a legend. Agree the thomastown place is a smaller block and a bit of distance from the station. I'll keep looking.

Cheers

Nige

 

nothing special abt that block - since it is already sold why the need to look. (2.6km - 32 min walk to station) I would go for this 128 Market St (335-365K) - shorter distance and larger though some odd shape design.

I think a lot of the FHB will go for H&L purely as ppl starting a family want to design their home to their needs and also gives some buffer to save before the build actually happens.

 

had a talk with a couple of locals and they said to stay away from Market rd. I think theres a difference between both side of the river. there was a couple of block sold at auction last wk 4 440k on this road. Guess its good for future development as it being so close to the station and shops

 

I had a look at that place. I thought that was relatively cheap. Next door (on the corner but similar size land) sold for $430k in May.

 

Market Street is houso area. I wouldn't buy there either but I'm sure others braver than me could make it work for them.

 

couple of weeks ago i drove around werribee and also visited pacific werribee it is like highpoint though some crim looking blokes you could see wandering around

i also drove down this market rd and into the birdcage (where the ex-housing comm are) it's bad but no worst that heidelberg West. personally market Rd had a lot of redevelopment as you get closer to the station and is considered quite far from the birdcage area.

Nothing wrong with ex-housing comm house (reservoir places sold for 500Kish last year) are now 700kish (not making it up like googleboy LOL - there are 4-5 sales to justify it). Heidelberg West and Heights 800-900K regularly being sold. Ashwood ex-housing comm houses can reach 1-1.2 milion and in hampton 1.6 million.

 

Where I live (Chaddy) the average 580-620m2 house within 1km of Holmesglen station sells for about 1.2mil on average. This is where I genuinely think may be the cap or ceiling is on for any ex housing commision suburb. Honestly I think Ashburton is the cream de la creme of ex housing suburbs but that is a one in a million type suburb that will never be repeated (position is very enviable).

Chadstone is a bit further down the gentrification path vis a vis the others bar Ashburton, but honestly I think Chaddy is an excellent suburb to live in considering what it offers. I work on St. Kilda Road and it takes me 30 mins flat on an average day to get to work. To be honest I can't really fault Chadstone... 15k's to the CBD, Chadstone shopping centre is nearby, Zone 1 station (not that it matters anymore).

@melbournian - you reckon HH/HW would one day reach Chaddy/Ashwood levels?

 

i think it really would depend on the northland reaching the same heights as chadstone sc. northland is no doncaster westfield either but rather more a highpoint in my opinion. Also latrobe uni is not the same as monash uni (which has 2 campuses in caulfield and clayton) and being chadstone is sort of in the middle of both. Though they are similar - HH and HW has potential. one thing i find strange is there is no shopping strips outside that olympic shopping area which really is not that desirable. Though the only benefit i think is that it is really really close to latrobe uni like u drive waterdale road you are basically are there. Other pros is that it is close to Austin hospital ect and the rest.

There are a fair bit of asian buyers going into HW and HH but not like in chaddy ashwood area where they are heaps more. i think it will be while before it hits regular 1mil mark.

 

@melbournian , to be honest i prefer lalor rather than thomastown. lalor is more resediential whereas thomastown is more of factory area. Lalor is more close to epping where lot of infrastructure developent will be happening in future. i am not denying there are some good estate in thomastown too. Regarding reservior, if u go to summer hill estate of reservior, it has aready hit 950k-1.1 million marks depend on house and size of land. 3 months ago garbage house was sold for 890k in summerhill estate. I attended the auction. As you are aware , reservior is very big suburb, u can buy bit cheap near keon park or power lines or bit far away from railwaystation otherwise u have to good budget to buy in reservior.

Regarding me, I am property investor and accumulator. I am thinking about 10-15 years. I hope it double up or triple up. Even if doesnt double up , i can give it to my kids. Our Nepalese culture is different than australian. We want to accumulate the money and property for our kids.So, i would like to accumulate property as much as i can give it to my kids later on.

 

sorry i mean to say oakhill estate in reservior

 

@google boy Who said anything about buying in reservoir? that ship has already sailed to Nepal, thailand or some other country. the smart buying is 1-2 years ago. Oakhill is not a garbage house - it is among the most prime real estate area in reservoir and it can close to million seriously the houses there are like much better than those houses on the burton street. Summerhill estate (14 lane crescent 880k). WInter crescent multiple sales in mid to high 700 when it was sold 500K a year+ ago. People are now moving to Thomastown as reservoir is getting more expensive compared to Preston. Keon park is still cheap and yes no one wants to buy in the power lines. there are a few train stations as you know and lots of bus lines connecting and trams.(which Lalor does not have) Bottom line reservoir has sailed. to be honest who cares if one prefers Lalor over reservoir or Thomastown - i prefer Balwyn, McKinnon and Glen Waverley and Canterbury but you are not going to see much growth there as it already high - it is where you make the biggest gain from suburbs that have to yet to move or are moving, zoning (which you just disregard due to lack of knowledge) and even school zones. Not asking you about a crash course on nepalese culture 101 - but you have done well no doubt and yeah leave to you kids in your Nepalese or indian culture etc. Yeah keep accumulating - do that. Property investing is about capital growth and returns why don't you buy that burton Street and pay 800K since you think it will be a million. I recall you keep saying you need 700K to buy 600sqm in Lalor but that is just fiction. stick to the stats and stuff that sold. But yeah You done very well buying a 580K sort of triangular site and now it has appreciated.



Epping as much as new infrastructure is coming it has much higher crime rates and is less desirable. there was a subway robbed 9 times in one year. I am not sure if you know much about the north and it's crime waves - it ain't the east or west - there is a lot of crims and robberies around that north esp in the Lalor epping Thomastown areas are esp high

For e.g. Crime rates in Lalor for robberies is up 66% from last year if you compared to Thomastown which is -30%. Well basically ppl who cannot afford to buy in reservoir and Thomastown and preston then go to Lalor.

 

crime is happening everywhere mate. look what happened to jewellery store in toorak. Witinin 6 months ,3-4 times robbery is happening in during day time. toorak is one of the expensive suburb of Australia.