Join Australia's most dynamic and respected property investment community

VIC Altona North a good option for PPOR?

Discussion in 'Where to Buy' started by ItsMe1985, 14th Aug, 2016.

Tags:
?

Shall we buy in Altona North for CG?

Poll closed 21st Aug, 2016.
  1. Yes

    28.6%
  2. No

    71.4%
  1. ItsMe1985

    ItsMe1985 Member

    Joined:
    13th Aug, 2016
    Posts:
    5
    Location:
    Melbourne
    Hi all, firstly, thank you very much for all the good advice and discussions on this forum. It surely helps someone new to the property market!

    We are looking for a place to live in. With a budget of 700k and a preference to live within 15 kms of the city, I have narrowed my option down to Altona North.

    We can find land size of ~500m2, 3 bedroom house in a liveable condition, close to the freeway but I am unsure if the suburb is a good one for from CG prospective.

    Any comment will be appreciated. Thank you!
     
  2. Hodge

    Hodge Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    514
    Location:
    Melbourne
    Good suburb but may need to increase your budget slightly. Some pockets still little dodgy. Have you looked at townhouses in altona with your budget?
     
  3. ItsMe1985

    ItsMe1985 Member

    Joined:
    13th Aug, 2016
    Posts:
    5
    Location:
    Melbourne
    Thank you Hodge for your reply. We can go up to 800k but prefer a house instead of a townhouse. Is there a way to find where the good or dodgy parts of Altona North are?
     
  4. Hodge

    Hodge Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    514
    Location:
    Melbourne
    With an $800k budget I'd be looking at Altona before altona north.

    My favorite pocket in altona North is around mason st / newport border.
     
    EN710, ItsMe1985 and Skilled_Migrant like this.
  5. Spiderman

    Spiderman Well-Known Member

    Joined:
    30th Jun, 2015
    Posts:
    119
    Location:
    Vic
    While the cheapest is the south west corner between Millers Rd & Mills St opposite the refinery. That area used to have a train station but that closed down in the '80s. The local shops are a vandalised ghost town Google Maps Toyota's closure could hurt jobs in the area.

    However it could be a speculative long-term buy, especially if the refinery closes down. It is one of the few places with direct buses over the West Gate to the city and it's reasonably close to a variety of schools. I think the council have long-term plans for nearby areas of Millers Rd.

    However with Altona North you pay for what you get - unlike Newport or Yarraville there's no train service and unlike Williamstown or Altona there's no beach. Maybe the bit around the Circle could evolve into a cafe strip for those who can't afford Newport.
     
    ItsMe1985 likes this.
  6. albanga

    albanga Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    1,116
    Location:
    Melbourne
    CG IMO should form a tiny part of a decision to buy a PPOR.
    This is where you are going to live for how long? How convenient is this locarion to your lifestyle? Most people do not put a $ figure on their time. I would always strongly reccommend doing this.
     
  7. Hodge

    Hodge Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    514
    Location:
    Melbourne
    Also altona / altona north has already had a major surge in capital growth. Might have missed the boat as can't see prices increasing further any time soon.
     
    ItsMe1985 likes this.
  8. ItsMe1985

    ItsMe1985 Member

    Joined:
    13th Aug, 2016
    Posts:
    5
    Location:
    Melbourne
    Thank you all!

    Absolutely, agree with you! We are about 20mins from the location we are looking to buy (near Blackshaws Rd and Chambers Rd intersection) - this is close to the freeway. We both commute by car so public transport is not a consideration. But I understand it will be important when we sell in the future.

    Although we are looking for PPOR to live in for 5 years or so, I would still like some CG :)
     
  9. ItsMe1985

    ItsMe1985 Member

    Joined:
    13th Aug, 2016
    Posts:
    5
    Location:
    Melbourne
    Can I throw in another suburb for your review please, from CG prospective? Mulgrave!

    I know it is in a completely opposite direction and its not the most convenient for us for travelling but we can still get a nice >500m2, 3 bedder for 750k or less. Close to M1 (toll is not an issue, we both have company cars).

    I know we have missed the boat with price increases of 20%+ in last 18months in SE suburbs. But due to personal reasons we couldn't buy before.

    Looking for proximity to highway/freeway, >500m2 land, 3 bedrooms and <800k. We travel by car and need it to be <40mins drive.
     
  10. laam

    laam Member

    Joined:
    21st Jun, 2015
    Posts:
    12
    Location:
    Melbourne
    We live on Mason St on the Newport side of Maddox Rd. Love the area. Houses in the area are still going nuts. So if you are keen on Altona North id agree with the above post on going for the area between Mason St and Blackshaws Rd.