Hi, I'm looking for IP around 550-600K in Melb. Prices in Melb seems to have kept going up from last year, so now need to look further out. I got a lot of info on the forum for west of Melbourne, but not so much recent commentary on suburbs north of Melb. Can anyone give their thoughts on areas like Roxborough Park, Meadowheights, Broadmeadows, Jacana and around that area ? Its still an hour out from melbourne on public transport, which isn't great, but budgetwise those seems to be realistic areas thanks
Jacana has already had a decent boom in the last 18 months. Jacana is nice and sleepy/quaint compared to the others. Meadow Heights has just started to move. Broadmeadows has boomed. Roxy has nicer homes but not the development potential of other suburbs you mentioned. I have investment properties in 2 of the suburbs you mentioned. If its a PPOR I would go Jacana or Roxy.
Jacana is closest to the city by car of all of the suburbs you have listed, followed by Broadmeadows, then MH then Roxy. MH has two markets, one is rougher looking housing commission, the other is the regular houses which are generally nicer and bring a bit more $. M Jacana is made up of only ex housing commission, and I think there are only 4 different floor plans in the entire suburb, I think almost all are brick and on stumps. This makes valuations easy as there will be good comparables. Same with Meadow Heights. Broadmeadows has a lot of ex housing commission also, mostly fibro really ugly looking houses. Roxy is a newer housing estate
Thanks Did you consider whether the airport proximity might cause an issue on future CG or development ? And what do you mean Roxy may not have the development potential ? Is it crime or demographics. It is the one with the train station, so I was bit more interested in that streets around there. Some properties on offer are at end of cul-de-sacs and T junctions, which isn't the greatest for developing.
sorry I meant that more for Roxy. Broadmeadows is good with the train ride but I think the price is getting over the 600K now for decent land size
The blocks in Roxy are all pretty small, and being a new estate (Delfin I think?) I don't think development would be allowed at all. Airport isn't an issue, you just need to check the council zoning overlays Mae01 means that you can only ever have one dwelling on the block, Mae02 means only 2 dwellings. Broadmeadows has been snapped up by developers and is on fire due to the block sizes and development opportunity. Yields in these suburbs are pretty low. For development look at MH (make sure no overlays). Jacana is already sitting a 600k for any of the houses on 600m2 flat blocks, Broady is even higher. MH is the cheapest of the lot at the moment. All of these suburbs are very low socio economic.
Jacana, Broadmeadows and MH all have their own train station MH is closest to the Coolaroo station. like 5 minute walk
Thanks Otie, going to read up on the zoning. I think Jacana and Broadmeadows is out of range now unless I get lucky. Roxy's properties on market right now seems under the 600sqm and there looks to be large expanses of land just beyond it, though I would be sticking closer to the station. A few properties enquired into for MH and Roxy, seems to say the owners need to do a clean up after the tennants before it can go to market. Does not inspire confidence. How are you tennants going ? You would've done quite decently for CG is you bought even just a year or 2 ago.
Yes did very well with one, the other I’ve just settled on recently and am waiting to get tenanted. My tenanted one has fantastic tenants, couldn’t wish for better tenants. You need to be careful with tenant selection in these areas.
I would be buying in MH if I was buying at the moment for an IP. Still affordable and whilst is pretty rough I see it doing well. It’s well located from the city, has a train station and is a 5 minute drive to Broadmeadows where there’s a shopping centre, court, Centrelink doctors etc For under 500k I don’t think u can go wrong.
I have an IP in MH and no issues whatsoever with my tenants. Always paying on time and keeping the place cleaner than I ever could
@Chill2205 if you don't mind me asking, is yours ex housing commission? Mine is and interested to know if this will only attract a less desirable pool of tenants as its renovated inside, but still an ugly duckling externally.Did it take you long to tenant?
It's not an ex housing commission but also nothing spectacular. corner block 3 bedder with a renovated kitchen and bathroom. Previous tenants left on a saturday, new tenants moved in on Monday. Affordable price point with avg $350 pw rent and close amenities.
