VIC Bargain hunting in Melbourne's 20 cheapest suburbs

Discussion in 'Where to Buy' started by Beanie Girl, 24th Jun, 2015.

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  1. Bayview

    Bayview Well-Known Member

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    Outside of peak hour, it's 35mins. We can do Drug-mana to Flinders st in 1 hour, and Frangers Hospital is 25 mins from our door - outside of peak hour..

    From my experience, I don't think commuting to the CBD from anywhere around Melb during the true peak hour is good....break downs, accidents, roadworks etc; always a nightmare.

    The peak hour down our way starts around 6.00am.:eek: - lots of tradies are on the road at that time - they start work early. But thew CBD commuters don't really get fully fired up until around 7.00am

    We have done the trip (to the airport) around that 6.00am time, allowing 2 hours, and it has been surprisingly ok - about 1.5-1.75 hours to the Long Term car park from Drug-mana.

    But to be realistic; I'd allow an hour from Frangers to the Flinders st clock during true peak hour....the train takes about that long too.
     
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  2. melbournian

    melbournian Well-Known Member

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    not sure 325K to buy is not a lot or is it 325k and borrowing more?
     
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  3. Bayview

    Bayview Well-Known Member

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    Yep; sold that IP a couple of years ago unfortunately.
     
  4. melbournian

    melbournian Well-Known Member

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    now @Bayview that's realistic although i wouldn't be up at 6am everyday.
     
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  5. melbournian

    melbournian Well-Known Member

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    would you buy back in frangers now?
     
  6. Tekoz

    Tekoz Well-Known Member

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    Assuming that's the given limit, would that be possible in any of those two areas mentioned above ?
     
  7. Bayview

    Bayview Well-Known Member

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    Definitely.

    But, my life is different from when we bought that IP...it was a cheap villa uniti in a very central location.

    I have no interest in standard resi IP's now; not enough cashflow for me; too many headaches to sit around waiting for some CG.

    I would be looking for the better areas, and/or very near all the amenities, and only for sites which will yield a future subdiv or development.
     
  8. Bayview

    Bayview Well-Known Member

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    Yep; I'm sure yer average office worker/professional who does the traditional hours wouldn't be on the road at that hour.

    Some folks do go in early though, and go to the gym, go for a run, and/or have breakfast etc before work.

    That's what I'd be doing if I was to sign up for that commute life.
     
  9. melbournian

    melbournian Well-Known Member

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    yeah but if you do the maths (say 40% of ppl do that) that's still a minority. Many jobs (still resides in the city) My previous workplace in mulgrave now sold their whole office and moved to docklands. not throwing stones at frangers - i think it is still good for sub div being they've got large lots. landed units/villas more gains in prime areas closer to CBD.
     
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  10. melbournian

    melbournian Well-Known Member

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    frankston is already above that 325K figure for sites, i think you're better off in werribee.
     
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  11. Soul

    Soul Well-Known Member

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    I wou

    Yes after 9 pm.
     
  12. Omnidragon

    Omnidragon Well-Known Member

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    I haven't been to any of these
     
  13. Truly Exotic

    Truly Exotic Well-Known Member

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    so what would you do?

    youve sold your house, got some cash, paid off the business loan,

    where to? shares?
     
  14. Xenia

    Xenia Well-Known Member

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    Great work in putting this post together Beanie. some fab info there.
     
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  15. Bayview

    Bayview Well-Known Member

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    Sorry, TE - missed this question and only just found it.

    Yep; we now have no debt, still have the business and an IP we own outright, so hopefully things will turn around from here.

    I have no real knowledge of shares. I have some through our industry co-op which provide decent dividends, and I get more points to buy more shares with each purchase of equipment and supplies etc, so this is a good little investment; I get them basically for free.

    If I bought some direct shares now with some of the cash we have; at my age (54) - they would have to be solid past history performers with dividends - such as say; CBA Bank etc. I am not keen on speculating in a start-up or anything like that unless it was for small amounts of say; $2k...an amount I am happy to take a bit of a risk with.

    Our immediate goal is to re-invest some business cashflow - approx $10k into the Business in two areas;
    a) setting up for Roadworthy certificate licence - to increase the cashflow again through the business that will bring.
    b) marketing of that around our area..I have done no marketing at all for a few years due to our terrible financial situation..I wasn't prepared to risk even $100-$200 on ads that might work - and are usually a waste of money (which I couldn't afford to lose to take the risk with).

    We also want to buy another PPoR, so are looking/watching all the time now for a run-down house to come on the market in a few selected streets in our suburb, that we can reno and add to. Approx $600k buy...put in the remainder of cash as deposit and borrow the rest which is easily serviceable now.

    We are also now involved in a 5 unit holiday villa project with my BIL and SIL in Bali (they live there and know the area, and have already done a couple of projects) - we have tipped in a little bit of our IP equity as a JV with them, and this will be a cashflow project afterwards for all of us, so an increase in income from that. Estimated completion in about March.

    There are also two auto/tyre businesses available now; very close to me. One has actually closed down due to not being able to get any buyers (been there for about 40 years) so the premises is currently vacant with all the equipment still in there. A possibility to take over that.

    The 2nd one has been on the market for over a year, asking $395k and the guy needs to get out due to bad health. I offered $200k (stock and equipment only) some months ago and was knocked back. The business is still for sale (over a year now)..

    I'm not overly in love with the idea of another auto/tyre business, but it is still operational with good profits (on paper) so, if I can get this current one for a song; then yes. I am going to email the agent again on Jan 1 - *this is a 3 month timeframe since our last contact and pose the question again...they might be more receptive then.

    *UPDATE: checked my emails this morning; last contact with agent was 6 months ago...still for sale. :eek:;)
     
    Last edited: 30th Nov, 2015
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  16. SerenityNow

    SerenityNow Well-Known Member

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    @Bayview thanks for sharing your story, and good luck! I'm a huge fan of taking calculated risks :cool:
     
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  17. BigKahuna

    BigKahuna Well-Known Member

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    BeanieGirl, amazing work there. Thank you so much. I'd like to ask your opinion. I'm familiar with some of those suburbs in the south-eastern edge of Melbourne. Do you think they will ever come up in value or are they destined to remain far-flung and undesirable? I am talking about Dandenong, Frankston, Cranbourne area.
     
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  18. Beanie Girl

    Beanie Girl Well-Known Member

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    I am not that familiar with those areas, to be honest, BK. I have checked in on suburbs like Noble Park and Dandenong not long ago and was amazed at the prices they are at now. Not much idea about Frankston and Cranbourne, hoping other members can comment.
     
  19. WattleIdo

    WattleIdo midas touch

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    BK I can say that Frankston has recently had a flurry of activity though it's quietening down now and flattening out again. Strangely, units do very well there.
    I doubt there are many people - even the haters - who really believe that Frankston doesn't have a long way to go. So much going on there, so many health professionals, educators, tradies. Can't say much about Cranbourne except I know that Margaret Lomas now refers to it instead of Frankston. I guess he rreasoning is that it's in the vicinity.
    Dandenong - I wouldn't know but it's that much closer to the city. Would you rank it as a middle ring suburb?
     
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  20. MTR

    MTR Well-Known Member

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    My Architect tells me there is so much action happening that way and developers are jumping in.
    I think South Frankston
     
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