Sorry if this vague, but wanting to brain storm here, helping my daughter narrow down some areas in Melb Where to buy around $700,000-800,000 price range. It could be a townhouse or house if it is possible. 10-20 km ring would be brilliant? As prices are soared not sure if doable. any hidden gem areas worth looking at???
The suburbs that offer affordable buys within 20km of the city These are all within 10 kms. SUBURB PROPERTY MEDIAN KMS TO THE CITY Maidstone House $723,500 10 West Footscray House $800,000 9 Footscray House $855,000 7 Pascoe Vale South House $955,000 10 Preston House $978,000 10 If it's an IP, I wouldn't look past Frankston (really ), but if it's PPoR, then def from the list above!
I like the look of the single frontage cottage around yarraville / spotswood. Great cafe culture & young people. Room to extend and build on at a later date or renovate. Seems good value for money that close to the city.
Various reasons. I have been buying there for 18 years and whilst I have a diverse portfolio of blue chip, middle ring metro, vic regional, interstate and interstate regionals; my Frankston portfolio has outperformed each one of those in that time frame for CAGR (equity) whilst delivering higher yields. Because of excellent transport connectivity and being bayside with arguably some of the the best beaches in Melbourne and solid infrastructure, it has remained as a very strong performer with excellent cf. With Covid especially, it has been in a boom cycle and vacancy rates are the lowest in 20 years with very buoyant rental market. Connecting with Mornington/ Mt Eliza which all have sky rocketed in value since mar last year, there is a very significant number of OO which are now moving into Frankston and with more $1m+ prop sold in the past 3 months than the previous 15 months, including a $4m house with beach views on 800 sqm block, it is fast gentrifying. https://www.realestate.com.au/property-house-vic-frankston-134982722 I am currently developing a number of projects there and still buying so I remain highly-bullish on its near- mid term prospects. More Frank discussion in other threads inc below: Frankston 2020 [VIC]
Now is arguably the time to get into units. They've strongly fallen out of favour in current times compared with freestanding houses - with wide reports of vacancies and current owners having to lower rents quite significantly in order to find tennants to fill em. "Bluechip" area. Fitzroy Collingwood Brunswick St Kilda Prahran. Find a 2 bedder unit in all those areas for significantly less than budget.
I bought a unit, 1 of 3, for 560k in melb inner north start of 2017. The unit adjoining to mine with a worse floor plan and no updated kitchen or bathroom (like mine has) sold for 695k over the weekend. Unit market is picking up!
Due to categorisation in sales data, townhouses with body Corp, villa units & also apartments are all grouped together. The only area I’ve seen the significant collapse in prices & rental demand is the apartment skyboxes in the CBD & nearby due to COVID & border closures. I’d suggest from what I’ve seen on the ground that the T/H & villa unit market in the burbs has remained steady and popular with buyers as they have their own space in these properties. Unfortunately I haven’t seen published sales data anywhere that breaks down the categories to this level of detail. So for OP I don’t think there’ll be many bargains in these better options for purchasing.
Assuming your daughter would want minimum a 3-bed townhouse or house with access to public transport, decent schools, cafes and parks, our platform suggests suburbs in the north and west around 10km away from CBD. Maribyrnong, West Footscray and Wastonia stand out among others.
