VIC Best Melb Strategy (600-900k)

Yeah I went to a few auctions last weekend & it was probably one of the more unpleasant things I've had to do lately. Weekend traffic is also getting really bad. Suffice to say, people seem to be bidding on tilt and there's fomo in the air.
Not sure what to do any more...the tail end of this boom seems to be wagging hard.
I'm trying to target rezza for 750-800k for 600 squares or Ascot Vale for 400 squares in the same 800k price bracket.

Might venture out west this weekend, but really need to lock down one region.

For the first home buyer with a decent enough deposit sitting there, what is best? Buying before or after RBA rate rises? It seems like shrewd sellers who are experienced in timing the market are offloading at the end of the boom. But fomo is powerful...and as you've said above, the remaining suburbs that have not boomed are now booming.

 

I attended couple of auctions in Sunshine West and there was some crazy bidding going on, one house sold for $730k when similar houses were getting sold for $650-$660 only in nov-dec last year. FOMO is also driving up prices, the party that missed out the first auction won the next one for $745k. Looks like the ship has well and truly sailed from the sunshine west.

 

Sunshine (and neighboring suburbs towards the CBD) had already been well and truly burning in early 2014 when I bought my first IP. Though I think it was closer to the 450-500k mark back then. It's just been rippling out ever since...

It's not done in my opinion.

 

Next saturday wil be very interesting for St Alban and Sunshine.
Let see if the record price will be broken.

 

I'll be lurking St. Albans next time ard. Some news of a drug raid bust with armoured vehicles
Happened yesterday.

 

Hi, sorry don’t take this the wrong way but you’re living in la la land if you want 400sqm for 800k in ascot vale.


There is one for sale now 400sqm with a knock down on it 900-970k so they’re after at least 1.1m for it

There was an ‘offline’ auction that I was in for a period terrace listed for 900-990, opening bid was 1.1m the house was a renovator on 200sqm

 

Yeah..i saw a couple of 400sq places sold late last year in Ascot Vale for 800-850k I'll link it on ksou shortly. But you're right overall...no chance otherwise.

What are thoughts on fawkner? Seems cheaper than reza and is similar distance from the city.

 

does anyone have a view whether the southern melbourne beaches have future potential or run their course? edithvale/chelsea/carrum/bonbeach specifically (ideally beach side or close to train)

 

Can't see them getting cheaper. More potential in my opinion. That strip of suburbs has the best beaches in Melbourne. I have a PPOR in Bentleigh and thinking of selling up to Mt Eliza for lifestyle change. Morn Penn has short and long term upside.

 

my only concern is travel time to cbd - assuming white collar city workers occupy the area of course. will all this activity on railway crossings potentially shorten travel time for motorists city bound?

 

Am also starting to look in that strip Dave80 however more Mentone to Cheltenham. Prices have gone crazy in the last 3 months!

 

i originally started in that pocket of mentone/cheltenham/mordialloc/parkdale but got pretty tired of the agents advertising 850-900 and then it going to auction $200K over.

 

Ok thats great to know! so it looks like under 900k might be a stretch in cheltenham?

 

Haha I'm pretty sure St. Albans is now the clear winner for this price range, actually more $700-$750K these days or pretty soon.

 

Hi Everybody

I am also looking for a similar house as G-Dubz

The only difference is that my office is in Hawthorne and I have no plans to sell or rent the house

So capital appreciation or rental yield are not an issue.

Safe neighborhood and able to reach Hawthorne in less then an hour by public transport initially (Will switch to a car in due course ) is the main criteria

Any suggestions on areas I should concentrate

Thanks for advising

 

Hi there

One more quick question

Is there a problem of leaky monolithic homes in Melbourne also as it is in most of NZ ?

Or any other widespread problem which I should watch out for ?

Thanks for advising

 

Resurrecting an older thread, I think I'm in a similar position to you, but I'll all over the joint at the moment - North one minute, West the next and nowhere the next (sitting on the fence and counting coins).

Here is my layman's wrap up:

Rezza: I think you're looking at bare minimum of $1,200 / m2 these days in Rezza and honestly the suburb looks quite ugly. I've sort of stopped short on this and gave up on it. The only affordable bits as mentioned by Melburnian are more towards Ruthven/Thomastown, personally probably not for me but it is cheaper than Rezza proper.

Heidelberg West/Heights: Still pretty "grimy" if you ask me to be strictly honest. Was at an auction last Saturday on Porter Street, sold for $810K, 591m2. I don't know, it is really close to Heidelberg/Rosanna. Seems to have skyrocketed in the few months I've monitored it. Safer bet would probably venture out to Bundoora?

Sunshine: I think the smart money is Sunshine despite it being quite hot, still decent prices I think high 600s to low 700ks. There is a lot of commercial development, government money and probably Airport Link once that is up and running. I drove through the suburb on Sunday and had some Pho - brought back some memories indeed, used to hang around this area once I got my licence, it used to be so dead except for the Village Cinema!

Safest Suburb: Probably enjoy your lates and smashed avacados at the moment is the advice I'm getting from so called "experts".

 

All these suburbs are potentials - I think you should keep trying reservoir (there isn't really any reza proper if you asked me. but that areas massey ave etc going to thomastown is still affordable. HW/Heights - great suburbs (but has very restrictive garden controls)

Why not back to st albans or sunshine (which you have some familiarity with)