VIC Buying house in Indians preferred locality in Eastern Melbourne

Hello

I have been granted a PR and would be moving to Melbourne in the next few months

I would like to buy a house in an area which is preferred by Indians, as my parents will also be moving with me as soon as i become eligible to sponsor them

My budget for a 3 bedroom house with about 300-400 Sqm land is 1 to 1.2M AUD

I dont want to live in Tarneit and point cook , which have the maximum Indian population , as per the research done by me, due to security issues

I have shortlisted
Glen Waverley
Caulfield

Any other area, which i can think of ?
Within the above 2 suburbs also, are there any good or bad pockets ?

Thanks for reading my post and advising me

 

Your budget is nowhere near enough for a detached house in Caulfield and also too low for Glen Waverley

 

@indiantiger

Pardon my ignorance. However, unless you're buying with cash, have you considered the job position in Australia?

 

Wyndham Vale

 

I already have a job as my company has a branch in Melbourne and I will be posted there.

So getting a loan also should not be a problem, as I would be able to prove steady income

Thanks for advising

 

I am able to see a few houses in my budget in Glen Waverley, but I have no way of researching any further whether it’s actually a good pocket or not

Thanks for advising

 

That's good. I'd definitely check the borrowing. 1-1.2mill purchase is no easy feat in the current market, especially having no credit history in Australia. Deposit available will play a big role along with the income you will be receiving.

 

Williams Landing is a good pocket close to Tarneit with decent homes in that price bracket. But if you're working in the CBD I would make location and access to work a primary focus rather than where Indians live. There are Indians living everywhere.

 

I will be working in Richmond

These are the 3 factors I have to manage

Me : Close to work
Wife : Good primary School
Parents: Sizeable Indian population


That’s why I balanced all the requirements and arrived at these 2 suburbs

Thanks for advising

 

I was told by some mortgage brokers, I contacted online that as long as I gave 25% margin and gave evidence of a steady income sufficient to service a loan with even 6% interest, it should not be a problem .
Is this incorrect?

Should I be worried ?

Thanks for advising

 

You want to be near a train station that goes through Richmond Station. This is where I would focus my research: Find Dandenong on the map. This has a large Indian population. Then look down the train line. Generally speaking the further along the train line between Dandenong and the CBD you go the more expensive the houses are and the more the Indian population thins out. But, the closer to work and good schools you get. Find a compromise somewhere in between: like Oakleigh.

As for schools: send your kid to a Catholic or independent Christian school and you're good to go. I wouldn't bother paying extra to be in a good school zone when this is probably a better alternative anyway.

 

I have heard only bad things about Dandenong
Highly industrial area
High crime rate

I don’t think I would be interested anything even adjacent to Dandenong

Wife is insisting on buying only with a good primary public school zone

I just hope that some member actually living in Glen Waverley gives his views on the good and bad pockets in the suburb

Thanks for advising

 

Why do your parents want to move to Australia if they only want to be around other Indians?

The beauty of this country is the mix of people of all backgrounds. As an immigrant myself, I believe they are missing the point of coming here.

 

I am the only son and they would like to be with me only
Even in an Indian locality, I doubt if the Indians would anyways be more then 10% of the total population
So I don’t think they would really miss out anything

Thanks for advising

 

Depends when it was enquired. Most banks are assessing at 7.25% Principal & Interest so 6% is a bit low to rely on for serviceability options.

 

Williams Landing would be the go, but it's not in a good school zone and you would have to get off the train in the CBD and get onto another one before you reach Richmond. The areas with the highest concentration of Indians tend to be the areas with high rates of crime and poverty (relative to other areas in Melbourne, would be nothing like India). But like I said, Indians live everywhere.

 

The "good pockets" in Glen Waverley are generally in the catchment zone for the local high school which is very popular. This is the area on a map: Glen Waverley Secondary College Zone

That is also the most expensive part of the suburb which is outside of your budget.

Melbourne and Sydney are now very expensive cities. You will need to choose between living in a detached house on your own land or living in an convenient suburb with lower less desireable elements and with genuinely well-regarded schools. $1 million doesn't buy much in these cities any more unfortunately.

 

I would say only better or not as good pockets. Glen Waverley is big so u could be closer to m1 freeway but that is way out from the central

You could go to the best pockets bogong Avenue, Florence st etc or within 10 min walking to Glen Waverley central however ur pockets are gonna have to be deep or further towards Blackburn rd - falconer st etc.

To be honest there are not as many Indians compared to Chinese and also if ur selection of eateries is more on having a roti or a nice curry, you going to have to get more used to Sichuan hot pots and laksa