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VIC Coburg - Advice needed

Discussion in 'Where to Buy' started by juzzy, 14th Aug, 2015.

  1. juzzy

    juzzy Well-Known Member

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    Hi All,

    First time poster, be gentle!

    Looking at buying in Coburg, currently living in Taylors Hill. Plan is to have Coburg as PPOR and rent out Taylors Hill (we will get a better rental yield and get to live closer to the city, win-win).

    Long term, am I better off buying a renoed 2 bedder, or a very plain and old 3 bedder?

    Looking for Capital Growth, not overly concerned with yield.

    Budget under $800k. I've noticed a lot of two bedders going for well over $700k recently, which seems a little high to me. Are people just over paying, or is the extra bedroom not such a huge deal with the demographic of Coburg at the moment?

    Thanks
     
  2. shorty

    shorty Well-Known Member

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    Depends how far gone the 3 bedder is. Assuming location, amenities, etc. are comparable, and the 3 bedder isn't going to be condemned I'd go for that if capital gains are what you're after. If you can diy even better
     
  3. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    I am in Coburg currently. The KFC on Bell St is terrible, would not buy there again.

    Based on this Coburg should be avoided for PPOR at all costs.
     
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  4. juzzy

    juzzy Well-Known Member

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    The one in Taylors Hill isn't flash either. :p

    I'll stick to Kebabs if I move to Coburg. :)
     
  5. Pins

    Pins Well-Known Member

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    We are in Coburg

    Demographic slowly changing with young professionals and families and the odd hipster moving in

    I would be focused on buying in the right pocket on a good block with a house you can add some value too - whether 2 or 3 depends on what you need

    KFC aside its a great place to live
     
  6. juzzy

    juzzy Well-Known Member

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    Yeah, we are looking at quiet streets south of Bell St and east of Sydney Rd. No more than 1km from the station.

    We can get by with 2 bedrooms, but they seem to be going for almost as much as the 3 bedroom places. I just find that odd. But as you said, with the demographic changing that might be why, they prefer renoed 2 bedders over older 3 bedders.

    That's what I was thinking too. Getting the Mrs to see it that way is another story! She wants the nicer house!
     
  7. shorty

    shorty Well-Known Member

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    Go onto houzz and show her pictures of what it COULD be
     
  8. juzzy

    juzzy Well-Known Member

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    Tried that, she gets carried away and wants to spend a fortune. We would end up over capitalising! :p
     
  9. Reno Crazy

    Reno Crazy Well-Known Member

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    I'm a Coburg fan, although I have never lived there I worked in the area for about 7 years. I really like Pascoe Vale and Pascoe Vale South too, I think that these are under valued and there is some gorgeous period places if you are into that. My favourite streets in Coburg are The Grove and The Avenue, sadly I have expensive taste.
    There are 2 train lines Upfield and Craigieburn so it is really well resourced in regards to public transport. I wouldn't buy too close to the train lines though, these properties get heavily targeted by burglars :(
    That is a great budget all the best with the search.
     
  10. Traveller99

    Traveller99 Active Member

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    First things first, if you're going to live in it you have to like it of course :)

    If you decide to buy a two bedroom, take a look at the floor plan and see if a third bedroom could be added with renovations if needed in the future. Maybe look for 320sqm+ plus land.

    If looking for capital gain check out some of the more tired properties and/or the the ones stuck in a 50s time warp. Move in and slowly renovate.

    Sydney Road has been earmarked for low floor trams so the City of Moreland is working to green the street and fix it of its notoriously slow travel times. If you want quicker access to the city, look to Pascoe Vale South which has Citylink to its left and all the old period homes a touch cheaper.
     
  11. juzzy

    juzzy Well-Known Member

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    Many thanks for the advice so far everyone.

    We are also starting to look at Brunswick too, because we like the area a bit more, and it is even closer the city. Although it looks like it will have to be west of Sydney road on our budget.

    Went to an auction yesterday in Coburg, two bedroom house went for $905k! It was absolutely gorgeous, but $905k!? I'm starting to think I should wait for more supply to hit the market in the spring.

    Thanks again, please keep the posts coming, they're very much appreciated.
     
    David Le likes this.
  12. Esel

    Esel Well-Known Member

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    We were looking for a PPOR in coburg a few years ago. We saw some lovely houses but decided in the end that i prefered pasco vale south (in the strathmore high zone) and preston (for the market and high street).
     
  13. tone1

    tone1 Active Member

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    Is that the property on Chambers Street? Insane result.

    You can get 3+ bedrooms north of Bell Street (still in Coburg) for around 800K, can't understand why you'd spend 905K on 2 bedrooms.
     
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  14. infocus13

    infocus13 Member

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    We went to an auction in March. $1.003m for a 1930s 2 bedder in Caulfield South. Good condition, 300 sqm of land.

    Supply and demand. Tightly held established areas command a premium.
     
  15. juzzy

    juzzy Well-Known Member

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    That's the one.

    It was an absolutely beautiful place, but you'd wanna make sure you maintained that renovation, because that's what they've paid for. Who knows, they might have plenty of money and were looking for a nice place to live. Good luck to them.

    Yeah I know, but Coburg isn't at Caufield's level yet (or so I thought). This is almost 50% over the median house price for a 2 bedder in Coburg.
     
  16. Pins

    Pins Well-Known Member

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    Wow just had a look. Great reno. Average size block. Another demonstration that Coburg is pretty hot right now.

    I'd be thinking Coburg over Brunswick. It's more affordable and With all the apartment development there it's going to get pretty crowded.
     
    Last edited: 17th Aug, 2015
  17. juzzy

    juzzy Well-Known Member

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    Don't forget, huge developments going on at Pentridge Prison. Apartments and townhouses going up. I know it's North of Bell Street, but I'm sure this will make the main strip of Sydney Road and Coburg Station more crowded in the future.

    Definitely more affordable though. And better kebabs.
     
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  18. tone1

    tone1 Active Member

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    Pascoe Vale/Pascoe Vale South seems pretty sheltered from over-development as the demographic is predominately families.