VIC Dual Key PPOR in Melbourne

Discussion in 'Where to Buy' started by rattler, 12th Aug, 2018.

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  1. rattler

    rattler Active Member

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    Hi All,
    Looking for some advise on buying a dual key house in Melbourne as PPOR - mainly to accomodate my widow mum who has recently started living with us full time. Not a huge fan of small one bed granny flats - but the problem is there are hardly any dual-key properties in Victoria.
    • Somewhere in the range of ~1m.
    • Good public schools
    • Flexible with location, but prefer somewhere not far from the airport, as I have to fly a lot for work
    Something similar to this property - its far down south east and needs a massive renovation, so will get us way past our budget.
    9 Silverene Court Vermont South Vic 3133 - House for Sale #127039490 - realestate.com.au

    Would not prefer this but one option is to buy land in one of the outer suburbs and building it ourselves.
     
    rattler, 12th Aug, 2018
    #1
  2. The Y-man

    The Y-man Moderator Staff Member

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    Never thought of VS as "far SE" :confused:

    "middle ring east" would be my desc.... Far SE is like Pakenham.....

    The Y-man
     
    The Y-man, 12th Aug, 2018
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  3. rattler

    rattler Active Member

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    Fair point. I guess because of significant travel - my head has started thinking Airport as the CBD :confused:
     
    rattler, 12th Aug, 2018
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  4. The Y-man

    The Y-man Moderator Staff Member

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    The Y-man, 12th Aug, 2018
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  5. The Y-man

    The Y-man Moderator Staff Member

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    The Y-man, 12th Aug, 2018
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  6. rattler

    rattler Active Member

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    rattler, 12th Aug, 2018
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  7. The Y-man

    The Y-man Moderator Staff Member

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    Hold off on that Marian Court one! I want to go and have a look! :D (Looks crazy cheap for what it is actually.... maybe the crash *has* happened)

    The Y-man
     
    The Y-man, 12th Aug, 2018
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  8. rattler

    rattler Active Member

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    Hehe all yours . It's a massive one to manage as a ppor. Straight away a no from the wife.
    Looks awesome for an investment though.
     
    rattler, 12th Aug, 2018
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  9. hieund85

    hieund85 Well-Known Member

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    Can you tell me why that area (Eltham, St Helena, Diamond Creek) is so expensive considering its distance to the CBD (both by car and train), not great shopping facilities (no major/standout shopping centre), no employment hub, etc. I only can think about good schools (but not the top ones), leafy streets (but narrow).
     
    hieund85, 12th Aug, 2018
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  10. The Y-man

    The Y-man Moderator Staff Member

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    For me, the appeal lies in the way Melb is growing. E-North is in red below. Directly to the south is Eltham which has already grown significantly (due to train line) so pressure is buidling from that direction. Of course prices will move along the train - so Diamond Ck and Hurstbridge will big "next" growth areas IMHO (already moving/moved).
    To the west of Eltham North and Plenty, Melb has already spread north along the Mernda line.
    It leaves this little area which granted will be the last to go because of reasons you mention (transport, shops) but I think eventually the pressure will tell, especially given it may be the last of the large blocks in the area (Plenty has bigger blocks - 5+ acres but you pay for it). The surrounding subs are subdividing (for older props ~ eg bundy, eltham, g-borough) or developing on smaller 450sqm~500sqm blocks (mernda, doreen, s.Morang)

    Radial dist to CBD is only 22km (just has no easy way of getting there!) - makes it roughly the same as Glen Waverley, Clayton, and Mentone.

    The Y-man



    Capture.PNG
     
    The Y-man, 12th Aug, 2018
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  11. rattler

    rattler Active Member

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    rattler, 13th Aug, 2018
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  12. The Y-man

    The Y-man Moderator Staff Member

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    Pretty far from the airport.... other than transport is ok (903 bus to station)
    It's inside the Eruv so that's a bonus (will hold value).

    The Y-man
     
    The Y-man, 13th Aug, 2018
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  13. rattler

    rattler Active Member

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    Thanks. Also good schools and we can create value over the next few years by renovating; but as you said - far from airport and no nearby train station.
     
    rattler, 13th Aug, 2018
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  14. craigc

    craigc Well-Known Member

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    Imho I’d say slightly different reason, there’s very high OO appeal with larger leafy blocks & leafy area (think tree changers). The houses are large & fancy, the potential desirability almost because it’s a bit further from large shopping centres etc. Those who are onto 3-4th house upgraders and who want to feel like they don’t have to be in the rat race. Ie Feel as though they’ve ‘made it’.
    Owners are prepared to scrifice for commute to CBD or they don’t have to as business owners or retirees.
    Would consider the area similar to Carrington estate in Lysterfield, Lysterfield South, Narre Warren North areas of the SE. Similar in no large shops, train line etc but large blocks & very high prices, very low rentals but very high OO.
    I know a number of people in both Eltham & SE areas to base opinion but again only my 2c.
    Good luck!
     
    craigc, 15th Aug, 2018
    #14
    hieund85 likes this.
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