VIC Eastern Suburbs Melbourne

Discussion in 'Where to Buy' started by Joseph Attia, 15th Feb, 2018.

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  1. Joseph Attia

    Joseph Attia Member

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    Hi Folks,
    I am looking at PPR in Glen Waverly, Mount Waverley, Burwood and Burwood east.
    What attracted me to these sububs is the distance from the CBD and access to both the eastern and Monash freeway.
    From what I have been reading it seems that the sentiment is to wait a few more years for these suburbs to be "ripe" before entering in. It seems to me that the asian influence in these suburbs has died down and therefore a flat line and possible market correction is predicted in these areas over the next 2-5 years. Does anyone have anything to back this up?

    Furthermore would it be better to buy into a 3Bed 2Bath town house at $850k or slug it out for a few more years to buy a 3bed 1bath house for $1.1M. What will perform better?

    Open to all suggestions/opinions
     
  2. Jake Milne

    Jake Milne Well-Known Member

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    Glen Waverly & Mount Waverly are still running hot.
    These markets tend to run well due to their respective school zones and other fundamentals as you've mentioned.
    Burwood is still growing but it's not as hot as the Waverlys.

    Melbourne in 2018 is expected to continue with growth but is highly likely to be more subdued than it has been over the last four years. It seems like APRA, through their tightening of lending in housing, has successfully pulled off a "soft landing" for the property market after a huge run due to our historically low cash rate.

    There may be a pull-back in 2020 - 2022 due to expected interest rate rises forecast for 2019 coupled with 5-year interest only loans converting into P&I loans. We may see a tightening of spending as the middle-class in these areas have to batton down to pay off their mortgages. Families with children in childcare will be the hardest hit. Doubt there'll be a correction unless unforeseen macroeconomic factors cause a worldwide recession.
     
  3. melbournian

    melbournian Well-Known Member

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    hmmm died down? - heard this one sold for 2.7mil or around there (super great house though 700kish SQM)

    upload_2018-2-15_17-29-45.png


    Compare that to this 4 falconer same 700ish SQM for 1.55 mil 7+ months back in 2017

    upload_2018-2-15_17-31-47.png

    and this one 1.3 mil for 1200sqmish in july 2017.

    upload_2018-2-15_17-33-44.png
     
  4. private_number

    private_number Well-Known Member

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    1.3mil for a 1200m2 block of land is very reasonable for Glen Waverley. Considering one of my property out near Laverton with a size of approx 900m2 had offers of 1.1mil around the same time last year.
     
  5. The Y-man

    The Y-man Moderator Staff Member

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    @Joseph Attia

    If the GWSC zone is not important to you, then prices are definitely more affordable, esp down the Mulgrave/Wheelers Hill end (people don't even realise its GW though)

    The Y-man
     
  6. The Y-man

    The Y-man Moderator Staff Member

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  7. melbournian

    melbournian Well-Known Member

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    Have to consider there is many parts to Glen Waverley ones closer to the high way and out of the zone and falconer st which is really all the way at Syndal station but still the zone. Price makes a big difference being in the school zone or not. But really the house depends also on what can be put on it. Looking at that falconer st there seems to be creek flowing through the land which would render that are unusable land for dev if u got to central glen Waverley like Bogong etc even villas go for 1.6 mil
     
  8. Westie

    Westie Well-Known Member

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    @melbournian, you are a walking melways mate. Admire your intimate knowledge. Goes to show what hard work and application achieve.
     
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  9. TMNT

    TMNT Well-Known Member

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  10. The Y-man

    The Y-man Moderator Staff Member

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    That area has actually traditionally got lower prices. It may not be subdivisible (have not checked, but little development in area), and it looks like a decent slope that it sits on. Nevertheless, the estimate price does seem rather low as some 3br units up the road are asking for more.

    The Y-man
     
  11. jyeung80

    jyeung80 Well-Known Member

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    I was actually also looking for an IP not long ago in these areas (not so much Burwood East). GW and MW have grown significantly over the last few years and are now too expensive (for me at least).

    You'll struggle to find a 3 BR house in the GWSC zone for $1.1M. Personally, if you're not going to buy in the zone, I'd look elsewhere as I don't think GW has much more to offer than other similarly priced suburbs.

    Burwood has an oversupply of townhouses and apartments, especially around Burwood Hwy near Deakin so you might be able to pick something up for a decent price now. Even if the market goes pear-shaped, I think long-term prospects here are good given the Deakin, PLC, Burwood East shopping centre, proximity to Box Hill, Gardiners Creek and the 75 tram. Lots of students though which is a bit of a drawback.

    Have you considered other areas? How about Chadstone (which I feel is still relatively underpriced)? Or other suburbs along the eastern belt, e.g. Blackburn, Nunawading, Mitcham, etc.
     
  12. Hamish Blair

    Hamish Blair Well-Known Member

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    Lovely area but I’ll confess to adding to the supply of townhouses near Deakin.
     
  13. jyeung80

    jyeung80 Well-Known Member

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    How are u finding the market? Any issues selling them?
     
  14. The Y-man

    The Y-man Moderator Staff Member

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  15. ATANG

    ATANG Well-Known Member

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    supersam80 likes this.
  16. KateAshmor

    KateAshmor Victorian Conveyancing Lawyer Business Member

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    Our clients have recently been snapping up some good opportunities around Ashwood and Chadstone, but building inspections are essential for older weatherboard homes (unless they’re knock-down jobs).
     
  17. supersam80

    supersam80 Well-Known Member

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  18. ATANG

    ATANG Well-Known Member

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    2.65
     
  19. supersam80

    supersam80 Well-Known Member

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    Seems high.. What was the reserve?
     
  20. ATANG

    ATANG Well-Known Member

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    2.2