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VIC Epping in Melbourne?

Discussion in 'Where to Buy' started by Amber83, 14th Aug, 2015.

  1. Amber83

    Amber83 Well-Known Member

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    Hi everyone,
    I am new to this forum and looking for some advice. I am buying my first investment property, am looking at Thomastown/Mill park/lalor/Epping, preference in that order. Theres a lot more stock in my price range in Epping than the other areas. I do not want to spend above $410k as I want to try to keep my yield above 4.5%. I am looking for a 3 bedroom home with a buy and hold strategy, ultimately for CG.

    My slight concern with Epping is its on the fringes of melb and could be potential for new housing development thereby causing oversupply, but Mernda and Doreen are a bit further up so its not the last suburb in the area. It does have a bit going for it with the govt throwing quite a lot of money at that area and it being a key suburb for 'plan melbourne'.

    have others bought in this area, or have any ideas?

    thankyou!
     
  2. The Y-man

    The Y-man Moderator Staff Member

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    Stay south of Findon Rd.

    Lots of new stuff and power lines north of it.

    Also, transport becomes sparse to the north. I found houses don't move anywhere near as quickly, and rentals stay vacant a lot longer beyond Findon too.

    Tracking east along the train line / McD's road is fine too, as the 901 runs there.

    The Y-man
     
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  3. The Y-man

    The Y-man Moderator Staff Member

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    There's a cheap pocket of T-town, but it's far from transport west of Edgar Rd.
    West edge of Lalor might be ok, as near the new airport-sized market, but many are new houses and quite expensive.

    The Y-man
     
  4. Amber83

    Amber83 Well-Known Member

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    thankyou! do you own a property there? very good advice, that rules out quite a few houses that are for sale north of Findon road.
     
  5. Amber83

    Amber83 Well-Known Member

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    th

    thanks I will keep that in mind
     
  6. Amber83

    Amber83 Well-Known Member

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    oh great! I have been trying to avoid units because of body corp fees, what is your opinion of this? I could def afford a unit in mill park which is the area I like best, but houses are looking a bit outside my price range

    thanks
     
  7. The Y-man

    The Y-man Moderator Staff Member

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    The body corp for units (as different to apartments) are limited to insurance of the shared driveway (if any), and maintenance of any common garden (if any). It can be onlya few hundred dollars a year.
    You take out your own building insurance.

    With MPrk, stay close to the shops (Plenty Vall or Stables) or near RMIT.

    The Y-man
     
  8. Amber83

    Amber83 Well-Known Member

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    Great thanks!could I trouble you for your opinion on this property?its in lalor.no body corp fees.sold for $322 in 2011

    https://m.realestate.com.au/property-unit-vic-lalor-120230773

    Thankyou so much!
     
  9. The Y-man

    The Y-man Moderator Staff Member

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    Would get a good BP done - it's the original house on the block (new one out the back). The reno's can hide a lot of evils - so a good look needs to happe above the ceilings and under (not much space there either) before you even consider putting an offer in.

    You won't need an OC BUT you will still need insurance on the driveway (common land)

    Based on the rent, probably better for low 3's, but the market is quite hot around there already.


    The Y-man
     
    Last edited: 21st Dec, 2015
  10. The Y-man

    The Y-man Moderator Staff Member

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  11. The Y-man

    The Y-man Moderator Staff Member

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  12. JK200SX

    JK200SX Well-Known Member

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    Maxwell St is fine IMO - relatively clean for the area and some nice houses. I still think the prime parts of Thomo/Lalor are the areas adjacent to the train line, ie within a few hundred metres on the west side, and between train line through to Dalton rd on the East.. These parts are the extension of the growth coming up from Reservoir, preston before that, Thornbury, etc. I wouldn't go any further East and West.

    Both these suburbs were quite nice >10-15yrs ago, now there's been quite a change in demographic and it seems quite a lot of people just don't give a sh..t about the way their houses look. Also, go for a drive down to the Lalor shops on a Saturday or Sunday and you'll get the idea.
     
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  13. Amber83

    Amber83 Well-Known Member

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    Th
    Thanks soooo much!it got passed in at auction last week at $330k,I have a buyers agent helping me and she is going to try to get it around that price (if it checks out ok). Maybe they will accept a lower offer cos it was passed in.currently renting at $349 a week.
    The one in mill park is under offer but the others look good,I'll check them out.do you think its worth spending a bit more on a house though?could get one for around $380-390 in epping,bit more in lalor
     
  14. Be Developer

    Be Developer Property Developer Business Member

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    There was a house on bigger block in thomastown (near main st) that was passed in at auction, that could fit in your criteria

    Have to look it up, if it still on market.

    It had a covenent of single dwelling only.
     
  15. Amber83

    Amber83 Well-Known Member

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    It got passed in at auction today?yeah would be great if you could send me the link!thankyou!
     
  16. jpcashflow

    jpcashflow Well-Known Member Business Member

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    Areas such as Epping, Laylor and Millpark are really good areas to look at the moment.
    The government is spending and pumping allot of money into the area.

    Melbourne fruit market has just moved down there from Footscray.
     
  17. Amber83

    Amber83 Well-Known Member

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    I agree.some of the areas are going up quite a bit in price though,mill park is crazy and has already exceeded what I want to spend.now looking at thomastown lalor and epping,but even good 3 bed houses are going for $450 plus in lalor and t town
     
  18. Reno Crazy

    Reno Crazy Well-Known Member

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  19. Amber83

    Amber83 Well-Known Member

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    yes but at some point these areas will have to improve with flow on effect from reservoir and preston. its only 16 ks from city and still very cheap for large blocks of land
     
  20. Amber83

    Amber83 Well-Known Member

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    Just curious on your opinion.. do you think now is a good time to buy in T town/lalor in terms of property cycle? its hard to tell what these suburbs are doing compared to the rest of melb. a lot going to auction so that says something... i dont want to buy something overly inflated and get burned...