VIC First Property Purchase in VIC.

Hi All,

I have been looking to purchase in Melbourne since December 2019. I pretty much saw the market jump just in-front of my eye and now am seeing it slowly decline due to COVID and recession.

I am Pre approved for 700k, but ideally want to buy within 600-650k, since this is on a single income.

It would be of great assistance if you could share your thoughts on which one below is a better decision.

1-Townhouse in Braybrook (600-650k,200ish land) or House in Caroline Springs (650-700k,500ish land)? Which one has more grown potential?

2- Your thoughts on Caroline Springs, BrayBrook & Roxburgh Park.

3-Given the declining price in Melb,covid & recession should I wait a bit more to see if further price drop occurs? I have made offers to properties (20K below asking range) that have been sitting in the market for more than 60 days, but vendor doesn't accept.

Thanks in advance for your insight towards the market.

 

Older house in Braybrook is the answer.
I've seen some in that price range. But if not th townhouse in Braybrook.

Look at the map and you can see Braybrook is hemmed in by other suburbs, it can't expand. Caroline springs could have a whole new suburb put next door.

 

Hi Zimple,
Thanks for your response. A house in Braybrook with 400+ land in the budget will be really really old.
Townhouse 200ish land on the other hand will be a newer property and more suitable towards my life style.
However I am a bit scared on the small land component.

 

Small land limits your option for a subdivide play in future but that's it. The thing that scares me about townhouses is that it's not in my control to alter their exterior to my liking.

Have you looked in suburbs between caroline springs and Braybrook? Maybe a suburb further out that is still surrounded by residential so that it's position can't be duplicates rapidly. St Albans?

 

have looked at the newer side of deer park beside Derrimut.
Derrimut looks really good but price is crazy median is 700. deer park doesn't look that appealing and the recent school boy murder there is not very settling too.

 

some examples for easier comparison-

26 Lawn Crescent, Braybrook VIC 3019 | Domain

1 Hester Glade, Caroline Springs VIC 3023 | Domain

 

I'd advise looking more north tbh. St Albans or Kealba.

Go for a 600k brick place and do some cosmetic updates.

https://www.realestate.com.au/property-house-vic-kealba-134030314

 

If this is to live in, then Caroline Springs for sure. It's much more desirable area to live in than Braybrook, even if Braybrook's closer to the city. Steer clear of the pockets in CS around Maccas and the shoebox townhouses that have sprung up around the lake. @VICPER has looked around the CS area himself, maybe he can shed further light on particular streets.

Deer Park is a dump and gentrification will take a longgg time to happen, some things just don't change. People have made money out of DP no doubt but prices are already up there.

I'd suggest looking at Ardeer/Albanvale/Kings Park too. Not as good as CS but maybe cheaper. Like @Zimplestiltskin said, look for a standalone house, not a TH. Ardeer has a train station as does CS, so if that matters to you I suggest further research on these two.

 

Wouldnt touch the townie at that price point. Looks cheap cookie cutter and not ideal location. If you want small land try aim for areas where smaller properties are desirable and not just investment fodder i.e. footscray wolverhampton street, west foots, if you are lucky edgewater. For townies ideally go for a school zone like strathmore high etc worse come to worse at least you get something guaranteed out of it.

That caroline springs place is right next to freeway too. So def avoid for me with no scope to add value.

As prev posters have pointed to. If looking for a big block. Perhaps around ginifer station & st albans if it has to be the west. Sunbury is also a good lifestyle option too!

 

Thanks again for the response guys, I went to check out the Braybrook place today and man that area is bad.

The property is to live in for at least the next 5 years. Me my partner and my sister (atleast another 2 years)is in Melbourne and I will be getting married around February.

I had Kealba on the list but after checking out Caroline spring in depth I was really pleased with the vibe it gave me. However the prices vary so much around there it is a bit hard to pin point what the correct price for the property is. @VICPER it would be really helpful if you could assist with a bit of your Caroline spring research.

Just checked out this place today.
https://www.realestate.com.au/property-house-vic-caroline+springs-134025990

the place is beautiful however I think it is a bit over priced, agent just told me they already received a 680k offer (sounding like ********). there were like 7 people after my who were waiting to see the property.

thanks again for you input.

 

@The Y-man hahaha, I was lucky that it didn't. all the houses around that place has fences and roller shutters like no tomorow. I am not gonna buy that place even if they give it to me for 600k.

Do you have any views on Caroline Springs and the potential price falls in Victoria?

I am surprised that some are suggesting St albans here since I thought of St albans being on the same class as Braybrook/Laverton.

 

I also suggest looking at Hillside. A mate of mine has been there since 2010, he's happy with the area. His kids go to Southern Cross for schooling, the station is a 5 min drive as is the ginormous shopping precinct there. Don't settle for Sydenham/Watergardens though. I lived in Sydenham from 2006-2007 (or so) and other than the proximity to the station I wouldn't live there again.

 

Ohh, finally something I can contribute towards!!

I live in caroline springs, and would def recommend it over the other areas you have looked at since you are looking for ppor. Compared to the surrounding areas to the east of it, it is by far the better choice to live for families.

You are correct there is large price variance in CS. This is because it has been divided into " estates". Some are considered premium estates/sections, some are not. No idea how this came about, but my guess would be the general look, build and the type of houses that were allowed to be built in each estate by the developer back in the day.

Eg. If you go through The Grange, or The bridges, versus The Grove, there is a difference. Whether that translates to en extra 50K, that is a personal choice. The eg you have shown in Chisolm Estate, is one of the premium estates from earlier times at the beginning of CS being developed.

The only two other places I would recommend is upto one street across from Gourlay road past Taylor's RD. Technically, this is Taylor's hill, but it is across the road from CS, hence slightly cheaper and bigger blocks. Second place to look is Fraser Rise. It is the mainly developed suburb behind caroline Springs. A bit cheaper, and newer house if that is what you are after.

Cheers,
K.

 

Good info there @kermut! I know the OP is looking for a place to live in. For my info, are there any areas of CS you'd invest in these days? Standalone houses, not TH's.

 

@kermut thanks a lot for the info. Am I correct in saying Springs lake estate is also very premium, specially given the new shopping mall? I prefer staying closer to Ballarat road so that its easy access to the freeway.
I was considering 1 Hester Glade, Caroline Springs VIC 3023 | Domain , everything else in that street is like more than 1.5 mil and the area seems fantastic.
This particular property was last sold in 2017 for 690k, I made a genuine offer for 665( range is 689-710, recent sales do not match the asking price, vendor asking for more, listed for more than 60 days).
The pretty much 0 price growth is raising all sorts of red flags for me. Specially given the current covid scenario do you think Caroline spring is at a high risk of falling prices?

My sweet spot is 650k so I am thinking if I keep waiting I should find some thing in that range pop up towards the end of the year. Any thoughts?

regards

 

Hi Westie.

I really wouldn't be the best person to ask for info on IP. However, from my very novice viewpoint, I wouldn't buy in cs to invest. The yield would be crap. Limited capital gains as there is so much land being developed around it. But as a ppor for someone who wants to buy something now, it is an excellent choice.

For IP, I would be more inclined to buy within the school zone of Kororoit Creek Primary School. I remember when that school opened, and they took kids from anywhere. These days, it is zoned, and I have only heard good things about it from third parties. Its in Burnside, so next suburb down.

If you must buy within CS then anywhere within 1 street to the bus route that goes to Watergardens shopping center.

This would be my very novice view, as I said...

 

Hi Jeff.

Not sure if I would call that area "premium". It is in the area which was the first to be cut and developed in CS, hence a lot of the blocks are larger than later stages. It is surrounded by really nice houses.

I know Chisolm, The Bridges, and The Grange are considered premium.

I can't really comment about the growth aspect. My own house has just ticked along nicely in growth. CS does seem to suffer larger swings when the market is going down. No idea why. With regards to the property you mention, it is possible the guy over paid in 2017? The house is small for the area as well, only 22sq.

I don't think the new mall that is being built is going to contribute to increase in prices in the immediate vicinity. Personal view though.

Re. getting to the freeway, there are many exits out of CS to get onto the freeway. I live nowhere there, and it takes me about 3-5 minutes. Also, the line at the traffic lights is quite long during the peak times in the morning.

Cheers,
K.

 

Thanks again for the input.

I am actually getting a bit worried about the capital gain aspect of Caroline Springs. In current times If things keep going sour throughout next year and I buy this year then I will most probably fall into negative equity.If Cs doesn't have gain potential then it will be hard to rise back up won't it?

Is anybody able to advise me on what sort of areas usually provide capital gains? I have a lot of friends who bought houses in TarNeit In hopes of capital gain. Apparently they were having gains there but I would never live in an area like that.

can any one point me to any discussion/thread regarding potential capital gain suburbs in Melbourne?