VIC Greenvale

Hi All,

I am currently in the process of purchasing a 4x2x2 in Greenvale Melbourne for circa $550K in about 370sqm.

Do you think this is a good buy?

Does this area have capital growth potential?

Thanks

 

What rent would you get? What's the majority of the builds in greenvale? What's the percentage of builds are for investment? If you have too many investors you may have a problem. What's the amenities? What's so attractive in greenvale?

 

Market is between $400-$430.
Majority of builds is house with 95% owner occupied which is what caught my eye.
30kms from CBD near to airport with two train stations nearby and a bigger business district about 10-15 north.

 

$400-$430 per week for rent? Your build will end up more than $550K. @sash @Connor thoughts? @melbournian @Cactus ?

 

No go for me...fully priced...land is about 330k...plus 220k for house.

Other house available for under this also rent is under 5%....

 

Stayed there for a week in an Airbnb. I'd be a bit hesistant about it. There's plenty of land available, no train line and roads weren't the best. There are better places to buy with 550k.

 

Based on the cost vs yield it's not really the type of deal I'd jump on..

@ExcitedInvestor What are other similar 4/2/2's going for in the area? Ideally you'd want your total cost to be well under the currents prices.

 

Agree - don't see the value in Greenvale. Strangely there are plenty of McMansions too.

 

Something for you to consider: Melbourne house prices: differences between Greenvale and Box Hill paint picture of city divide

 

Great article. It looks like overall west does lag behind in buying and one choice now can make a whole difference in the future like a fork in the road. Heard the same example of two people one buying in Kealba 20 years ago and 1 in Essendon. Difference is 550k vs 1.5mil. Same prices bought. I think it does say that there always will be a price discrepancy between west and east. Only hard thing is being able to get into the east

 

The article certainly gives you a glimmer of hope but objectively, is the OP's choice of property and costings the best decision for now? I have driven through Greenvale and nothing stands out to me as far as infrastructure is concerned. Maybe there are works in the pipelines but it would be up to OP to DD in this area.

 

2 mates just bought land, and will build. Total costs are just under 600k. Land value also jumped up about 30k she mentioned about 2 months ago. Home owner occupier area which will good for values.

 

You know Essendon is in the west right?

 

Time to buy in Greenvale's new estates was about 3 years ago. These days the developers are taking all the cream. A lot of promises have been made for the area but not much has happened yet.
Greenvale central is meant to be getting an upgrade with a new Aldi going in. There is a push from the residents for the past 10 years to get a public high school in the neighbourhood, still no news. Entrance to providence estate in Greenvale is marked for a mixed use retail site, but again no update on that also. Greenvale sports reserve off somerton rd finally got some funding for a stadium and facilities upgrade.
Greenvale gardens side is meant to be getting a new primary school, but no update yet.
Another thing to consider with the new estates is that the houses on the east of mickleham rd are about 50k dearer than the houses to the west of it.
Having said all that prices have gone up about 20% in the last 3 years, as for what the future holds, your guess is as good as ours. All the best.

 

Agree. The time to buy was 3 years ago. You could go one back and look at Craigieburn? Although, I don't know anything about that place...

 

Yep am from the West mate. Just giving an example of two people who bought two suburbs at the same time 20 years ago and big difference in price point today. Could have made up a suburb in the East vs West but no such example.

People were buying in Mill Park and Epping for 110k in mid 90s where Box Hill, Ashwood, Ashburton and Chadstone were 110k-120k, Now its 700k vs 1.5 million.

 

Yeah absolutely. I don't think Greenvale will be the next Box Hill though. It's just too remote and has no train. Although I wouldn't have thought we'd see the growth we have in so many 'bridesmaid' suburbs. Seddon and Yarraville would have been great picks in the west a decade ago. They have proximity to things though.

 

Desktop val on a 4x2x2 413 sqm came back at $660,000 edara circuit.. anyone else enjoying Greenvale?

 

Land in Greenvale is ridiculous at the moment. Averaging around $1k per sqm. $660k for a 4x2x2 in Umbra sounds about right

 

I looked at Greenvale a few years back and very much liked it's growth potential.
Thumbs up from me