VIC Inner city ring Melbourne

Discussion in 'Where to Buy' started by MTR, 6th May, 2016.

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  1. jyeung80

    jyeung80 Well-Known Member

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    Anything along the beach out to Brighton might also fit the bill. Loads of cafes, restaurants, shops and transport with the added bonus that you also get the "beach" vibe during the warmer months.
     
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  2. MTR

    MTR Well-Known Member

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  3. Graeme

    Graeme Well-Known Member

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    A friend rates Elwood highly. I remember her mentioning she'd like to live there, but didn't want to be too far from her boyfriend's place in Balwyn.

    As an alternative to the apartment, there's this house in Mckinnon.

    45 Fitzroy Street, Mckinnon VIC 3204 - House For Sale - 2014126107

    It's a bit further out, and a few suburbs from the beach. There is a station nearby, and there might be some noise from the railway. It's in need of renovation, but has some lovely looking joinery in it.

    The statement of information puts the price at $1 to $1.1 million, which means that the vendor will probably set the reserve at the top of that range. Or above.

    I don't know Mckinnon, but I rather like this place.
     
  4. jyeung80

    jyeung80 Well-Known Member

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    This place is in good company. A few other apartments on the street sold for well north of $1M recently. They were bigger and more modern of course. Only cons I see with this place are that it's not super close to a train station (but there are buses on Ormond Rd) or supermarket. Also... where do they eat?? But then it's close to the beach so big big plus. I'm not local so maybe somebody who is can share their thoughts.
     
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  5. The Y-man

    The Y-man Moderator Staff Member

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    Foodworks Supermarket 109 Ormond rd (3 min walk away).


    In the yard or in front of the TV in the lounge (as can be seen from photos) :)

    The Y-man
     
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  6. obiuquido144

    obiuquido144 Well-Known Member

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    I'd vote for Port Melbourne, Albert Park, and to a lesser extent St Kilda. No traffic concerns. AirBnBable.
    Fihermans Bend will be redeveloped with a new uni campus etc.
    These suburbs are expensive but have fundamentals that will only become more valuable over time as Melb becomes even more blocked (roads as well as train lines that go to the further suburbs).
    Framework
     
  7. MTR

    MTR Well-Known Member

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    Whats the attraction with St Kilda, I never ger this? Reminds me of Gold Coast
     
  8. obiuquido144

    obiuquido144 Well-Known Member

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    It's hip, younger demographic, gentrifying (Gatwick hotel closed), seaside lifestyle, comparably affordable (mostly units) and very close to the city. But yes mostly attractive to younger people. There is also an art deco old European feel to lot of the apartment blocks which for decades has been attractive to western Europeans-turned-Aussie-pensioners. Nice old seaside suburb with a lot of charm.
     
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  9. private_number

    private_number Well-Known Member

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    What are everyones thoughts on Pascoe Vale? In terms of population growth, expected price increase, population dynamics, current developments etc etc
     
  10. Trailblazer

    Trailblazer Well-Known Member

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    Thoughts on South Yarra between the domain/anzac station and south yarra station?
     
  11. melbournian

    melbournian Well-Known Member

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    south yarra to live is ok taking public transport though it is very jammed. around that area. I know the part you are talking about - that's more st Kilda rd Melbourne and near Wesley college etc.
     
  12. Trailblazer

    Trailblazer Well-Known Member

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    Yea I was wondering what it's like to live and turn it into an IP/airbnb. I'm more inclined to be nestled inbetween Royal Botanical gardens and 5-10min walk to south yarra/anzac station. Or somewhere else that is near lush green forest type parks but walking distance to excellent public transportation, ameneties and infrastructure. I thought South Yarra would have ticked most boxes but not sure what it's really like to rely mostly on public transport to get around the area and inner city suburbs.

    I was considering taking advantage of the FHB grant + stamp duty savings for units under 600k as a first PPOR/IP. Then after a year I could turn into rental and focus on growth IP's.

    I like the style of this one 5/58 Toorak Road West South Yarra Vic 3141 - Apartment for Sale #127388970 - realestate.com.au - lot's of natural light, open area feel and lockable garage. However i think Toorak rd would be quiet hectic, noisey and it's slightly far away from ameneties and transportation, plus it's 1 bedroom which i assume won't be as attractive compared to a 2br to rent out or for growth.

    The big concern that's crossing my mind is seeing all those cranes and construction for all the high rises east of South Yarra Station. I'm thinking the oversupply in that area will have a negative effect on the units west of South Yarra station where it's low rises and limited supply of units. Not sure how to determine demand. What other sources besides realestate.com.au data reveals supply/demand relationship in an area?
     
    Last edited: 6th Feb, 2018
  13. kaibo

    kaibo Well-Known Member

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    for high rise views get can't be blocked (or at least face a rd) and within 1 k.m. of station. If you had good views to the city and all of a sudden it is blocked by another development then the value will drop around 30%
     
  14. melbournian

    melbournian Well-Known Member

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    this is a good spot - you are close to trams and years from now the new stations will be done. Also for an airbnb short term lease.
    as for view being blocked out - no one is going to build a building in fawkner park
    as for values dropping 30% can't recall of an example happening.
     
  15. Trailblazer

    Trailblazer Well-Known Member

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    My comment about highrises was more concerning about the growing supply of units coming to the South Yarra market especially east of the station, and not really concerned about views being blocked. I don't think this unit actually has appealing views, in fact i think it could be somewhat negative since it's facing a busy road which i'm assuming is also noisey, so it offers little peace or privacy, also would get frustrating trying to get in and out of your driveway from this road.

    How much affect from the increase of the nearby apartment supply east of South Yarra station would have on units west of the station? Afterall, it's not geographically far from each other, however i believe there's more peace and solitude around the botanical garden area and lack of highrises (for now) which may increase the desirability of the area.
    I guess tram access is good, but ideally would prefer somewhere closer walking distance to amenities that would be used frequently, unfortunately looks like there's no supermarket in this area.
     
  16. kaibo

    kaibo Well-Known Member

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    I don't look at apartments much as I don't regard them as investment grade but was fascinated by Aerial development in Hawthorn East (Camberwell Junction). Built in 2012 things have been re-sold at about the same price except for a mid-level one which used to have a good city view but had been blocked by a subsequent development and was re-sold for 30% less than previous purchase price. I also find it interesting that a lot of the final sale prices were over 10% under the asking prices (unheard of in detached housing)
     
  17. Jimmyay

    Jimmyay Well-Known Member

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    I would go for Port Melbourne and surrounds. Beach, parks and city fairly near ; doesn't have the traffic issues or the hemmed in feel of , say , parts of Richmond or the northern inner suburbs. its slightly cheaper as well (admittedly compared to the horrendously expensive neighbouring middle and albert park). regeneration has been ongoing for many years and properties are not cheap, but new changes planned are really going to ramp up on steroids in the next 5-10. will undoubtedly include transformation of some of the ex-industrial and warehousing areas into high end residential. with further public transport improvements it'll be an extremely desirable and expensive place to buy in a decade or so IMHO.
     
  18. Trailblazer

    Trailblazer Well-Known Member

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    Not sure how public transport can improve without a train station nearby. To get to north of the cbd would be a huge undertaking, as it already is a PITA from south yarra or richmond. Sure it has the beach but i think it's missing a bit of the tree-lined green streets or lush parks, and far from arterial highways.
    Are you referring to nearby changes such as Fishermans bend, or actual changes within Port Melbourne?
     
  19. turk

    turk Well-Known Member

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    Perhaps the Port Melbourne light rail is the answer, combination tram/train which will take you through the northern CBD.

    Box Hill
    Surrey Hills
    Balwyn
    Deepdene
    Kew
    Richmond
    East Melbourne
    Melbourne
    Southbank
    South Melbourne
    Port Melbourne

    The Port Melbourne line is the oldest significant line in Australia, construction began in March 1853.
     
    Last edited: 8th Feb, 2018
  20. MTR

    MTR Well-Known Member

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