investing in melbourne

Hi TE
there are areas north/west which are closer to Melb and still cheap, but they not desirable by locals.

MTR

 

Very true mtr

But for how long though!?

I think once the land goes who knows what will happen

 

Have seen significant growth of land in my target areas of Thomastown, Lalor and Reservoir.

If you consider Reservoir is in zone 1 rail, close proximity to city perhaps $550K? depending on location and size of block, definitely represents good value.
I agree, we wont see these prices for too much longer.

Marisa

 

any more insights into Reservoir. just started looking in this suburb seems pretty good value.

 

Reservoir has been a very hot area for developers. Close to CBD and zone 1 rail, has to be a winner.

Its already had significant growth, land and townhouses.

I am not an expert on the area, but I do know there are good and not so good pockets, ie State housing. Just do your homework on this.

My view is when markets rise it does not matter where you buy in the area. Too late for this though, so I would be buying as close to the rail as possible.

I tried to source a development site in this area but the market was too hot at the time.

MTR

 

yeah i'm not looking for a large site. Just a dual occupancy site to keep for a few years. i like the suburb as the planning schemes seem pretty OK. was looking in heidelberg rosanna etc but they have many zones so the site coverages were pretty restrictive and the vegetation overlay etc. I know reservoir but not to the extend that i know the roads that well. i know gilbert road is good but other than that more just general.

Strange with housing commissions - if you see heidelberg west (there are many) yet they sold for a very high prices for large lots. I live in south melbourne and there is a big housing commission off cecil street yet prices for townhouses are like through the roof.

 

I actually think in a rising market its probably better value to buy in the not so desirable pockets because perhaps lower entry but you will still capture growth.


MTR

 

True though reservoir is still now that high compared to many of the surrounding suburbs. i like your croydon approach though it is very much for developers like yourself to utilize more townhouses on the block as the parcels of land is very large. In btw been seeing so many people in doncaster and doncaster east (grouping together as neighbours to sell) super blocks as they advertise.

 

Interesting.
I like Croydon too, because of the end values, well designed townhouses 3x2 are selling for $600K+ dependent on quality and size.

MTR