Hi All, I'm having a look at buying a property in VIC, as they are currently recessing slightly and I think I can get in now. As my purchase price is in the high 300k - low 400k, I can't buy around Melbourne, but I did have a look at some townhouses in the Whittlesea LGA. Some notable suburbs are: - South Morang - Doreen - Epping I am quite worried, as it looks like all these suburbs are in growth corridors of VIC, so capital growth may be slower due to being far from Melbourne CBD + more development in the future. However, it does have great infrastructure and a great family vibes. In addition, vacancy rate are pretty low at the moment. Keen to hear everyone's thoughts on Whittlesea please.
Hi mate, You are spot on about slow capital growth in these areas. Whittlesea LGA is definitely not an ideal place to invest. Too far from Melbourne CBD. Additionally, high crime. A lot of the crooks from gentrified suburbs such as Preston and Reservoir have moved further north to Wollert and Doreen. I would avoid any new suburb like Doreen or alternatively, Pakenham in the South East for investment purposes. For 300-400k you wont find much in metro Melbourne. Have you considered the Vic regional markets?
Hi Shaun, Thanks for your response. I'm based off Sydney myself, so I don't know much about VIC as a whole. After a quick search, are you referring to places such as Bendigo and Ballarat?
Yep, Bendigo, Ballarat and Geelong. If you could push up to around 500k then you could probably start looking around western suburbs of Metro Melbourne.
I own a 3br single level villa unit in Epping. I do think prices are a bit depressed at the moment compared to surrounding areas - however anything under 400k will probably be under massive powerlines. I suspect Doreen moved ages ago. Sth Morang - again, not sure what you have found in this price bracket (it's a nice area) but feel free to pm me the ads and I can comment. I'd say most in that price bracket would be the new apartments. Rental yields are very soft at the moment. We re-let at the beginning of the year and the rent was back to 2013 levels. That's after a month vacancy The Y-man
The distance from Epping to CBD is the same as Doncaster East, Mitcham, Glen Waverley, Clayton and Beaumaris But forget going to the city in peak by car!!! The Y-man
Hi The Y-man, Thank you for the feedback. As I am quite new to property, could you explain what "soft rental yield" means? Is it a good thing or bad thing?
