VIC IPs in Melbourne

Hi All:

This is my first post in this forum. However I am following some threads for sometime.

I am based out of Melbourne and looking to buy my 2nd IP. I am aiming to buy in next 1-1.5 year and not really immediately.

The suburbs I am focussing on are Sunshine, West Footscray, and Brooklyn ( may have missed the Footscray boat !).

The type I am looking at is mainly old property with a block of land.

What do you guys think about this? For a 600+ sq m of land, what's the approx. price I am looking at? I know I can get this info from the real estate website. I am asking from the investor point of view which people in this forum can provide.

Also is in terms of future growth and prospect, what do you think of these areas? I am talking about long term hold.

Thanks and regards,
DU

 

Hi Du, welcome!

600sqm of land is hard to get in the inner West of Melbourne now. Most in Footscray for example are $1.1m - $1.2m+

That said the further out you go the cheaper. Sunshine for example you're probably looking at around $550k - $600k now.

Research shows that the inner West has better than average growth predicted for the next 5 years however the mid-outer west is not so rosy.

That being said, anything can change 18 months. Better to look at pricing closer to that time.

 

If you're based out of Melbourne, why not get Jake above to help you out?

 

prices will be at their peak and possibly flattening or decline in a year to 18 mths in melb

 

I believe by 'inner west', you mean the suburbs I mentioned. What suburbs do you refer to by 'mid-outer west'?

Thanks

 

You means price are already at peak?

Thanks

 

Roughly done with MS Paint.

 

So going by that ... Sunshine, Sunshine West and Brooklyn really are in Mid-West and not Inner-West.

 

Is it fair to say mid west is somewhere between 14-20km of Melbourne?

 

Footscray, West footscray has already peaked. There are also not many 600sqm blocks around there. As jake has said go inner west or at least mid-west. Sometimes it does not necesarily have to be 600sqms. my friend has a place in footscray which she subdivided and it's only 300sqm odd. Maidstone is the suburb with bigger sized blocks and so does sunshine but competition for these are tough.
Not sure of your budget, but i would buy go to seddon buy a cottage and do some extensions.

 

What sort of price am I looking at for Seddon cottage? My budget will be around 600-700K.

Cheers!

 

i reckon go anything between 600-900K rundown. This is an area not that many people do - as most are into subdivisions. There are cottages in albert park that sell 800-1mil but with renovation upper storey extension goes for 1.7-1.8 mil. This is something i have been researching. Good for a PPOR with the view to sell and not for a traditional hold

 

Its fair to say that your getting caught up in semantics
Just buy in the older areas as close to the amenities as you can and make sure your getting good value compared to similar suburbs.

 

Thanks guys. I will do some more research and might go for a drive.

In the mean time, it will be good to see other people discussing on the topic.

Cheers!

 

Hi Jake,

I am looking to buy an IP now in Victoria and I shortlisted tarneit, Craigieburn and Wyndham vale. I am more leaning towards Wyndham Vale abd have shortlisted few properties, would love to get your advice.

Thanks

 

Of those Brooklyn has the lowest reputation with almost no local services, limited public transport and complaints about the smell. It is however convenient to the West Gate. The freeway divides it from schools. Altona Gate is however around the corner.

Benjamin O'Mara: Spring smells like hope in Melbourne's west

 

I'm really against buying in house and land package areas. Wyndham LGA had the lowest 12 month growth of all the metro areas. I'd say there are better options for your money in the short to mid term.

If you're buying a home, the area is okay to consider - can guess they'll be like the far east in 20 years where prices in say, Wantirna South used to be next to nothing and now they're around a million.

 

Hi @Jake Milne , thanks for the information. Could i please ask any recomendations you can guve for purchasing an IP? Thanks

 

@Newfast Right now: Pascoe Vale, Brunswick, Coburg & Thornbury are up there