VIC Kurunjang - cheapest suburb of Melbourne

Kurunjang - I think this is the cheapest suburb of Melbourne. Everything around it is more expensive except this suburb, lot of demand from investors right now. One of the agents said someone from Sydney trying to buy 20 investments there.

Do you think this suburb will go up in price soon, 400-450K for a smallish standalone house. Sounds pretty cheap for a Melbourne suburb, even Geelong and Ballarat are more expensive. Rental return seem pretty decent as well, what are your thoughts?

 

Check Google Maps. Endless available land.

 

Drove past these areas on the way to Bendigo a few weeks ago. There's just a heap of space to be built and yes in 20 years it might be okay, but for a long time it's just a small pocket of houses surrounded by nothing or surrounded by construction. Lots of supply will be coming on, it's almost limitless how much they can build out in that particular pocket. You drive down the motorway there and it's littered in house and land package offerings for new development estates.

It's not even necessarily close to the CBD. It's still about 40-45km from CBD which in peak hour is going to be a pain getting in or out.

 

Has a few positives, New hospital, electrification of the train line, Good established oo suburb, just keep away from the newer surrounding suburbs that will be impacted by supply as others have said.

 

Electrification of the train lol - don't hold your breath.

 

Endless available land isn't a good thing.. the other way though is....

Estates don't really make you money from my experience I'd be wondering what the soil conditions are like out there....

 

I am looking at melton as my first investment too. The blocks are big. No where has 600m2 blocks anymore. Lots of land out there but when they subdivide the make tiny blocks you may as well be in a town house. Melton is older, big blocks and already has services. You can get 3bed 2 bath 2 living zones on 600m2+ for under $450000. Most regional areas aren't that cheap!

 

this is a problem

 

Just bought my first IP in melton west this feb. nearly 450k incl stamp duty. 3beds 1 bath 1 study 2 garage and carport walking distance to woodgrove sc.
rented out $350/w. Lucky i jumped in the market on time. Average price on my street now around 480-520.
My point of view. Plenty of space between melbourne and melton is the weakness but also opportunity as if gov want to build up and invest something within metro melbourne. Then these land and some in far north are only last available.

 

Plenty south east too, past Pakenham along SE growth corridor.

 

Hi Everyone,

The last post was in 2021 on this topic, so it's been 2 years. and I am planning to invest in a house in Kurunajang. Is it still good to buy? What's the CG potential.

Any advice will be helpful. I am a first time property buyer, planning to enter real estate market.

Thanks,

 

Couldnt see any available land on google maps. Just because you can see land it doesnt mean it is available. Only saw 3 decent size blocks on REA.COM. Even if land does get rezoned for development it probably wont with the 62% windfall tax , it is more value holding it, using it for security to borrow funds , or land will have to sell at ridiculously high prices to encourage anybody to sell.

 

Once rezoned the costs of holding the land become exorbitant though, the rates are based on the zoned (potential) use and unless the land is somehow earning you enough to cover this it will cost an enormous amount to continue holding