VIC Melbourne: Are these good suburbs for investment?

Just wondering if you can give some advice on where I should buy. I can spend up to $660,000, and my main aim is CG. I am looking for long term investment. I have no idea about Melbourne Suburbs. My short listed suburbs (mainly based on distance from CBD, and 1 year median price change) are:

(1) St Alban, (2) Broadmeadows, (3) Ardeer, (4) Sunshine west, (5) Lalor, (6) Thomas town, (7) Deer park.

Can you please suggest me which three suburbs I should pick, if I am looking for capital gain, and the suburbs will do OK even in downturn of property market?


Thanks

 

I would go for St Albans out of those listed. If you're quick and lucky, you may be able to get a cheapie in Sunshine proper (not West).

No one can guarantee you anything about what will happen in the future or in an economic downturn. You need to do research and then make a decision you're happy with.

 

You won't get a house on a good size land in sunshine for that price.
Braybrook might be a good option. 10 km distance to CBD, and positioned between footscray and sunshine.

 

+1 for St Albans.

Most of those suburbs will perform well but I'd put my money on St. Albans coming out on top.

 

Thanks for sharing your preference for St Alban. As I said I have no idea about these suburbs. Would you mind to add something why you prefer st Alban over others? If you have to live in these areas which you will choose to live?

 

It depends on what you're trying to do. A detached house on it's own block is still valuable IMO. The size is really only an issue if it's ridiculously small (which they wouldn't be) or if you want to do a development project of some sort.

I think a house in the area is a good investment purely due to the location but St Albans probably has more unrealised potential.

 

As Cimbom said, St. Albans has more going for it. Along with sunshine the Victorian government has earmarked major spending in this region and believes it'll become a major employment hub in the future. The level crossings here have already been removed and I see a lot of investors flocking to the area.

Where I'd like to live? Out of those options I'd choose St. Albans. You can cross out Broady, Sunshine west, Thomastown and Lalor. Don't know much about Deer park. Wouldn't mind investing in these suburbs but wouldn't want to live there... for now.

 

I live in Sunshine West, so I'm going to defend it. Much of the suburb is walkable to Sunshine train station, and blocks are massive (particularly north of Glengala Rd). It is newer here than central Sunshine with its original McKay era homes, but still plenty of weatherboards. Connections to bike tracks and freeways are excellent. However, prices are growing rapidly in the good parts (north of Wright St), so get in quickly.

Finding a property in Sunshine proper is going to be tough with your price range (I know, I've tried). IMO Sunshine is Melbourne's best residential suburb, and Sunshine West offers a lot of what Sunshine proper does.

If you're looking at St. Albans, consider Kealba too. It was formerly known as St. Albans East.

 

Hi Cimbom
Are you indicating I should invest in Sunshine proper if I can effort? Sunshine would better than St Alban?

Thanks

 

Brimbank Council went through a rezoning about 3 years ago. Does anyone noticed the price difference between zoned and unzoned property in the last 3 years?

 

Yeah 1.1 mil for what was maybe 400kish and 1.8 mil for what was maybe 500kish in St. Albans. The RGZ zone is the best zone to be in

A million dollar sale in sunshine today in that zone

 

I think the zone is more important than size in terms of sunshine and St. Albans it was evidently witnessed in the recent auctions and even one today in sunshine it is what can distingush a milllon dollar property Over the other. It really does not matter if u do a dev or not it is what it is worth to others on the potential

RGZ will always be better than GRZ or NRZ

 

Hi Melbournian,
What do mean by RGZ, GRZ, NRZ?
Thanks,

 

RGZ means residential growth zone where it is pro dev u can less restricted frontage setbacks and can go 4 storeys which means u can build low rise apartments or three storey townhouses

GRZ is general residential zone which is standard zone for most residential and where standard Res code applies

NRZ is neighbour residential zone is one that is mainly in the east. It can have minimum dwelling land sizes and restrictions on how big u can build. In some suburbs you would need 900-1000sqm to have dual occupancy.

In terms of sunshine and St. Albans there is also an activity zone one which covers area situated closer to shopping precinct and train station. I mean 600sqm in St. Albans went for 1.1 and 1/8 mil which was in the growth zone. Couple years ago this would be 400kish

 

It depends on the dwelling type and block size you're after, but for clear title, no owners corp, forget Sunshine proper. You'd be west of the station if anything.

The suburbs you have earmarked are quite different from one another. Might be a good idea to define what you're trying to achieve since some suburbs may not be able to get you there within your required timeframe...

 

Hi @Rasheda, a little bit about what is going on around Sunshine.

Victoria University will soon get a 40 million upgrade. Work will start this year.
Victoria University to build $40 million trade hub at Sunshine

Half of former Sunvale school will be converted to a park, work is about to commence( see picture attached), the other half will be converted to 58 townhouses (plan has just been approved after years of battle).

Former library will be converted to residential
Former Sunshine library site sells for $4.6 million for townhouse development

Foundry apartment is about to start the second of total 3 stages development.

VicRoad office will be moved to Withers St which is right at the activity center zone.
9-13 Withers Street, Sunshine (Commercial)

Dawson St has just got an upgrade (not sure if the work has been completed or not, somebody on the ground can confirm this). Attached is the plan.

Multi level car park has just been completed a few months ago.
dawson street sunshine - Google Search:

20 Hertford rd will make way for offices (5000 square meter).
http://www.commercialpropertyguide....e/20-hertford-road/sunshine-vic-3020/offices/

Sunshine hospital has just got an upgrade.

I have attached the schedule 1 Sunshine activity center zone.

Anything within the zone is already quite expensive.
Today auction 24 Martin st just outside the zone was sold for $1.3 million.
24 Martin Street, Sunshine VIC 3020 - House For Sale - 2013358059
A few months ago 3 Hertford rd within activity center zone sold for $1.6 million.

Sunshine station is going to be part of 4.8 billion of regional rail link project (Ballarat, Geelong, Bendigo).
Melbourne airport rail link study shows that Sunshine route is the best to meet the criteria.

St Alban center zone will be nowhere close to the size of Sunshine.
https://www.domain.com.au/news/suns...ract-1-billion-in-investment-20151210-glksks/

 

Missed 1 more.

http://records.brimbank.vic.gov.au/...BZSzgyWHFqVTBlOTdsMWZnazk3WE9HVkJTazJLQVNudQ2

 

I have a similiar budget to you and I am looking at Thomastown as a potential as well as St Albans

 

You tag the wrong person, could be rasheda.

 

Hi JacM,
Would you mind to share Which suburbs are you referring to?

Thanks