Melbourne Investment Suburbs 2017

Discussion in 'Where to Buy' started by baabo87, 8th Jan, 2017.

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  1. baabo87

    baabo87 Member

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    Hi all,

    Wanting to spend $400k-$500k on a house (min 2 bedroom) or a townhouse (preferably on own title) and considering in the Western suburbs such as Sunshine/St. Albans or up North near Craigieburn or South West maximum distance of Point Cook. We will almost always follow the train lines and keep the properties maximum 20 min walk from a train stop.

    Anyone know some big infrastructure growth plans which are planned in the next 5 years around Melbourne which will drive prices? I know there are plans to make Sunshine a major hub within Melbourne, but not sure what is driving Craigieburn or Point Cook prices?

    Looking ideally for those suburbs which will be impacted by the ripple effect, such as Sunshine (as Footscray is now quite expensive).

    Would also like a rental yield above 5%, and on the market for no longer than 100 days preferably.

    For older homes, we don't mind renovating at all with a max budget of $15k-$20k, but would ideally hit the kitchen first if required, bathrooms and a paint job (and possibly floors if it has old carpets etc).

    Any thoughts and ideas would be truly interesting :D
     
  2. MTR

    MTR Material Girl Premium Member

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    Is Broady (Broadmeadows)..... is this still an option, in the 15 km ring, development sites around $500K or below, good infrastructure, developers jumping in will change this area from trash to treasure?

    MTR:)
     
  3. baabo87

    baabo87 Member

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    Hello there,

    Yes I've thought about Broadmeadows - but I wonder whether this development (or pushing out the less desirable crowd to make it from trash to treasure) may actually take too long for it to create a nice return? I guess our thoughts were that Sunshine (although still not quite the cleanest image suburb at present) - there are large plans to clean up the image so my personal thoughts are that it will return quite well over the next 5 years... Could be completely wrong and have to wait at least 10-15 years I guess haha

    For some reason I see more development and growth prospects towards the West/North West than North..?
     
  4. MTR

    MTR Material Girl Premium Member

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    I am not actually on the ground and looking. I would be asking re agents today what is happening in terms of sales, its totally dependent on demand and supply as this is what pushes prices north. However, if you have the potential to add value/develop with property then this also needs to be weighed up.

    Look forward to replies, who knows I may jump in again:)
     
  5. JL1

    JL1 Well-Known Member

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    I called an agent about a property in Broady a week back. 3 townhouse site asking ~$600k. Has a house that would return around 300/week rent.. to me its value has already been realised.

    I was seriously considering there and Dallas for a while. Dallas has very intricate building restrictions with its aviation zoning that makes 3/4 of the suburb virtually untouchable, and a recent source told me Broadmeadows has 17% govt housing. I drove around and saw enough shady characters to put me off for the time being. At ~500k I would much rather put my money in Lalor.

    Saying that, Dallas still provides decent yields for houses being able to buy around $350k. If you're not fussed about future development and willing to take the risk, i think its worth a look.
     
  6. jakc

    jakc Well-Known Member

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    This web map might be of interest for commute times to the city. It takes into account a 10 minute walking distance to all forms of public transport stops.
     
  7. MTR

    MTR Material Girl Premium Member

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    omg 600k

    Dallas, good dependent on site and what you can fit on site

    jacana? no idea not looking but possibly worth a look in

    I have a soft spot for these areas cos they made me money in 2008 and been chatting to savvy investor today whose developing and killing it