VIC Melbourne IP

In saying that would you think the inner SE has the greater long term growth potential compared to other potential gentrifying suburbs that are perhaps in the inner-middle NE suburbs as they are much more affordable currently?

 

High gains over short term boom or long term 20+ years?

 

What you mean?

 

Nice..so can develop dwellings any time?

 

Hi Y-man,
Would the lifestyle / low-density suburbs have an even higher o/o appeal now given Covid19?

Although as you mention not for developers, given the land component, I would assume value will increase well. It would of course depend on which suburbs you are thinking of.

I’m not saying they would exceed others, but would think would have strong o/o appeal given recent events.

Interested in your thoughts.

cheers

 

I am also looking for an IP from 600k to 1M in Melbourne for CG
But even with lower CG chances, I would prefer something which has a low holding cost
Any thoughts on the upcoming estates in the south east ?
Or a house with land about 800 Sqm as Y man suggested in one of the outer eastern suburbs..

 

As a long time resident in the area - for a house under $1m in the east my picks would be:
- North east or south east of mitcham station (very nice pockets with a lot of kid of wealthy families priced out of mount waverley/balwyn moving in - south side is in the top vermont school zone)
- North of croydon station (bit further out but some streets remind me of some of the best suburbs in melb - try find a flat block less trees)
- unique and liveable single storey townhomes/ units with courtyard - anywhere in balwyn or koonung school zone (huge demand). Pockets of mont albert north are spectacular and give a village vibe despite being so close to cbd. Make sure there is access to the two city buses 9xx and 302.
- southeast around parkdale station is a beautiful spot with a good school zone but unlikely to get a house at that price point

In terms of capital growth i am not sure but these are the areas where I am seeing most demand and basically very little new supply under $1 mill besides low rise apartments or substandard townhomes.

Hope this helps

 

Great insights Y man.

Ive recently had a thought about big blocks vs standalone villas/single storey townhomes. Id argue that the latter is more scarce considering the tidal wave of downsizers to come and the lack of that type of stock being developed. I have seen the very few that make it to market fly under offer quick. Feel that there are either too many tiny apartments/double story townies being built which dont cater for this cashed up section of the market. But like everything it depends on relative prices.

Your thoughts?

 

How does camberwell high school compare to those?

 

VCE high school rankings wise its middle of the pack for eastern suburbs but appears to be on the decline Trend of CAMBERWELL HIGH SCHOOL by VCE results(people dont generally buy there for the zone unlike balwyn high). The real prize government school in the area is canterbury girls. Both are in great tree lined street though if you are a believer of better school environments. Govt primary schools in area are also top notch.

The issue is with that most families living in camberwell area generally have the means and desire to send their kids to the plethora of private schools in the area. I have heard of people who live in heidelberg area getting into kew high so perhaps the zoning for these high schools arent as tight and exclusive as the more in demand govt schools like balwyn high.

In saying that the rankings of some schools are usually improved due to "selective programs" of which top students are handpicked to join the school and usually not integrated with the general population. So perhaps its not worthwhile comparing a school such as box hill and balwyn high (with well publicised acceleration programs) with say koonung and camberwell which have no such programs so their results actually reflect the broad cohort and are not artifically dragged up by a few selective high achievers.

Hope that helps