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VIC Melbourne - near CBD, big block under 500k?

Discussion in 'Where to Buy' started by Michaelidis, 3rd Aug, 2015.

  1. Michaelidis

    Michaelidis Member

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    Hey guys,

    I'm from Sydney looking to buy a house within 20 kilometers of Melbourne CBD and below 500k. Next to trains/buses, schools etc.
    May consider building a duplex or townhouses if it is feasible.
    There are many houses trying to get leased. Is it a problem renting out a house?
    I have been looking at:
    - Epping
    - Lalor
    - Croydon
    Any information would be great.

    Thanks,
    Michael
     
  2. Be Developer

    Be Developer Property Developer Business Member

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    Epping -may be
    Lalor - difficult
    Croydon - you missed the boat by bit

    You need to target 600 sqm + blocks near station or in good pocket to make it profitable development.
     
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  3. Greyghost

    Greyghost Well-Known Member

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    Croydon may be 20km from the city but the other 2 suburbs you mentioned are def not..

    Due to Epping and Lalor location I would also say they are suburbs that are difficult to access to the city from as there is no direct route, the ring road is simply that..

    A lot of townhouse Dev going on in Thomastown now. You can always look at reservoir, still decent sized blocks there for mid 500's with train access and better suburbs close by (northcote, Preston).
     
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  4. The Y-man

    The Y-man Moderator Staff Member

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    @Greyghost, Epping is definitely within the 20km radius of Melbourne GPO. Croydon on the other hand is just inside the 30km radius mark.

    Agree road access to Epping/Lalor is crap, but there is train to Epping, as well as the orbital bus routes.

    The Y-man
     
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  5. The Y-man

    The Y-man Moderator Staff Member

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    Epping/Lalor tends to be flat, Croydon is very "lush" and quite hilly in places. You may find various council restrictions in Croydon regarding the chopping down of trees (which maintain the "green" character of the area).

    I had a look at
    http://www.realestate.com.au/property-house-vic-croydon-119985929

    It wasn't going to be possible to develop for the next decade or so with about 3 different overlays (although probably easier than a covenant).


    The Y-man
     
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  6. MTR

    MTR Well-Known Member Premium Member

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    Agree with you, The boat has sailed for Croydon.

    Epping - when this market tanks I would not want to be holding in this area

    Lalor - land already gone through the roof, don't like the end values.

    Hi Michael

    I am currently in the process of organising plans and permits for 4/5 townhouses in Croydon. Very hot at the moment.

    Picking up development site in Croydon under $500K at the moment will be a tough gig, though sometimes you get lucky. Finding deals where developers/buying don't realise the potential of the block is one way to buy below market value.

    End values in Croydon are brilliant and Chinese buyers in this market, townhouses 3x2 (18-20sq) selling for close to $600K.

    I am from Perth flew over as purchased site unseen, loved the area. Keep looking, research agents who is selling in the area and try to network with someone so you can perhaps buy prior to hitting the market. I know if my block hit the market I would have paid much more.

    MTR:)
     
    Last edited: 4th Aug, 2015
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  7. infocus13

    infocus13 Member

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    Have a look at the Maidstone/Braybrook/Sunshine corridor.

    Lower socio economic base will impact end values but large blocks can still be bought for $500-$600k (if you can stretch your budget a bit).

    Maidstone boat may have already sailed as blocks on a busy road are going for $1,200-$1,400/sqm but the other suburbs I mentioned may be a goer.

    These suburbs are 10-16km from the GPO.
     
    Last edited: 4th Aug, 2015
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  8. Michaelidis

    Michaelidis Member

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    Are there any shops/schools near sunshine area?
     
  9. infocus13

    infocus13 Member

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    There's Braybrook and Maribyrnong secondary colleges. Probably more in the Sunshine area but I'm too lazy to look.
     
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  10. mpiyer

    mpiyer Member

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    Epping and Lalor are under 20 km from CBD but croydon is definitely not. It is around 28 km. Look at Reservoir and Heidelberg West. These have some socio economic issues but are starting to gain good momentum.
     
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  11. albanga

    albanga Well-Known Member

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    The automatic transmission in my car died thanks to Croydon hills! Alright it was on its way out regardless but Croydon hills pushed it over the edge. Then I had to try and drive all the way home to the Western suburbs doing my best to time my run at the lights so I didn't have to stop.
    Let's just say that is something I never want to attempt again!
     
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  12. Chrispy

    Chrispy Well-Known Member Premium Member

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    Check out Watsonia. It is 16kms from the City, has a train line and is surrounded by higher price suburbs. There is a pocket of ex commission houses but these are mostly in private hands these days. It has schools and LaTrobe University is not far away. There is an Army Base but most live on the base. Something like this http://www.realestate.com.au/property-house-vic-watsonia-120406509 might be suitable
     
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  13. Chrispy

    Chrispy Well-Known Member Premium Member

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    Yallambie is the next suburb to Watsonia and is in between Rosanna and Lower Plenty. It adjoins Watsonia. This has not had the massive price rise yet that the surrounding areas have had. The closest railway trains are Watsonia or Macleod but a bus or car is required to get there. Something like this may be suitable http://www.realestate.com.au/property-house-vic-yallambie-120276797
     
  14. KMD

    KMD Well-Known Member

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