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

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

 

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.

 

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).

 

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

 

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.

 

Are there any shops/schools near sunshine area?

 

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

 

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.

 

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!

 

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

 

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

 

Agree with Chrispy re Watsonia and Yallambie and even certain parts of Greensborough you can pick up a bargain on large block of land - http://www.realestate.com.au/property-house-vic-greensborough-120320293. There is a bus terminal and train station in Greensborough.