VIC Melbourne's north and west ?? Reservoir and Sunshine?

Hi everyone, I am interested to buy in areas in Melbourne that haven't reach their true potential yet, I personally find south and east area is over priced, however the price in the south and east will hold and go steadily up, but i think maybe north and west have strong potential. We can see the changes in Brunswick, Coburg and Preston, I am personally not so familiar with these areas, but I certainly see their price all went up, due to people been pushed out of inner city ring.

Anyone has any inputs and ideas,? would love to hear it,
Anyone currently living in Reservoir and Sunshine, do you feel any change? Do you think there will be capital gain in the next five years?

 

I can only speak for Reservoir it's already gone gangbusters, developers jumping in has pushed land sky high, be hard to source value at this point in the market

 

Not exactly related to the suburbs you mentioned but I just bought in Hoppers and was beaten on a previous offer in the area by a cash buyer. There seem to be a few of them picking up the best deals. Ripple effect is definitely at play.

 

i've been personally monitoring some suburbs in the north over last 6 months. and sunshine went off my radar couple of months ago as it got a bit too expensive. Preston - too expensive although you get the odd bargain like in tyler st for 560K around 600sqm.

Reservoir is a big suburb with the train stations regent, reservior, keon park. the most prized estate is that oakhill estate. Although areas near to regent station which is close to preston market can go for millions. Couple of weeks ago. gilbank st went for 920K. Streets like the oakhill avenue, northernhay and southernhay regularlly rank in 800-1 mil. Other areas in reservoir can be bought for 500-600kish range though last few weeks auctions has had nothing for standalone houses below the 600K range for a decent 500sqm above block. the properties tend to be cheaper as you head towards thomastown and keon park train station. Also lots of housing comission flats near cheddar rd. I would personally look at heidelberg west or heidelberg heights to get something. surrounded by million dollar suburbs. There was a sale 2-3 weeks ago for 484sqm block high 300kish and also similar sized for 415K something which if you compare the proximity to CBD and suburbs is considered cheap. that is like nearly regional city prices. unfortunately was down with the flu otherwise might have bought it. There is the austin hopsital, latrobe uni and you are basically next to heidelberg burgundy street. Heidelberg Heights and west will move as there is massive development in haig st so like nearly couple of streets with all new houses.

Sunshine is already getting too expensive and has already passed the 600Kish mark. i stopped attending the auctions and going to inspections after it passed that mark. I think all these suburbs will grow as if you go heidelberg, preston you basically touching the 1million dollar mark and many families get pushed out. There is a big asian community in high st in preston though no asians are present in any of the auctions as bidders. It seems to have a very strong dominant italian and arab community with the mosques and food eateries.

 

Are you talking about Hoppers crossing,,? is it for investment or live? &what do u see in the area ?

 

Yes, Reservoir is a big suburb, Be aware, that certain areas with huge blocks have single dewelling policy. I am looking around the reservoir station area, regent too expensive, further out very cheap.
Have you been to heidelberg west? I went to attend an inspection once, and this paticular property is very close to a shopping strip of some kind. The neighbourhood looks very rough, I don't know the reason, maybe government housing, but that area looks like the Melbourne I never know. Do you know any infrastructure spending on these suburbs?

 

Its for investment. I hate cities

Attraction was a house within my budget (low to mid 400s). Rising market. No body corp, short walk to train station, good infrastructure etc. The appeal was the property type, not the name of the surburb.

 

short walk to train station is always good ,,

 

yes pretty aware of the single dwelling. there should be a covenant in the s32 which i have seen a few times though it is more towards the keon park area. For any person buying in melbourne, it is best to familiarzie with the zones, NRZ, GRZ, RGZ and the schedules. I've wasn't familiar with these suburbs too but been putting the work by going to inspections and nearly 100 auctions in those suburbs preston, reservoir, heidelberg west, heights. Yes it is rough but i have been to an auction in heidelberg heights that even rivals the east. If you drive over to heidelberg west and heights go over to haig street, major development over there pushing prices up. There have been townhosues selling for 770-800kish. this is not hype but actual sales though yet to settle. The property you have been is probably closer to the olympic village. i think if you avoid being too close to direct housing comission, it should be ok and for investment it shouldn't really matter. I mean in south melbourne, cecil street and dorcas st huge housing commission complex yet next door houses selling for 2-3 mil. There is talks of the new highway coming through heidelberg but that would be years ahead.

 

geelong area sounds interesting too on the surface, i haven't done any research yet. it's seaside, it has high way and train, probably takes same long time to reach city from Sandringham??? &it's deliciously cheap

 

great info
also with reservoir you need to buy for location near the rail if developing, away from State Housing otherwise difficult to sell

Melb has had a great run, all these areas have had brilliant griwth. There is also Thomastown, however this market has also moved

 

Yup thomastown has already moved. depends on the suburb too, if it was camberwell, hawthorn, malvern east, caufield no issues living closer to the station. With suburbs like reservoir - like those keon park station, there are around 5-7 housing commissions like within close proximity to the train stations. So yeah if you been to keon park train station, it is a bit scary. Prices tend to be softer i feel closer to the station.

 

The Geelong thread is here, also a thread on Norlane which is a northern Geelong suburb too. Lots of handy talk there,

VIC - Geelong

 

I was looking to buy these two areas two years ago and things were moving quickly back then....

 

Can you please advise on which areas in Reservoir or Keon Park the housing commisions are located?

 

there are housing commission houses everywhere in melbourne many being onsold to private devs. the housing commission flats are the ones i personally wouldn't want. strathmerton st, cheddar rd etc.

There are also powerlines in reservoir towards thomastown - i also wouldn't buy around there.

 

How is Preston going, when I was looking was absolutely going gangbusters, considering proximity to city and how it is rapidly changing I think this is an excellent area, but perhaps land is way too high now, like just about everywhere now.

 

Yup crappy 400sqm blocks going for nearly a mil and above. Lots of rezoning occuring. There is the high St (which is like box hill in the 90s). will grow obviously. Anythig close to the preston market, station, high st shops is premium property. There are minimal Asian or foreign buyers that are pushing the prices up. all the auctions i have maybe only 2 had an asian bidder. This is like albert park, middle park and south melbourne townhouses or houses. Purely locals bidding to get in the area or wanting to move into the area.

 

Amazing the price I mean? things have really moved
Thanks