VIC Mooroolbark and around Suburb for Investment Property around $500000

Hello All

Good Morning.

I am looking to buy an investment property around Mooroolbark, Croydon, Boronia, Lilydale. Preferably Mooroolbark ( I lived there and like the suburb).The only thing is its 40k from the city.

I have been inspecting some property in Mooroolbark and surrounding suburb but in the current market within my budget, I can only afford the unit, not House. The House with a decent land (450m2) is around 550,575 which I can afford if I can stress a littel bit.The only think I am not sure is the Tenant occupancy in a suburb which is 40k from the city.

I would love to know your thought about the area and current price (Do you think the prices are overhyped?) or that price in south-east of Melbourne is all right.

 

I am a Mooroolbarkian too. Been here for over 30 years.

Over that time the housing has changed from large single house blocks to battleaxe and townhouse developments and more recently apartments. This has put a strain on infrastructure, in particular roads. We have the infamous 5 ways which baffles the uninitiated.
It is still a nice place to live with generally affordable housing. There has always been a bit of a bogan element, but not too bad.
The outer east housing market has in the last few years gone through the roof and I don't think there can be much more growth in the short term. So any capital gains would be a long term prospect.
As far as tenants are concerned, it will always be attractive. It is attractive to young families, probably a bit more blue collar than white collar, but a good mix. I think vacancy rates are always low.
Express trains to the city, and Eastlink is only 10 min drive away means getting to the CBD is not really a problem. We have everything in the local area anyway. Fine wining and dining in the Yarra Valley, local cinemas where they only charge $10 per ticket. Good private and government schools. Eastland is only 10 mins away which now has many of the designer brands. For mare basic needs Chirnside Park Shopping Centre is close. Lots of sporting clubs and even local amateur theater. A good place to live, but prices are overheated at the moment.