My expierence of Albion (Sunshine)

Sold Price for 12 Sydney Street Albion Vic 3020

I also know that 2 Ridley Street Albion went for $750,000 a few months ago as I was at the auction. I assume settlement of the property has not yet taken place as I was at the vendors garage sale last Saturday. 2 Ridley Street, Albion VIC 3020 - House for Sale - 2011965588

As for the unit complexs having a ghetto vibe in Albion. I spend 3 days a week at the moment in a unit complex in Albion and will be moving in early next year (after my Europe trip). I don't feel it has a ghetto vibe (well at least the one I will be living in). It's more generally migrants and a few Aussies in the complex that all keep to themselves. But the unit complex only have 12 apartments. Perhaps the unit complex with more units do give a ghetto vibe (the ones on Ridley Street between Korrit Road and Sydney Road.)

Yes the area around Albion station is ripped for some decent development that is for sure.

 

I'll be around here over Christmas - what's the name of the coffee shop?

 

H Pickle,

Good thing is you have listed more positives vs negatives.

NEGATIVES:
Hear planes at midnight - When i first moved into Deer Park, I would hear planes but so used to it these days.
area is dirty (though is improving slowly) - Brimbank Council will be investing heavily in the area next year..
interesting people live here. Interesting people every where...

 

The cafe is called Walia Ibex. It is on Clarke Street. (5-9 Clarke Street). If you see billards tables in the place you have found it. You will also notice a restaraunt called Walia Ibex on Hampshire Road. It is owned by the same people.

 

The unit below got sold for $180,000 according to tonight's REIV auction results. I believe that this is a slightly under market value (estimate $200,000) and I learnt today how it can be done. Mortgagee auction.

2/25 Ridley Street Albion Vic 3020 - Unit for Sale #121958698 - realestate.com.au

 

2 bedder for 180k, wow!! What sort of return can you get for that money?

My first rental returned 10% net upon renovating it, back it 1995, located in Brunswick East. Best investment I made. I only regret not buying 5 apartments at the time.

 

I would say if you can rent it for $260 a week which other units on the block are renting for, that is over a 7.5% return. However even if we assume that the property rents at $220 a week (quite low rent for a 2 bedder in the area) that would be 6.36% return). I don't understand why the banks insisted the unit to go to auction as only me (the person who just wanted a peek) and another person rocked up. Auctions for units in this area are never popular. At least someone rocked up because the last auction for a unit I went to only my fiancee and I rocked up.