VIC North or West for Under $500

I'm looking to purchase my second IP in 6-12 months and currently tossing up between the north or the west. Looking for a stand alone house. Wouldn't mind a bit run down and preferably currently rented so can delay renovations till have more cash. So hopeful that helps me get into an area slightly above my price range.


West - Looking at Braybrook, Maidstone area
I live in the west so I'm not a huge fan of this side of town haha. But with its proximity to the city and prices still affordable compared to other areas that close make it a very attractive proper action.


North - Looking at Reservoir, Watsonia area.
Don't have much knowledge of this side of town. But good proximity to the CBD. Was originally looking in the Heidelberg area but bit out of my price range. Tho loved its proximity to higher priced suburbs like Ivanhoe.


So which do people feel will have the most growth over both the short term and the long term? Thanks

 

BigL

Good luck with your search and determining your area for IP2.

I have a slight bias to the northern side of town due to my location in Thornbury.

If you plan on buying in 12 months time I think you will be pushed out further than the suburbs you have mentioned due to rising prices..

 

Hey thanks Coota9 for your opinion. I feel I will be pushed out further as well if I wait too long. I'm gonna try and get my renovations on my first IP done and hopefully get a good valuation back. Aiming for 6 months if everything goes well, it never does tho haha.

 

The western suburbs you mentioned are closer to the CBD and have rather quick commuting times to the city, especially by train. The northern suburbs are further out, longer commuting times by road and train but are closer to lifestyle suburbs like Preston/Thornbury/Northcote/Brunswick, which are IMO better than the current lifestyle suburbs of the west (Yarraville/Seddon).

I don't think you will be able to score a detached house in Maidstone for under $500K unless it is a knock-down job. You'd be looking at Braybrook, and if you compare that to Reservoir, the latter is a much more desirable suburb.

 

Have to disagree with the others i think Maidstone has huge upside against the other suburbs you mentioned (although for your price you may struggle).
A heap of development taking place, close to the CBD, close to the maribynong river, close to highpoint, close to multiple public transport options.

Agree at the moment its neighboring suburbs are not as trendy as those in Northcote and Brunswick but I do not think this is why you would buy in this suburb. Very big asian community in Madistone itself and neigboring suburbs such as Footscray and when owning an IP, its not a bad community to be in for growth.

 

Take a train ride and compare travel times. Not really sure if i have taken all stops but certainly took longer to reach regent station to cover 11-12kms

 

Hello all...
With a 500K budget there are some really good areas to work with. Maidstone, Braybrook and Ardeer are cracking areas to look at for the time being.

I prefer the west vs North for a couple of reasons, one pretty darn close to the city and two growing population.

 

Don't think you'll find a freestanding house in Maidstone for under 500k unless it is a) townhouse in a crappy part of Maidstone (around Hampstead Road or Ashley Street) or b) on Ballarat Road and in terrible condition.

Anything freestanding with a sniff of development potential is going for $1,200-$1,300/sqm.

Other than that I believe Maidstone and Braybrook have huge upside potential for investing and they would be my picks.

 

Yeah was just saying Maidstone as an example of the type of area. Know it's unlikely to find anything under $500 there.

 

I live in Watsonia and I think you will be hard pressed to find a house for under 500k unless it is knock down. Just recently a 3 brm renovated house sold for $795,000, http://www.realestate.com.au/property-house-vic-watsonia-120241421

An unrenovated 3brm house sold for $605,000
http://www.realestate.com.au/property-house-vic-watsonia-120036441

Might be able to get a townhouse unrenovated for under 500.

 

what's ur thoughts on best and bad parts of watsonia. seems like it is before macleod and rosanna and heidleberg. drove over there seems a nice pocket there.

 

1. Good parts - I will be biased but really the best stuff in my eyes is walking distance to the train station but then you pay a premium, a 4bed 2 bath single story house on I think 550sqm sold on the weekend for $965,000...

2. Typically the north side of Greensborough highway will fetch higher prices than the lower side (e.g. down Elder street way). However I feel there will be better chance for growth from the southern side as you are closer to Greensborough shops and nice parks on this side (if you cannot guess this is the side I live in).

3. I am not sure about the Macleod, Rosanna and Heidelberg comment but Watsonia comes AFTER these suburbs along the train line or from the city as a car drives.

4. Other stuff - Yallambie (a smaller suburb than Watsonia) is a cheaper than Watsonia, but doesn't have the same infrastructure as Watsonia does (Train/Shops). Viewbank is more expensive due the school catchment zone.

4.b Monty and Eltham median price has gone backwards a bit, I never saw the fascination with these suburbs besides being more bush like but were further from the city and didn't have as many trains servicing them.

Let me know if you have any other queries or need more info!

 

Perhaps consider Bundoora? It border both Watsonia and Reservoir.

From a fundamentals point of view:
- Tram line to the city (approx 32 minutes into the city)
- 2 Universities, both within a 2 minute walk from tram stop to each
- Multiitude of medical centres, and close to both the Northern, Austin and Mercy Hospitals
- Couple of shopping centres, including Uni Hill that is continuing to grow (&and an employment hub)
- A couple of private schools in the suburb, and others in the immediate area.
- and a golf course.....

 

i don't have much experience so do your own research.....and I have property in Greensborough so can be biased opinion.......I personally think this side of Melbourne is quite underrated......south east and east is jam packed with ppl so I see lot of potential in this part of Melbourne......I don't think you will find quality property in watsonia for under 5, but you you can get a 3 bed unit in watsonia, briar hill, Montmorency, Greensborough.......... If I have to invest I will buy a townhouse in Preston.........good luck though......

 

I live in Heidelberg and had under my radar the areas you have selected for a while. I don`t think you will find anything for 500k to match your selected criteria. Areas still have a bit of steam left but not much. Be careful about the Transmission tower and HV power line in Watsonia.

 

Tram to city is min 55min. Up to 1:10 in peak hr.
Great location, has changed substantially in last 15 yrs and will continue to change with all the new medium density apartments built.
Easy access to Ring road and Eastern. Old house close to shops (up to 200m) now fetch $680k. In 2013 was 450k. New townhouses in similar location $650-680. Any development potential site (2-3units) can fetch 650 in surrounding areas. Still some buying opportunities at low 500 mark in some pockets, reasonably close to the tram.

The biggest threat is the new apartment blocks going up. 2 new 4 story blocks have been approved that are yet to start, one on existing car wash site and another near by.
I know of another 3 x 3 story small apartment projects approved too, again next to Bundoora square, that will start eventually.
It will become more and more vibrant, but many renters going into these smaller properties do not own cars as they commute via tram or walk to uni/work.

 

Do you know the address?

 

1. Opposite St Damian primary school, settlement road. Advertising just went up several weeks ago.
2. Kerry st, behind Woolworths, flat land atm awaiting sales. I was underbidder at this auction for the old house back in 2012. It sold for 439k from memory. I didn't get a chance to review s32 and contract thus was under-prepared and let it go. The young buyer sold it a year later for 900ish with plans for 9 apartments, using my regular architect.
3. Plenty Rd opposite Aldi supermarket.

Also, a friend of a friend has 3 properties lined up in Settlement Rd, he is currently negotiating to buy the rear properties in Nichson st, so he can achieve dual street frontages. The plan is to get as many side by side 3 storey TH, just like the ones at the end of Nichson/settlement development.

 

I gather somewhere next to Coles?

Also, the Parc Vue, imo, is the project that could lead to oversupply of apartments in the area?