VIC North or West for Under $500

Yep. The new apartment blocks over the road in front of Dan Murphy's all sold off the plan to investors, presumably foreign.
It's rapidly changing.

 

In my opinion (which may be biased) North and North East suburbs are almost always better than West. Better schools, better life style areas, better infrastructure, better parks, closer to expensive easter suburbs, etc. Also look around Heidelberg West and Heidelberg Heights. It's a low income area (but getting better) with historically cheap housing that is right next to affluent Ivanhoe and Eaglemont.

 

Hey BigL. How has this been going? I know you said 6-12 months, just curious as to whether you have made any decisions.

 

I used to live in Bundoora back when it had just the Safeway, KFC, Blockbuster and a few local shops. It's amazing how the area has exploded in terms of development in the last decade. I still rent close by (in Mill Park) and I often shop at Bundoora square. I wanted to buy my first home in this suburb but was blown out of the water at auctions. I seriously doubt the OP will find a decent stand alone house in Bundoora for under $500k. Perhaps a 1 or 2 bedroom unit?

I bought my first home a couple of weeks ago in Mill Park just off Childs Rd and only a 5 minute walk to Plenty Rd. It's still early days to expect the kind of growth Bundoora experienced here in Mill park but I'm hoping one day that capital growth will flow through.

Good luck BigL

AB

 

Ahh back in the day when the Bundoora Hotel was known as Bundy's......

 

I've been looking at the north and west too
and reservoirs on my list.

A big issue for the west is the perceived lack of good schools which is slowing the process of gentrification I think.

I don't know all the suburbs you have mentioned much, but I do know a few families priced out of the inner north who have followed high st and the train lines north to reservoir.

 

I've recently started to look at Melb too.

As an outsider, I am having a very difficult time understanding why the price is so much higher east of the CBD. Why doesn't the value of property spread evenly away from the center??

 

Demographic, income, housing style and settlement of the city (west was industry, inner north lots of manufacturing east and south was housing)

East is where many of the big income earners live. Many professions include law firm partners. Lawyers, barristers, Plastic surgeons, celebrities, doctors, dentists etc... Tree lined streets , high concentration of well known private schools, larger homes. Followed by inner south.
South you have suburbs right on bay which are beautiful, sandy swimming beaches which is a big draw card.

6 years ago the focus was on inner north, now lots of higher income earners moving into inner north. North has got proximity to CBD going for it and re gentrification has been occurring for years.

Outer west is not as developed at this point of time, lots of land available, house and land type thing. Inner west has some beautiful tree lined streets and period homes and high income earners. Gained in popularity over the last 10 years. (Approx). Prior to that the west was not really that interesting to people.

This will change and is changing,

 

It's basically greener. A little more rain in East and South, more hills, can be better lifestyle for some etc. there are some very nice parts of the West, some very expensive too, but most of it is flat dry land. The demographics is constantly changing, many professionals chose not to pay ridiculous prices and settle on Western side. Due to massive supply in West people chose either price or proximity to CBD than far east/south areas like Pakenham and Cranbourne. Each to there own I guess. I for one think Werribee South ws a great location, close to Geelong beaches, new marina etc.

 

No decision made yet. Almost have my main renos done on my first IP and getting a Valuation soon, hoping for $30k increase so can help fund this next purchase. Still on track tho for August purchase.

Those suburbs have moved too much now but back when I first posted I did see some going within my price range, your "Renovators Delights" which is what I was looking for. So I'm pushing it out a bit further to Sunshine and those areas. There's just so much development in the west, plus I'm from that side so feel a bit more comfortable buying here as well.

 

I'm also looking to buy an IP with a budget of 500K. I've been looking in both the West and North especially Reservoir. I think I've missed the boat already. Went to a few inspections and auctions in the area and everything (houses) is fetching around 600-700K. Was thinking about buying a townhouse or unit but not sure if it's a good investment.