VIC Off the plan townhouse in Reservoir

Except for it doesn't border with Heidelberg. Unless you mean by Hedelberg West. But then it's hardly any better than Rezza itself. Out of other neighbourhood suburbia:kingsbury, bundoora, thomastown,fawkner, coburg north and preston, i'd say most upcoming , by median price at least, is preston. I admit personally, don't like Rezza much as it's rough, with demographics like in Dallas and feels unsafe. It will take half a century to get gentrified.

Cheers

 

that went for 673K to be honest not a bad buy and it's not a housing comm just further up to thomastown side.

55 Elliot Street, Reservoir, Vic 3073 - Property Details

I agree over longer term there is a lot of infrastructure changes happening across the suburb and Latrobe and RMIT still wins over VIC uni.

 

it's rough too in South Melbourne and Richmond - yet still it is surrounded by preston, coburg north etc. which are equally expensive.

Seriously when you move to dallas meadow heights the demographics turn to more middle eastern compared to reservoir (which has a very high Italian and greek demographics). and oakhill estate still commands near million dollar prices.

 

Google Maps shows its right beneath a powerline!! Literally. Usually these places are $100-$200K off the normal price.

I've rented once in Glen Waverley short term near a power line for 6 months when I came back from Sydney for work, this place was the second house closest to the lines and at night you could hear the buzzing of the electric near the cables. I was really concerned health wise living there for 6 months let alone buying a place as a PPOR or IP...

A similar parallel but not to that extent - look at Heidelberg West, if it was cleaned up, Remember Heidelberg West is a stone throw away from places like Ivanhoe, dubbed the "Camberwell" of the North. However, at the end of the day, the commission houses need to be plonked somewhere and I think that is what holds Heidelberg West, to some extent Heidelberg Heights, back.

Weirdly, I find the juxtaposition really weird, I was once looking at a place on Porter Road (Heidelberg Heights) which is right on the boundary with Rosanna (Waiora Road) the difference is stark. Drive by or use google maps and you can see from the right hand side of Waiora Road which is Rosanna - there are a lot of MacMasions, scenery suddenly becomes Mountain Views and you get a LOT of backyard pools! One Street away onto Porter Road, it's honestly not THAT bad but you do get the odd weird looking "Deep South" house. Drive further West onto Waterdale Road and you will start to see a lot more "Deep South" like houses and the gazillion of Commision blocks on Ramu Parade etc.

I find some places in Melbourne very odd - look at places like Chaddy, Ashburton, Jordanville, Ashwood etc. They were MOSTLY commission places but I'll be fair, Ashburton is really a lovely place - very green, very lush but it was right next to some of the best suburbs in Melbourne - Camberwell, Glen Iris. etc. Look at them now!! North Richmond is arguable Melbourne's drug capital, on the corner of Lennox and Victoria Street, go past it and you will see drug deals daily on the corner of the Commbank.

Rezza proper (what I consider anyway) is getting very expensive - high 800ks to 1mil is the normal. Look in all honesty it's neither very lush green or very pretty to look at but it does have the infrastructure there. It's not blighted by huge ass Commission Housing blocks South of Broadway BUT and yet there are places going near 1mil North of Broadway. See places on Whitelaw Street!!

 

Agree - Heidelberg West went this place 171 Southern Rd, big massive bids like in 50-100K rises - man that like mainland Chinese style bidding in Heidleberg West between 4 bidders

I've been to Ramu parade auctions (man it is hardcore rough I can tell you) like seriously burnt out cars, garabe everywhere with crows flying, a lot of guys eyeballing you is scary.

Reservoir has already risen so much. 84-86 Howard Street - 5 mainland Chinese bidders Vs 5-6 Tradies taking it to 1.91 Million. These mainland Chinese guys took too long to think and eventually missed out on the last bid. I could hear the main bidder saying come on guys bid or not?

 

**** man Asian style squatting and thongs (flip flops) lol

 

Btw, is that pic in Rezza? Seems like a lot of Chinese action happening in Rezza.

 

yup that's at reza 84-86 Howard st Reza. told you they're coming in.

 

Saw the signs when that Purple Satin Blazer fella auctioned that one on whats its name street....Goulburn?

Anywhere near a university or hospital is going to be potentially a Mainland Chinese hotspot.

Was at a Heidelberg Heights a few weeks back, was won by a young Asian couple, cant tell if from the Mainland or not. I'm genuinely surprised why HH has not really taken off as yet. Sure I am aware of the vegetation overlays and limitations but honestly at the auction very few Mainlanders if any!

 

For @G TOWN , @Cimbom and anyone else not familiar with Reservoir, there is a great whopping powerline and power pylons 2 doors up from this house.

In Reservoir, in the west of the suburb, massive power lines traverse the suburb. This keeps the prices down in those pockets as a) people don't really like living next to power pylons and b) many many banks won't touch them to lend on them.

So someone paid $673,500 to live right next to a power line. That house would be well into the $700Ks anywhere else in the suburb (the good parts!).

 

Probably because we know that Heidelberg Heights is a ghetto the closer to the river that you get. The pocket around the 1956 Olympic Games village is a no go zone. There are many, many community issues in that pocket.

That said, Heidelberg Heights is now achieving some crazy prices, even for ex-commission houses and in streets very very close to areas some may consider to be less than desirable.

 

HH is not a ghetto zone, it's quite nice, it's rated 178th (8.4 score) best suburbs on homely; only there is no station and it's underrated because it's next to Heidelberg West; often ppl apply same stigma to it. likewise Olympic village is in HW.

 

Doesn't seem bad at all even considering the power lines when others in the area on the same land size are selling upwards of $850k with a run down house. Houses in Thomastown are pushing near that price now.

Looks like it last sold in Sept 2014 for $501k. Take out buying, selling, and holding costs and that's a tidy 100k profit or net 20% in just under 3 years. Would be chasing ~890k to see that return again.

Interesting that rent has been 300/wk from 2010-2015. I would say it would fetch a bit more than that now (maybe 350ish?), but that's still only 2.7% gross without considering buying costs. Even if you did a full renno and upped the rent to say 420, you're still only looking at around 3%.

Probably a good buy for someone who is desperate for a PPOR in the area but otherwise priced out.

55 Elliot Street, Reservoir, Vic 3073 - View Sold History & Research Property Values - realestate.com.au

 

If I am not mistaken, isn't Heidelberg West the no go zone and where a lot of the ex-commission houses are? I was at an auction a few weeks ago on Porter Street (more looking than buying) and driving through the surroundings it doesn't look that bad, in fact the next street (Waiora) resembles something from the Eastern suburbs.

Look at this one that recently sold:

79 Outhwaite Road, Heidelberg Heights, Vic 3081 - Property Details

That is $2,072 per square meter!! House is livable and quite comfy with a few small renos...but it's also very small (317m2), you can't subdivide this....Added to this, it's quite within reach to the most dangerous parts of HW.

 

I think you mean Heidelberg West and heights is actually pretty exp and anything the waiora rd is the like Heidelberg price.

there was one 171 southern rd Heidelberg West Sold last week - 950K, there were a few bids in the 50K-100K and this is like balwyn type bids no the 1-10K bids. This is directly opposite the oympic games village. 4 bidders with 3 of them Asian bidders.

Heidelberg heights is fine - in fact the haig st devs are desirable seling for 700-800K townhouses and it is nice development.

The pockets that I would be careful is ramu parade the earlier sts those areas are scary.

 

The only thing scary abt HH these days are real estate prices.

I think you mean anything on the Waiora Rad side is like Heidelberg prices? Waiora is quite nice/picturesque.

Ramu parade is in HW, not heights.

As I said earlier, Im genuine surprised the Mainland Chinese have not conquered Heidelberg Heights as yet....

 

yeah there is a good Malaysian on that side or waiora rd.

yeah been to a few in ramu - I know it's HW.

you gonna bid one day in those auctions?

 

Nope...Im sticking by my guns...there is a crash around the corner.

Ate at that malaysian take away joint...aint that good. lol,

 

which one they're 2 - jade kingdom and another.

OK still a good punt. - I was waiting for a crash in doncaster at 700-800K but it didn't happen. (so that's why I headed north)

 

Jade Kingdom, but then again I rarely like Asian/Chinese take out. I think they make a bucket out of La Trobe Uni students though...

I think it will flatten out, but with kickass secondary colleges like Viewbank and Rosanna Golf Links Primary School, I'm surprised Mainland Chinese have not flooded the area?