This suburb is located less than 10 km from Melbourne CBD, looks very accessible by train and tram and can be considered a lifestyle suburb but it's moderately popular as far as I know. Is it a good idea to buy an investment apartment in Preston?
wouldn't consider it. Townhouses can be bought for 500kish. it is popular but mainly for houses. there is nice preston market and a large asian eateries on high street. From my observations in the auctions, there is also limited foreign buyers there as most of the purchases are my locals with italian or greek ethnicity.
Yes the units haven't played well from growth point of view. One major factor could be the over supply but can we expect an over 4% and stable rental yield for a long term investment?
hmmm not really preston isn't exactly southbank where it is all apartments i don't think there are many of them it is just that units aren't that highly priced over there. The apartments are tightly situated in the high street, plenty rd, bell street area. Also most areas encourage development but there are not exactly that many areas which has the high growth zone. it is still geared for houses and townhouses. townhouses do not seem to also generate high prices since if you go across the next suburb to heidelberg heights it can go for 770K where as similar ones might sell for 600K in preston. Houses in preston though go through the roof (even old ugly ones). Accessibilty is OK but if you're driving, it is hard to get around since there isn't exactly a highway which is closeby. you either go by st georges rd or high st which can take forever.
Many priced out of Thornbury are looking at Preston. Nearish the market might be a nice buy plus there's plenty of activity happening at the northern end of High Street.
Preston has seen significant growth, I was looking some 6 months ago fierce competition for deve sites. I have not looked lately but I expect it wont make sense now because price of land is too high now. Seems in general now deve sites not making sense at this stage of the cycle.
