VIC Property Outlook In Upwey VIC

Discussion in 'Where to Buy' started by fakelove, 18th Jul, 2016.

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  1. fakelove

    fakelove New Member

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    Location:
    melbourne
    What do you think of future outlook of properties in Upwey?

    I'm thinking of buying a gentle slope or nearly-flat house in Upwey (a 3-bedroom, 1-bathroom house) around $450-530 K for around 800-1200 sqm land area. Hold it for around 3-5 years while renting it out for around $350 a week. Within 1.2 km Accessible to train to CBD.

    Compare Australia Suburb - Upwey, VIC vs Warranwood, VIC

    Comparing Upwey to Warranwood:
    They r both bushfire prone area.

    Upwey Pro:
    Low rent vacancy rate and supply
    etc.

    Upwey Con:
    Most properties in Upwey are LDRZ.
    Less multicultural (Based on my experience, more multicultural will bring up academic results of local schools.)

    Or I should invest such money in other suburb due to better future growth, for example Hopper Crossing, Berwick or Frankston?
     
  2. oki doki

    oki doki Well-Known Member

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    Location:
    Canberra
    Hi fakelove
    I am curious about ur choice of upwey..have few questions
    What do u aim to achieve in 3/4 years?
    Do u want to sub divide and build ?
    Live there in future ?
    Are lot if people looking to buy in that area? I know new lots and estate are coming up in Berwick surrounds and people r buying and building on them..cant say the same about upwey....but hey who knows in 3/4/5 years things could change...
     
  3. craigc

    craigc Well-Known Member

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    Geography wise Upwey is on the side of a hill heading up to Mt. Dandenong whereas Berwick surrounds (Clyde etc) are flat ex-farm FHO blocks so very different.
     
  4. The Y-man

    The Y-man Moderator Staff Member

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    Melbourne
    Is that why they call it "Upwey"? :D

    Surely Upwey must be on the Up and Up :p


    The Y-man
     
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  5. erorxxx

    erorxxx Active Member

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    just secured property in upwey at good price I think ! estimated yield about 4% which i am very happy . I like the area very green , lots of cafe , shops and hipsters! and has it's own STATION!! the downside is upwey is in bushfire risk are but i doesn't bother me as we have 3 CFA nearby .

    Supply wise not many houses for sale or for rent so long term I believe that CG will be good.

    juts look at article about 17 new suburbs in melbourne but none in eastern suburbs . so u know where should you go to park your money :)
     
  6. erorxxx

    erorxxx Active Member

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    The future driver growth for the surrounding area will be :

    1. westfield knox 450 M expansion
    2. supply constrain in outer eastern suburbs
    3. ripple effect all the way to belgrave ( wantirna , bayswater, heathmont and ferntree gully are getting more and more expensive)

    juts look at article about 17 new suburbs in melbourne but none in eastern suburbs . so u know where should you go to park your money :)
     
  7. strongy1986

    strongy1986 Well-Known Member

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    2 years ago you could buy places in upwey tecoma area for high 2s low 3s.
    Most would be 550 now so getting close to doibling in value
     
  8. erorxxx

    erorxxx Active Member

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    yup and I think still a good value for outer eastern suburbs given that upwey has it's own train station and as I speak only one property in upwey available for rent ( according to realestate.com)

    I just read article back in May 2016 apparently upwey was one of the fastest selling suburb in Oz
    Suburbs where property is selling at lightning speed
     
  9. erorxxx

    erorxxx Active Member

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    There’s affordability in them hills - realestate.com.au

    property in the hills area are very hot at the moment and not many stocks available , anything within walking distance to the Upper ferntree gully, upwey, tecoma and belgrave stations have now seen mid high 5 to low 6 front for unrenovated one and high 6 - millions for renovated one :)
     
  10. Otie

    Otie Well-Known Member

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    Upwey for me is too stressful for an IP from a maintenance/fire point of view. I think its great for PPOR or if you live nearby, but I could see the upkeep being stressful (especially through summer) if you aren't nearby. I definitely think its going to have growth, as its not that far out. Its just up, and a bit of a scary drive for me!
    It is nice there though
     
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  11. erorxxx

    erorxxx Active Member

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    Property investment 101 buy in areas which have PPOR appeal :)

    I agree with you the bush fire risk definitely there and again there are 4 CFA within that area and these areas are not as bushy as Marrysville, kolaroo, mount dandenong .