Join Australia's most dynamic and respected property investment community

VIC Rise of the Melbourne Western suburbs?

Discussion in 'Where to Buy' started by willister, 22nd Feb, 2016.

Tags:
  1. willister

    willister Well-Known Member

    Joined:
    1st Sep, 2015
    Posts:
    325
    Location:
    Sydney
    Anyone see that $930K or so auction in Sunshine? Very nice Weatherboard Façade house!

    Once off or knocking on the million dollar average door? Will growth shift to only the West?

    Will the gap finally close between the East and West? I have invested 1 house (Braybrook) in the West - whilst living in the East for most of my life...Braybrook has not seen astronomical growth as it really has no real town or station (unlike Sunshine, St. Albans etc.)

    My best guess? The West should rise to $700K averages, especially suburbs within 20kms as this is what

    Before this gets into a East vs West bashing thread, just my thoughts, I think it should be on par with South Eastern Suburbs like Clayton, Springvale, Mulgrave etc. so I think it should push to the $700K barrier average.

    I currently live in Ashwood (renting) and I can understand why it's just a little bit "finer" than most of the Western suburbs. Some of the reasons why:

    1. Somewhat more lush green around here than the mostly flat West.
    2. Better selection of private and public schools.
    3. Better access to universities - Deakin Burwood, Monash Clayton, Swinburne Hawthorn are relatively close whilst Melbourne University and RMIT are in the CBD, so only slightly further out.
     
  2. Johann @ Hybrix

    Johann @ Hybrix Well-Known Member Business Member

    Joined:
    21st Jun, 2015
    Posts:
    374
    Location:
    Melbourne
    Hi Willister,
    I went to the auction my self and only a few real bidders but man it was smoking!!!
    I went to another auction in Cairlea and it also fetched 800K+.
    As I have said in many post before, the west is a good place to invest :)
     
  3. larrylarry

    larrylarry Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    4,292
    Location:
    Sydney
    When you said West, as in West of sunshine? Where's the divide between east and west? I'm going down to Glen Waverley visiting family during the Easter period. I have to agree when looking at the western suburbs like truganina. Werribee, point Cook and surrounds, there's not much green and there's much dirt.i personally don't think the west will catch up with east in terms of price anytime soon. I'm hoping to check out estates in mickleham, truganina, Werribee etc.
     
  4. melbournian

    melbournian Well-Known Member

    Joined:
    2nd Sep, 2015
    Posts:
    2,239
    Location:
    melbourne
    west i think that will pickup would be yarraville, maidstone, footscray and sunshine.
     
  5. zed_kid

    zed_kid Well-Known Member

    Joined:
    22nd Oct, 2015
    Posts:
    194
    Location:
    Melbourne
    The west will never outpace the east as the west is where people move to when priced out of the east and north.
     
  6. EN710

    EN710 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    2,751
    Location:
    NSW
    For now :)
     
    Danny370z and WattleIdo like this.
  7. albanga

    albanga Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    1,416
    Location:
    Melbourne
    @melbournian is correct in terms of the best places to look for capital growth.
    Places like point cook, weribee, Williams landing.etc are surrounded by land with a single access freeway into the CBD, IMO these places have limited potential.
    The inner west and north west however have a heap of potential, they will not outdo the east in terms of median price but I would anticipate more growth due to the simple fact they have a heap of ground to make up.
    I'm somewhat biased with the north west as I live there but it has every amenity the north east does for 500k cheaper.

    Give me the option for a 3 bedroom home in Ivanhoe for 1.3mil or a 3 bedroom home in essendon for 1mil, I'll be happy to pocket the 300k and use it to see all the greenery and ocean blue I want for the next 20 years.
     
  8. melbournian

    melbournian Well-Known Member

    Joined:
    2nd Sep, 2015
    Posts:
    2,239
    Location:
    melbourne
    i agree though it will catchup slowly
    preston - northern suburb had 6 out 9 auction passed in last week
    Reservoir week before had a 650sqm block passed in at 480K and sold 500K

    i think places like footscray and maidstone (i believe a madistone block sold 900Kish 2 weeks as well)
     
  9. LMD

    LMD Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    65
    Location:
    Melbourne
    Just bought IP1 out in the west and I also believe that it is only time until the west starts to play catch-up. Not everyone who is looking to buy a IP or PPOR can afford out in the East (like me) and having lived in the east all my life, the west always had that stigma, but since driving around and studying the streets, it aint too bad :D
     
    willfong and WattleIdo like this.
  10. larrylarry

    larrylarry Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    4,292
    Location:
    Sydney
    Where's your IP?
     
  11. willister

    willister Well-Known Member

    Joined:
    1st Sep, 2015
    Posts:
    325
    Location:
    Sydney
    My friend calls it the transit lounge for those noveau rich people as a gateway the East lol.

    Seriously though, I think the lack of lush green landscape is the biggest drawback of the inner west/west in general. That and probably the lack of options when it comes to schools - but that can be improved over time.

    What I could never quite figure out is the actual gap between the East and Western suburbs until very recently.
     
  12. LMD

    LMD Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    65
    Location:
    Melbourne
    Hasnt settled yet but will be happy to share once it has :)
     
    larrylarry likes this.
  13. LMD

    LMD Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    65
    Location:
    Melbourne
    but in the mean time, can we hype Western Suburbs please :cool:
     
    larrylarry likes this.
  14. Zoolander

    Zoolander Well-Known Member

    Joined:
    15th Dec, 2016
    Posts:
    407
    Location:
    Sydney
    Point Cook came up as point of interest from my visit to the Sydney Property Expo today. Curious for opinions of people who live or have IPs in that area. Looking at house and land packages mainly
     
  15. melbournian

    melbournian Well-Known Member

    Joined:
    2nd Sep, 2015
    Posts:
    2,239
    Location:
    melbourne
    Point Cook has already risen I think. I own a few IPs there and recently sold one too. all these were build in the 300Kish and now are 500Kish. it was stagnant at one stage for 2+ years but has moved. Still if you compared to Sydney, it is relatively cheap. When I bought the empty lots there were like no demand, (the developer had to throw freebies like Woolworth and bunning vouchers couple K there and also cut the price). there wasn't the local woolworths etc. it has very nice landscape, the parks the lakes that makes it good. Nowadays it doesn't happen people do line up to buy as it was among the cheapest RE to buy for a new house with established communites. The property I sold in its 2 inspections had 50 ppl appear for inspection which 90% were Indians. Offers came in and it was sold in 3 weeks.

    It has a large migrant population comprising of Indians, Chinese etc as lots of the packages were sold to overseas.
     
    Luca, EN710 and Zoolander like this.
  16. RedHat

    RedHat Member

    Joined:
    13th Jan, 2017
    Posts:
    23
    Location:
    Sydney
    @melbournian What is that which is driving Point Cook's prices? I'm comparing it with Deer Park,Albion, Sydenham and the price for 4 bedders is nearly same or not much difference in the range of 650-720Ks.I havnt been to these suburbs but did visit Point Cook some time back.It felt so jam packed with very little green around.Not many shopping centres,schools and no local train station.
    Is it those shiny new houses with little or no backyard or the migrant community? I have notifications enabled and every Monday morning almost half of them are "Under offer".Dont see this movement for Deer park and the other suburbs which I mentioned above
     
  17. CSDS

    CSDS Member

    Joined:
    25th Feb, 2017
    Posts:
    7
    Location:
    Geelong
    Deer Park is very close to 2 and soon to be 3 Major Melbourne Metropolitan prisons
     
  18. sash

    sash Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    4,608
    Location:
    Sydney
    500k is really cheap 20-22 klms from the CBD...the same product in Sydney would be more than double that.

    The West is booming due new migrrants from Indian, Chinese, Filipino, and other Southeast Asian/South Asian backgrounds.

    People have underestimated this part of Melbourne and the price gap is now closing...maybe not this cycle...but it should have almost closed by the next cycle.
     
  19. willister

    willister Well-Known Member

    Joined:
    1st Sep, 2015
    Posts:
    325
    Location:
    Sydney
    Point Cook is more like 25km-29kms from the CBD. As with most new estates my thinking is that once the infrastructure is in and you purchased before and could hold it for that long then you will make substantial gains. Living in a undeveloped land - you'll get rewarded for that....whereas those wanting to jump on the bandwagon later on will obviously have to pay a premium.

    I honestly don't think the West would really be "sought after" and before you call me a snob, I lived in the West for 20 or so years. Schools like St. Albans is catching up very fast (probably the Balwyn High of the West soon) with a lot of academic based Vietnamese students, that they can match. The station is underground and the St. Albans precinct is well developed and thriving, a far cry from the days when I lived there (1989-2007). The landscape though is something you really can't change and secondly places like Surrey Hills to Blackburn and the Inner East is just downright beautiful - that is what makes it uniquely appealing.

    It is important to distinguish ideal living vs capital gains for an ip I guess. If one made suddenly become rich overnight, I dare say they would live in the inner east than say a St. Albans or Footscray everything else being equal (e.g. distance to CBD etc).
     
  20. google boy

    google boy Well-Known Member

    Joined:
    12th Apr, 2017
    Posts:
    87
    Location:
    melbourne
    @willster I think you bought property in western suburn ie st alban. Therefore, you keep hyping about western suburb. Look at the eastern suburb, even morolbark and kilsyth are are nearly going for 800k. Only pakenham, cranbourne, are affordable ie 500k despite being 50km from cbd. West will never match east, even town house with 160m2 land in clayton, vic is going for nearly 1 million