Strategy 600-700k house Melbourne: what are your favourite suburbs and why?

Discussion in 'Where to Buy' started by couq, 4th Mar, 2017.

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  1. couq

    couq Well-Known Member

    Joined:
    19th Sep, 2016
    Posts:
    279
    Location:
    Melbourne, Australia
    Hi all,

    Great to see the property chat going strong and good also to see familiar faces.

    With the help of Somersoft back in the day my Reservoir house has done well and am at the stage again to look for a further investment. Price range up to 700000 Strategy is CG, on a developable site (580 plus) and hold for 5+ years. Looking at Melbourne but open to ideas.

    From the list below what are your favourite and why.

    Heidelberg West
    Braybrook
    Sunshine
    Altona North (dont know if doable)
    Glenroy
    Noble Park
    Thomastown
    Frankston
    Hampton Park
    Boronia (dont know if doable)

    Would be great to hear other options ans why. Melbourne growing is pleasing to see!
     
  2. couq

    couq Well-Known Member

    Joined:
    19th Sep, 2016
    Posts:
    279
    Location:
    Melbourne, Australia
    To give my reasons for the suburbs:

    Heidelberg west: close to million dollar suburbs and although still commision homes may undergo gentrifycation

    Braybrook: close to city and still sizable blocks

    Sunshine: going hot and will also continue to chane. Good transport links

    Altona north: close to city and beaches. May be too expensive and out of price bracket.

    Glenroy: good transport links and quick freeway to city

    Noble park: knock on from east expansion. New train infrastructure. Cant afford springvale or clayton

    Thomastown: north is booming and reseevoir preston knock on effect heading out here. Great transport but drive to city tough.

    Frankston: beach lifestyle and may be undervalued. Transport (dont know if expr3ss trains still going)

    Hampton park: any area which is also getting busy

    Boronia: busy area and outer east booming and popular with family


    I am looking entirely at CG and can ride out some poor yield for long term gain! Thanks guys
     
  3. Mitch15

    Mitch15 Active Member

    Joined:
    23rd Feb, 2017
    Posts:
    35
    Location:
    Melbourne
    I can't comment on all of these suburbs, but in my opinion Glenroy is a prime candidate for growth.

    The CBD is only a 25 minute commute on the train (Craigieburn line is reliable - i catch it everyday), and it is close enough to the country for people who want to escape for a weekend.

    It seems everyday more and more people get on the train at Glenroy to go to work, so i think it is attracting professionals to the area who have been priced out of suburbs like Pascoe Vale, Essendon etc.

    Personally i think the east side of Pascoe Vale road closer to Oak Park/Pascoe Vale is the best area, depending on where you buy you can also be close to the Upfield train line (not as reliable but still a quick trip to the CBD).
     
  4. ewly

    ewly Member

    Joined:
    17th Apr, 2016
    Posts:
    12
    Location:
    Melbourne
    Hi All,

    I am at similar budget 600-700k-ish for my 1st IP as well, main focus on CG but also relying on reliable rental market and some rental yield to assist mortgage.

    Would be interested to hear any suggestions. Cheers guys:)
     
  5. erorxxx

    erorxxx Well-Known Member

    Joined:
    12th Jan, 2016
    Posts:
    66
    Location:
    VIC
    My pick will be outer eastern suburbs
    Croydon
    Croydon north
    Croydon hill
    Upwey
    Ferntree gully
    Boronia
    Chirnside park
    Lilydale
    Belgrave

    Reason :
    - demand significantly higher than supply due to land contrains and not many houses for sale.
    - Good schools , public hospitals
    - Good transport train bus
    - Eastland just got revamp 2 years ago, westfield knox will follow
    - ripple effects from ringwood , ringwood east/north, Wantirna south
    - Asian buyers

    Cons
    Yield could be very low in these area, having said that I just secured property in upwey with 4% yield
     
  6. paulF

    paulF Well-Known Member

    Joined:
    28th Jun, 2015
    Posts:
    2,103
    Location:
    Melbourne
    Agreed with @Mitch15 , I've been in Hadfield for three years now(west of Glenroy but same postcode) and prices have been flying lately. Seems like a lot of developer activity on the ground though so I think you'll be bidding against that sort of competition. Most 3 bedders on 600sqm are fetching figures within your budget and anything with a larger piece if land is hitting mid 700s.