VIC unit in eastern Melbourne suburbs 650k

Hi guys,

I am looking for to buy a first home with 2 or 3 bedrooms in the eastern Melbourne suburbs. My budget is up to 650000$. I am thinking of Vermont, Mitcham...do you guys have any though about this? Thank you so much

 

Thank you for your input. I am trying to buy a 3bedrooms if that s possible. The house price in eastern suburbs is increasing crazily. Do you have any other suburbs in mind, that you think may fit my budget?

 

Along the Lilydale / Belgrave train line in a good school zone

 

Yes I know. I mean with my budget, do you have any suburbs can recommend? Any suburbs that is nice in general

 

Thank you for your input. Along this line is so expensive, so that is why I think I just may settle with 2 bedrooms first

 

I live in Mitcham. With a budget of $650k you probably won't find a block of land, let alone a house. In the last decade there has been quite a few town houses built, but these are relatively new properties and also well in excess of the stated budget.

A very quick search on realestate.com.au reveals plenty of 2 bedroom apartments for under $500k in Mitcham and even the occasional 2br villa unit (but they're probably going to go for just over $650k).

There doesn't appear to be many 3 bedroom apartments in the area, but they do exist and are within the budget. The area isn't really traditionally where people look for an apartment though, so that style of property is very limited (and not really in demand).

This search was very quick and easy. It tells me that if you are willing to go for an apartment or villa unit, you can probably find it in a suburb along the train line. Just get online and start searching.

If you're looking for a standalone house on a block of land, you're probably already priced out of the East along the train lines.

 

Sorry for disappointing you but I don't think you can get a 3 bedroom units or townhouses in Mitcham and Vermont.
I have been to many auctions in Mitcham and vermont until start of this year and the last 2 bedroom unit I saw was sold for 710k in Mitcham. I stopped looking in Mitcham and Vermont after that.

 

If you really want 3 beds on big block 650k still possible in upwey, tecoma and belgrave these areas have reasonable price for eastern suburbs .

For 3 beds townhouses : croydon,croydon north, chirnside park,boronia, ferntree gully and bayswater are still possible

My two cents opinion :why buy a townhouse when you can buy a house 5-10km further with the same price.

 

Donvale is good but i believe Doncaster is better.. you can try and have a look at Nest which is right front of Westfield on Doncaster rd.. me and my wife bought one for 619k.. it will be settled on August 2018

 

are those units as in townhouses. or apartments?

I presume they are apartments as landed units would cost more than that. Even townhouses in reservoir are going for 700-800K

Nest – Nest at the hill

u got a good spot mainly due to the location on the hill and westfield but they're oversuppled atm for apartments at the Doncaster hill. many don't rent out as easily.

 

They are luxury apartments.. yea the townhouses are pretty expensive in there.. apartments are not over supplied in Doncaster in fact another 5projects are coming up including The point and Tullamore and peace of Doncater all because too much demand.. a Developer who invested over $350 million knows the market good enough although Nest has sold 82% in less than two weeks i still get clients that ask me to go negociate on their behalf to buy! Over supplied?! Go and have a look at the place mate

Thanks

 

not sure how you deem that as luxury apartments. For me it is just a standard apartment - standard lap pool no sauna or spa or steam room?, gym, sizes. in far a below average design apartment. with the saddle hook design which is banned out in new developments in the design standards (so you will get average price for these) - 70+Sqm to be honest internally should be 90sqm and above for 2 bedrooms in places like Doncaster where there sites are still cheaper compared to the likes of south yarra, Richmond, port melbourne Luxury is like freshwater place - where there is lap pool steam, sauna on the 40th floor or like the units off kew in Alphington where they are giving a tesla battery for renewal energy, or ones with private cinemas, or




The only good thing is townhouses starting from 900kish is not bad coz but I would give the apartments a miss.

I have gone to the place - I have lived in Doncaster, bought in Doncaster, develop, sold in Doncaster. My friends have close to 40 townhouse dev projects in the pipeline in the area. So it is not like I am a rook going into St Albans learning the streets and places. Apartments are oversupplied - I know of individuals (some relos) who can't even get it rented for what they wanted on Doncaster hill - and on the market. And you said it yourself - more coming on to the market. The main and only attraction is the Westfield which is chinese (mainland or non-mainland) which is basically just shopping .Doncaster hill isn't even in the Doncaster East Secondary School zone unlike if you buy an apartment in Balwyn school zones. There is also no train and you gotto head down to box hill so unlike apartments in CBD or fringes many who buy can take the free tram or walk closer to work. If you are talking box hill apartment that's a diff story.



There are apartment towers in southbank sold out at 90% as well but that doesn't make it a good investment. Are you saying the apartments will be 800-1mil in a few years time. All those who bought would be minimal gains with hard time rentals. Of course the developer invests but who really have made gains from OTP apartements seriously in Melbourne?

the OP better off buying this than an apartment in Doncaster hill.

 

You need more experience!