Hi all home owners, investors and people trying to get into the market, I'm one of the many young Victorian's trying to get into the property market and I'm a banker (please don't hate me). I'm looking for property growth, so I don't want an apartment (anywhere) I want land. I'm looking for my first home/investment property in that 20km radius of the Melbourne CBD around that $400K mark and the suburb closest to that price range is in the Broadmeadows area. What i'm wondering: Is Broadmeadows too risky given its stigma/crime? (It is probably the closest suburb to the Melbourne CBD not to "go off" yet, but is on the other side of the Western Ring Rd) Do you think Broadmeadows could be the next area to take off (will it provide capital growth) Does anyone have any experience living there? (Would you move there with your loved one?) Would Werribee be a better option Would the Geelong area be a better option I look forward to your responses Cheers FHOG
Hi FHOG The dilemma is that there is still a heck of a lot of a lot of troublesome demographic that needs to be thrashed out of Broadmeadows before the polishing up phase can begin. The troublesome folk would need to shift somewhere, and the question is where? Where could you shift a group of people, further north, that has schools and a shopping complex, if they are to be squeezed out of Broadmeadows with rising rents and purchase prices? In the westerly direction, the squeeze that hit Sunshine has seen a large volume of folks shift to Melton. The west has more places spotted every so often to accommodate people migrating to lower priced locations. The north doesn't really have the same offerings which may be a contributor to why Broadmeadows is a slow bet. There's not much left in the way of freestanding houses for under $400k in Werribee now without going into the house & land package district on the south-western boundary. The established districts mostly require above $450k now. There are still several options in Geelong under $400k with different offerings re suburb, demographic, location and construction (eg brick vs fibro).
I've lived in the area. For an investment I'd say Broadmeadows is okay. If you're looking to live there your self I'd have a look at Westmeadows. It's a much, much nicer demographic and is right next door. It's at a similar price point as it sits under the flight path and has no access to train station. Have a look and see if there is anything around the Westmeadows Primary School and Harricks Crescent down towards the Broadmeadows Pub, then have a look on the other side of Mickleham Road if there is nothing affordable. Go for a drive around the area, it has a much nicer feel. Note the pocket with the new estate in the area on the other side of the creek. This will be way outside your price range.
Thanks for your comments. It's a very tough market for someone trying to enter. My thoughts around Broadmeadows is: get into the market at a reasonable price that won't break the bank. if there is such thing as the "domino affect" Broadmeadows will be the next place to go up in value (but when will that be?? - could it be the next Footscray) get the FHOG and live in the property for the first year and therefore avoid any capital gains tax when eventually sell in that year do minor renovations getting the property ready for rent After saving +$10K a year on rent after repayments and hopefully some capital appreciation buy somewhere again Do you guys have any views on the Dallas area...by the looks at historical sales you can get something reasonable close to the Upfield station... Cheers FHOG
