Where to buy a property for 700k in Melbourne?

Hi All,
I am looking to buy a property for around 700k in Melbourne. I will be holding it for the long term for CG. I am not sure where to start. Which suburbs do you suggest me to look into?
Cheers

 

Watsonia

 

Are you able to explain pls?

 

Can you be a little more specific?

• Is there a particular part of Melbourne you like? North, South, East or West?
• Will this be your PPOR or an investment property?
  
• What type of property? House (with land) vs. Apartment/Unit?
• How many bedrooms?
• What's your serviceability looking like? Do you have any other properties?

etc...

Cheers

 

I answered your initial post.

Watsonia is a suburb in Melbourne with properties around $700K that I believe will be worth holding for the long term for CG.

What else would you like to know?

 

WEFO

 

Hi, I'm looking for a house for investment and I do not mind where in Melbourne it is. I went to the broker and he reckons I can borrow up to 700k. Being negative geared is not really a concern to me. Cheers

 

Hi, it would be awesome to know what your underlying reasons are for picking Watsonia. For example, is there little supply of new land? Cheers.

 

Sorry, what does that stand for?

 

Inner West. Brooklyn or somewhere like that maybe. Sunshine

 

Couldn't agree more.

OP: See if you can get into the area of Sunshine bounded by Ballarat Rd to the north, Duke St to the east, and the Bendigo railway line to the south/west.

 

I had to google wefo. Does that mean west Footscray?
I'm so old I can't work out what people mean these days with all these abbreviations.

 

+1 to that.
Better be hurry though, that part of Sunshine is moving up fast.

 

WEFO is what the trendy kids are calling West Footscray

 

There are still places that are selling for around 700k, however you are looking more on the south side of the railway tracks.

Some recent sales

2 Thompson Street, Watsonia, Vic 3087 - Property Details - 725k
4 Papua Street, Watsonia, Vic 3087 - Property Details - 702k
18 Temby Street, Watsonia, Vic 3087 - Property Details - 706k
56 Frensham Road, Watsonia, Vic 3087 - Property Details - 671k
15 Barry Street, Watsonia, Vic 3087 - Property Details - 648k

All sales are either Oct or Nov 2016

Finding things on the northside of the tracks are a lot more expensive.

295 Greenwood Drive, Watsonia, Vic 3087 - Property Details - 860k
1 Meagher Street, Watsonia, Vic 3087 - Property Details - 741k
7 French Court, Watsonia, Vic 3087 - Property Details - 740k

Sales are Sept->Nov 2016

If you look further away from the rail tracks (e.g 1.5km walk) you will find cheaper properties.

 

I would be more inclined to focus on suburbs watsonia, sunshine included for properties that are undergoing change (as in change in zoning, development, new infrastructure, shops, rejuvenation of markets, new money coming into the area)

just look at this place (after being rezoned) it would have sold for 600Kish -700K just like last year (or maybe 7 months ago) just sold 1.34 million last Saturday.

221 Broadway , Reservoir, VIC 3073

 

Were you aware of this property prior to the change?

 

I know there are constant changes across the council but didn't think it would sell this much. Also this happened after - So developers were aware of this. Changes like this also happens everywhere even in sunshine even in geelong. Just requires research of the suburb and areas that will have change. A price like this is sales in doncaster east or doncaster. Even the fisherman bend in port melb is undergoing a lot of change, new train stations etc across Melbourne.
.
Otherwise picking suburbs based on just yield and buying based on stats of growth is too macroeconomic buying. Have to be on the ground to know what is going on.

 

Yep agreed, happened to a place I bought in Essendon north, but was a fluke. Had no idea, tripled in value since 2004. Would be great if you new more places prior to change and shared locations.