VIC Where to buy for $1.3m

Hi All,

I am a resident of Sydney and myself, wife and our 1 year old are visiting Melbourne next month as we are considering moving there permanently if things work out (job & property). Prime reason is property market. Being in Sydney, I see a lot of value in Melbourne market, just not sure if I am seeing in the right direction.

We have a budget of $1.3-$1.4m for our 2nd PPOR and we are aiming for large land size (ideally 600 sqm+) and big and modern house or just a land only option and we can construct ourselves. No time pressure. I understand we have a tight budget hence we know we won't get anything closer to the city with what we want.

We need your help in shortlisting some considerable suburbs. I have asked few members before and read this forum as much as I can and from what I understand, East Melbourne then SE Melbourne are highly regarded compared to West and North. As like most young family, good schools and PT are very crucial for us as we would be working in the city. We would prefer a newer nicer suburb, where can find newer houses or land only options which has access to nice schools and good PT to travel to city (preferably under 1 hour journey).

Few of the suburbs/housing communities we have shortlisted to visit are below as per order priorities. We would love to hear your thoughts on them or any new suggestions you may have:

1. Kinley - Lilydale suburb - East Melbourne
2. Berwick Waters - Clyde North suburb - SE Melbourne
3. Arcadia - Officer suburb - SE Melbourne
4. Woodlea - Rockbank suburb - West Melbourne
5. Harpley - Werribee suburb - West Melbourne

Someone on this forum mentioned there will be a new housing community by Vic government in Knoxfield. Great in terms of school locations of Mt. and Glen Waverly which I have heard are on the best schools in Melbourne. But for now, there is not much detail on that project.

We are in no rush to buy or move, just want to do at the right time. If you guys can help us in directing to some well regarded suburbs or housing communities, we will really appreciate that and we will visit them next month when we visit Melbourne.

Lots of regards and thanks in advance. Much much appreciated.

 

Tight budget for Eastern middle ring but you’d potentially still achieve some modest value in Ringwood / the Croydon(s) / Mooroolbark corridor - I’d look here before Kinsey development … larger blocks with decent public transport .. close to Yarra valley … probably need to pay for private schools

 

Thank you so much Dave for your suggestion. Aren’t there any decent public schools as you’ve mentioned I have to pay for private? Do you have any recommendations if we go South East?

 

I know SFA about schools but for a modern house in a nice suburb for that budget, I’d be looking around Diamond Creek, Eltham and Greensborough, as well as the Ringwood to Mooroolbark corridor.

You may have luck closer in but you’d be sacrificing land size.

If you want to build, Kinley is a great choice. But you may have luck finding an infill block elsewhere or somewhere closer in, though the options are limited after everything was snapped up during the HomeBuilder craze. Take a while for new stock to come on board because of town planning red tape.

 

Thanks Hamish for your input. What do you mean by SFA? Everyone reckons Kinley is a great choice so I will definitely visit the community although train journey to city will be longer than an hour if I am not wrong. I will look into other suburbs too that you’ve mentioned. What do you mean by infill land?

 

Thanks Y man. I am not after top schools just some nice schools. Totally understand what you mean. Here in NSW, you can rent a place in a great school suburb, then buy in close by suburb and still doesn’t lose the spot in school once your kids are enrolled despite you’re out of catchment. Not sure if it’s same in Victoria. We have to rent for some time in Victoria which we can do in great school suburbs and then buy the place in close by suburbs. Is this possible?

 

Of course I’d ask them and will only do if it’s acceptable. Like schools here allow that. Thanks mate. Any suggestions on suburbs?

 

SFA = sweet **** all

Infill = older suburbs where bigger blocks are subdivided, as opposed to new housing estates

 

Very strange options considering your budget...

i guess if you want a mc mansion an hour out from the city then that can work but bad from an investment perspective

however with that budget your options are huge if your willing to sacrifice a new build for a renovated older house

 

Hey mate. Thanks for your response. Why strange? What are some best options that you’d recommend?

 

Hi ashftc, firstly it is great that you are heading in our direction - when some of the PC members believe there will be no one left to switch off the lights in Melbourne , so welcome and we need you!

Secondly, you have a great budget - I think for $1.3m you can still buy in a good location.

Unfortunately it is impossible to meet all the criteria you have highlighted - there is hardly any new suburb in Melbourne that has good schools, within 1 hour of commute to CBD and have blocks over 600sqm (generally speaking the new subdivisions are around 400 to 500sqm).

If you would like to focus on new and nice (debatable) suburbs but existing house, you can look at places like Sanctuary Lakes in Point Cook. Alternatives would be recent in-fill developments - Burwood Brickworks, Harcrest estate, wantirna south, YarraBend, Alphington. In all cases, it would be impossible to find a 600sqm plot.

If you want a new house in a new suburb like the ones you mentioned, you probably should look to spend significantly less than your budget - as the median house price on those suburbs would be much lower than your budget and you would be overcapitalising. Obviously it might not matter to you.

Alternatively, if you can compromise on the new element, there are options that everyone mentioned above. I would also look at Berwick, which is well stablished and got good schools and still got that 'newness' in terms of the streetscape.

Unfortunately, the best suburbs with good transport, great neighborhoods and great schools are not new, you would find a house that is falling apart next to a $5m brand new one. Here is what I would do - I would buy an existing house somewhere along the Mitcham - Ringwood / Ringwood East corridor, walking distance to the train station, but acknowledge that it might not be for you.

Good luck with the search.

 

I think with 1.3M you can buy in Vermont Secondary College zone in the East and Strathmore Secondary College in the North, both are nice area with big land plot. House may be nice or you can spend a bit more to do some reno but won’t be too bad.

 

Hey mate. Thank you very much for such a detailed and solid response. Really appreciate you putting in the effort and explaining me all this valuable information. I will look into Burwood Brickworks, Harcrest estate, wantirna south, YarraBend, Alphington. I was also looking at Harpley in Werribee and definitely had my eye in the area of Berwick. Heard some good feedback about Berwick and will fall in budget too but little extra for public transportation. Should be okay if it ticks other boxes. I would not want to compromise on land size but can be slightly flexible if other criterias are being met.

I was talking to myself the other day and thinking if I can compromise on new suburbs and street, maybe I can buy old house on bigger block and demolish and rebuild. Not sure if I can do this with any houses or if there are conditions attached and how financially viable that would be.

I will keep looking. Such valuable information from members like you really helps. Thanks again

 

Thanks a lot Janel I will surely have a look for these suburbs. Really appreciate it.