VIC Where to buy investment property $500- $700k in Melbourne?

That and no public transport, decent amenity is probably in Preston/Thornbury/Heidelberg which is requires you to drive to in most instances and is also zoned to a pretty bad public secondary.

Proximity to city is really all it has going for it, but does that really matter when it would likely take you longer to get into the city when compared with say Ringwood?

 

I think a slightly long bow to compare Heidelberg West/Heights with Fitzroy. Yes commission housing exists in both, however both Carlton and Fitzroy are walking distance to the CBD and have excellent public transport connections. I also think the amenity in both those suburbs (as spill over from the CBD) helped the gentrification.

As I said in my previous post, I think distance from CBD is an important factor, but it becomes largely useless if the connectivity is poor.

 

Yes of course it's nothing like Fitzroy. But the public transport is no different to plenty of other areas a similar distance from the city that have far higher values (eg the eastern parts of Preston just on the other side of Northland). I also think the connectivity issues are way overstated. It's still only 40 mins on the bus into the city in peak hour.

Anyway if you're looking for a house wth land for under 700k then I maintain that your best bet is to look as close to the city as possible. I'd take 15km from the city with poor connectivity and a poor reputation over 25km from the city with good connectivity as an investment. Reputation and connectivity might improve over 10-20 years but I can guarantee their locations won't.

 

Unless they are near the beach

 

I agree I finally bite the bullet and bought my first PPOR in Mulgrave for the low $700’s. To me it’s great value for money for the south east. It’s about as close to the city you can get for that money and you get around 650sqm of land. It’s near Monash University, Monash hospital, freeways and major shopping centres. The only thing it lacks is a train station but it has good bus connections and lets be honest if your more than 1.5km to a station your probably going to need to drive in anyway. Springvale and Westall stations under 10 minutes. It’s in the city of Monash which has one of the lowest rates in Melbourne but more importantly it has a nice residential feel and has a low crime rate which attracts owner occupiers.

Clayton you can’t find anything under $900k there, maybe Clayton South which I rate as long as your close to centre rd and Clayton central. Noble Park has been over developed but if it’s near a station probably a good buy, around Yarraman station is significantly cheaper than Noble station. Noble North you will struggle to get a development on and most of the blocks are small and in a neighbourhood residential zone. Endeavour is just too far and you’d be better of going closer in. I know Dandenong very well, it’s a hot and cold market so worth watching for a bargain house on a big block which does show up if your patient.

 

Mornington is a good option with the new Mordialloc Freeway coming in the next year or so.