VIC Where to buy PPOR @ $900k

Don't forget Preston high 2019 just opened. Although new, it had over twice the amount of applicants than expected (some students from Thornbury)

 

Rosana/Viewbank in Viewbank College zone and Viewbank/Banuyle primary schools would be my pick. Very leafy, peaceful areas.

 

We just went under contract on a property in Eltham. Walking distance to the station and 45 minutes by train to Flinders Street and low 9s for 4 bedrooms, 2 car garage. There's a fair range of properties on the market in the area in your range, such as 69 Milborne Crescent, Eltham, Vic 3095. (I know this shows a higher range but I suspect they would negotiate around 950K) We really liked the feel of the village over Viewbank or closer in suburbs. Our daughter is about to finish Year 12 so we didn't look at schools however.

 

I know nothing about Eltham. But, low 9s for 45 mins from Flinders seems like an expensive place to me.

 

It is the size of the sections that sets the floor on the prices as well as being part of the Green Wedge. That property I linked above is on 961 sqm and backs on to a massive reserve. You can easily spend over a million in Glen Waverly or elsewhere for a smaller section and comparable commute.

Best of luck with your search.

 

If you're wanting to research commute times this is a handy resource: Story Map Journal

 

Fair enough.

 

Thanks for sharing this - I'm a geographer (but work in tech) and love this sort of analysis.

 

We looked everywhere from Maribyrnong through Heidelberg, Rosanna and Balwyn before we focused on Montmorency, Briar Hill and Eltham. Compared to Heidelberg or Viewbank, we liked the feel of the area along Diamond Creek and Plenty River as well as variety of houses we could get in the price range.

 

Eltham and Montmorency are good options for those that can't afford Heidelberg or Rosanna.

 

Eltham is a fair bit higher priced than Rosanna. Try $920k median vs $865k (REA).

 

Hey Mumbai, following you your thread with interest. I myself looking to find something within 15 km but in North /North West mostly
Have you looked at Starthmore especially Strathmore heights and or Pasco Vale /South which is in Starthmore School zone ?

 

The door-to-door commute from Eltham to Flinders street is 1:10hrs at a minimum as one needs to allow time to park at the station & walk to the train. 900k budget will not get a nice family house within walking distance to the station.

Viewbank has a lot of choice for 900K budget. Banyule Primary is a very good, and Viewbank College is one of the best public colleges in the North of Melbourne. Commuting is easy from Rosanna station.

Rosanna & Heidelberg lack good high schools, as most people go private or Catholic.

 

We just went unconditional on a nice 4 bed 3 bath double garage house for a bit over 900k. We are 1km from Eltham station and can be there in <5 minutes by bike, using the Diamond Creek shared path. 45 minutes scheduled time from Eltham Station to Flinders Street (no promises about what PTV actually delivers, as with any station!).

In our experience, the quality of houses in Viewbank was pretty ordinary with most being quite dated and needing some significant work, especially in the 9s. The preference for dark red brick was also a turn off for my wife.

 

Relying on median house price data is useless without understanding how the numbers are derived, its a rolling median that is hugely affected by number of sales, types of houses, land size etc. Instead I suggest searching for sold prices in chronological order. Like for like, Rosanna is about 30 percent more expensive than Eltham.
Take below house as an example, it's in one of the cheaper parts of Rosanna on a sub 600sqm block. Nice facade and renovation, but that money in Eltham will get you 800sqm with at least 4 bedrooms in the nicest part.
35 Brassey Avenue Rosanna Vic 3084 https://www.realestate.com.au/sold/property-house-vic-rosanna-132302406
66 Bible Street Eltham Vic 3095 https://www.realestate.com.au/sold/property-house-vic-eltham-131743862
Sorry if I come across rude, but it annoys me when people quote statistics without understanding it's limitations

 

Plenty of streets in Rosanna and Heidelberg are zoned to viewbank, but more expensive than Eltham and the house will be much worse than in eltham

 

You may be a big fan of Rosanna, that’s cool but if a character filled, extended and renovated home is your example of the cheap end of Rosanna you aren’t looking very hard. https://www.realestate.com.au/sold/property-house-vic-rosanna-129575534
https://www.realestate.com.au/sold/property-house-vic-eltham-127991206
I fully understand statistics and their limitations and a median is exactly that, the mid point of all house sales completed. As shown above, we can pick out particular examples to suit and support an argument as much as you like but the 134 sales for Eltham over the last 12 months gives a reasonable median but I will give you only 50 house sales reported in Rosanna is a limited sample size.

Eltham is also a higher demand market based on search results (again can argue this how you like) and has been one of Melbourne’s most in demand for a while now and reported as such which also boosts demand and search enquiries.

Any sample is only as good as the properties sold. How many are development sites? (Rosanna), how many acreages? (Eltham).

As shown, you can argue about statistics and examples forever and will not convince some people if they have a personal bias either way as you appear to have.
From your examples I would also choose the Rosanna property of the two.
If asked I would suggest both are good areas to look into for investment and disclose that I don’t have a personal bias or relationship to either of the suburbs.
Have a good day and happy investing !

 

Yes, the best government schools in the north east are viewbank and Banyule primary schools