VIC Where to buy with 750K in Melbourne?

Discussion in 'Where to Buy' started by Sourav, 8th Feb, 2019.

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  1. johnmteliza

    johnmteliza Well-Known Member

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  2. Redwood

    Redwood Well-Known Member

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    Yep very expensive
    125 Mont Albert Road, Canterbury, Vic 3126

    These areas are still favoured to the chinese unfortunately. The high end market has performed well.

    Units are too expensive in these areas however these "maling road" dreams may be a little more affordable.

    I went to two auctions on the weekend for development sites, both packed and both sold.

    Choose your area carefully. Its the perfect storm at the moment, buyers with "capital" are buying up.

    Cheers Ivan
     
  3. Alastair Mairs

    Alastair Mairs Member

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    As a first time buyer you need something that'll have capital growth, somewhere in the inner suburbs where land values are strongest.. A villa unit in Canterbury for example that Y-man suggested would be great.
     
  4. 2jzzzz

    2jzzzz Active Member

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  5. Blackmores

    Blackmores Well-Known Member

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  6. dave80

    dave80 Well-Known Member

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    interestingly, it sold almost four years ago for the listed statement of info price. blue chip suburb, great location, canterbury primary zoning however, ugly and uninspiring property ;)

    i could see value in late 6's, very early 7's and throw 5% ($40K ish) to modernise, if PPOR.

    $786,800
    Sold on 19 Sep 2015
     
  7. Ronald86

    Ronald86 Well-Known Member

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    Land size per RE is 99 m2 is that correct? Not much bigger than a postage stamp!!
     
  8. dave80

    dave80 Well-Known Member

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    I've got it showing as 97m2 but this is possibly internal. The block is allegedly 685m2 with four titles on RP481 - all roughly ~100m2/each - so allowing for the front villa with some grass and the driveway easement, it's possibly 120m2 max?

    3126 is prob ~$2500/m2 land val plus $80K for this dwelling... puts it into stark contrast (of course this isn't how you value a property but still).

    presently rented @ 455/wk, roughly 3% yield but looking at Landata, it looks potentially has a heritage overlay for some reason - there's a section 58 available but have to buy it.

    edit: how good is that ksou website:

    http://planning-schemes.delwp.vic.gov.au/schemes/boroondara/ordinance/43_01s_boro.pdf

    HO145 Maling Road Shopping Centre and Residential Environs, Canterbury Includes Bryson St

    Registered as Victorian heritage
    HO145 Maling Road Shopping Centre and Residential Environs, Canterbury
    Maling Road Shopping Centre and Residential Environs, Canterbury, is an area of heritage significance for the following reasons:
    - The precinct is a comprehensive and architecturally notable illustration of the effect of the railway's arrival in the Victorian era and the railway's further development around WWI. This is expressed, in part, in the distinctive street pattern that runs axially from the Canterbury Railway Station. It is also expressed in the well preserved residential and commercial development which was largely complete by WWII.
    - The Maling Road and Canterbury Road commercial strips demonstrate a high level of architectural excellence, strong Victorian, Federation and interwar-era expression and a high degree of visual cohesion. The Maling Road strip also contains individually notable buildings that have a high degree of integrity and landmark value; the Post Office (1908), the Canterbury Theatre (1912) and Malone's Hotel (1889).
    - The place is a highly representative Victorian and Federation-era residential precinct with individually notable houses. The precinct is interspersed with strong and well preserved interwar elements that offer an historic and architectural contrast and create streetscapes of high aesthetic interest.
    - The precinct contains well preserved residential and commercial examples from the 1920s-30s, which reflects the premier status of Camberwell as an urban growth area during that period.
    - The precinct has an historic association with Terry & Oakden, the designers of the original Claremont Park Estate and one of Victoria's most important architectural firms, and other important architects of the time such as Ward and Carleton and Ussher and Kemp.
    - The precinct includes public landscaping elements such as asphalt paving, basalt pitching, kerbs, channels and mature trees and garden plantings, some of which date from the beginnings of the Claremont Park and Highfield Estates.
     
    Last edited: 14th Mar, 2019
  9. Ronald86

    Ronald86 Well-Known Member

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    Yep thought as much re internals size. Out of curiousity where did you get the land per m2? Or is that your own workings..
     
  10. dave80

    dave80 Well-Known Member

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    just a number i plucked out of thin air based on a few sales across canterbury & camberwell
     
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  11. Blackmores

    Blackmores Well-Known Member

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    Thanks guys. They are asking $789k presently. Guess same price as when they purchased it!

    Will be for investment, somewhere to park some money. Not sure if should wait a few more months. Since market is still heading downwards.
     
  12. Never giveup

    Never giveup Well-Known Member

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    Why not go towards Wyandham Vale-30/35 mins to City
     
  13. hieund85

    hieund85 Well-Known Member

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    You're dreaming. Even offpeak, 30-35mins is not possible. Do you live there? Have you tried driving from there to the CBD
     
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  14. Never giveup

    Never giveup Well-Known Member

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    I don't live but have tried driving as someone we know lives there.
     
  15. hieund85

    hieund85 Well-Known Member

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    And you got to the city within 30-35 mins? 200km/h speed?
    I drive regularly from Werribee/Hoppers Crossing (close to the freeway entrance) to the city and 30-35mins is offpeak (weekend, weekday night time). From Wyndham Vale to the freeway is already 10-15 minutes offpeak. That's the old Wyndham Vale next to Werribee. The new estates are further away.
     
  16. Never giveup

    Never giveup Well-Known Member

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    Good on you
     
  17. Baza

    Baza Active Member

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    $750k doesn’t get you much of a house in Eastern Melbourne. You could look at the North East like around Watsonia/Macleod which has fallen a lot since the correction. Compounded with the north east link announcement, you can get a house with land for $700k and it’s probably around 35m to town. I don’t like the idea of buying a unit personally, you buy cheap you buy twice which means when you upsize you’re paying stamp duty and real estate agent costs again. Mulgrave in the south east is another option. Heidelberg Heights is great value for money and only 13km away from town. Further down maybe a small home Ringwood would be in your budget.
     
  18. Mumbai

    Mumbai Well-Known Member

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    sorry for reviving an old thread, but what should I be looking at on the streetview?
     
  19. The Y-man

    The Y-man Moderator Staff Member

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    Housing commission.

    The Y-man
     
  20. kaibo

    kaibo Well-Known Member

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    how can you tell? they usually have a security door that's all I notice, Is there any way of finding out without talking to the neighbours?