VIC Which to buy: Townhouse in Maribynong or house in Dallas (Melbourne)

Ladies and gents,

I have my eye on a 3 bed room house in Dallas, Melbourne (618sqm) as well as a 2 bedroom townhouse in Maribynong.

Both are roughly the same price.

This is going to be my first home and will be an IP.

From a capital growth side of things, which would be better.

Which would be generally better overall?

Any info would help

 

Maribynong if you're going to live there, much nicer place to live, beautiful walks around the river, cafes and restaurants around the area such as moonee ponds, boat house etc.

Not sure which will increase more, if you bought the right size development block in Dallas then perhaps Dallas has a better chance but living in Dallas is like living in the Bronx compared to Manhatten.

 

Hit the nail on the head in terms of Maribyrnong's liveability...though skip the Boathouse, it's overrated. Anglers is much better

However there is a third alternative - how about a 70s style two bedroom unit in Maribyrnong/Moonee Ponds/Essendon? That way you can grab a can of paint and pretty it up a little, and avoid paying the 'new property premium' for an off the plan town house.

 

Not sure on his price range? all those locations are excellent. Just depends if he's going to try and create equity or wait and hope.

 

Keep in mind that nearly all of Dallas is under aviation restrictions and cannot be developed, even extensions are limited to 50% of original floor area

 

Didn't realise that was the case, seen lots of new units going up, cheers.

 

Yeah the strip that borders broadmeadows is ok, as well as a few houses on the campbelfield end. But most of it is covered by the zoning. Will have a look to see if i can find the map

 

How much is the townhouse?

 

Hands down for Maribrynong for living. I lived there during my first two years of uni during my first course back in the early 2000s on Monash Street (before Edgewater was developed) and there was a dearth of apartments yet to be built, the only thing close to any high rise was the old 70s block of flats near Elridge Street. Too bad my folks lost patience and sold off in Maribyrnong for a measley sum in the mid 2000s to move to Glen Waverley...

Back then it was still a bit "rough-ish", Footscray was nowhere near as "hip" as it is today but I still find living in Maribrynong was way better than living in any other suburb I've lived in. The only downside was that there was no direct station - you had to tram it to Footscray to get into the CBD.

 

Thanks for the reply. I'm looking to live in it for a year or so then itll be rented out.

Having the opportunity to develop or do work on is something Id like to have aswell. But my budget on 500-550k had limited me with options within 30km of the city.

The townhouse option is more of a wait and hope tactic, since areas with the potential to develop are out of my price range.

 

Price range is 500-550k

 

I'm liking that third option, I'll look into it to see if its my price range.

Really? I didn't know that, I saw a few units go up aswell but it might have been on the boarder strip you mentioned.

Yeah I love the area too, both my sister's have a house there and I love it. Wish my parents bought in Footscray as opposed to st.albans when they came to Australia. The tram from Maribyrnong to Footscray is decent, pretty frequent I reckon

 

Here you go. First two are the airport overlays, third is a general link to hume planning docs.

http://planningschemes.dpcd.vic.gov.au/__data/assets/pdf_file/0007/183238/hume23maeo.pdf

http://planningschemes.dpcd.vic.gov.au/__data/assets/pdf_file/0007/183247/hume24maeo.pdf

Hume Maps - Planning Schemes Online

 

I know they have been talking about it for a while but more development is in the pipeworks for Maribyrnong. Plans to expand Highpoint to include uni, medical hub and hotel

http://www.heraldsun.com.au/leader/...b/news-story/90f464f34692adb2ddb9d63cf78df604

 

I know a 'unit' it is not the same as in Sydney where it means an apartment, Could you clarify what it means so I can know what to search for?

 

Agree with above posters that Maribyrnong would be fantastic for PPOR. We have a PPOR and an IP in Maribyrnong, have lived here for 13 years and are loving it. However, 500k-550k will get you bugger all land (most likely < 100m2) in Maribyrnong and for capital growth you really need some land content.

Can't comment/compare with Dallas as I don't know that area at all.

 

Maribrynong

 

As an IP I say Dallas, or even Coolaroo. - only because I think its next in line for some ripple effect.. Would or could I live there? Maybe if it was only a year- but only as a couple, wouldn't do it alone or with kids, I wouldn't feel safe (Im female). Its probably not as bad as I make it out to be, but I couldn't even live in Broadmeadows- too rough compared to what I know in the South East. Have you looked at Meadow Heights or Westmeadows? If I had your budget I would be trying to get in to one of those instead for a house on 600m block rather than Dallas. Im looking at Dallas for next IP only as its about all that may fall in my budget that I can see having growth

 

Why chase 'ripple'? It's a short term game only. Suburbs in the closer ring (maribrynong etc) perform consistently long term. There is no long term value in Dallas.

 

I just think a house is better long term over a townhouse. I agree Maribyrnong is a nicer area and better for PPOR, but I just think the land component is where the long term CG is especially since its being turned into an IP after a year.