VIC Looking for PPOR - Mulgrave?

Hi Everyone,

We have been looking for a PPOR for a bit. Currently DINKs, Would like to focus on CG. We have decided to focus on Mulgrave. Our budget does reflect the median price (800k-1.1mil I suppose). Just wondering if anyone has any opinion on it, alternative suburbs, as well as answer some general questions. I can't seem to find much about this suburb in the forum.
Few thoughts that we have on the area:
- I work in Ferntree Gully and Missus works in Mt Waverley, and we would like to be closer to the city as we may move work to closer to the city in the future (just where the workplaces are)
- Currently renting in Glen Waverley, and are priced out there.
- I understand there's not much PT but we don't really use them anyway
- Don't really care about schools either currently, but I can see that the school there isn't bad.
- I understand potential buyers in the future will care about those 2 things above

Anyone has opinion on Mulgrave or surrounding suburbs?

Also we have been told by family to look for large landed property (600m2+) with potential to renovate and subdivide (so maybe no tight fronted court for example) in the future after living for a bit. I guess one of the problem is that we also would like something immediately livable (something like this https://www.realestate.com.au/property/6-stradbroke-cres-mulgrave-vic-3170/), which makes me feel bad if we have to demolish it in the future? Is that something that you also consider or you just consider the house lost the moment you decide to subdivide? If you are planning to do that will you consider an older house just for that reason?
We are also not very savy with doing renos and subdivision so I feel like we may just lose money doing it, so we may not actually end up doing it anyway. But will having the potential for that increase the growth?
I guess I am not even sure what I am asking tbh, I just feel daunted by the whole thing and the potential to drop 1mil+ into something.

If anyone has any opinion at all that will be appreciated.
TIA!

 

Nice! would you recommend the area as either PPOR/IP?

 

I think Mulgrave is great suburb. But value for money isnt there. Near 1m for a home renting for 600-650pw.

I think North Dandenong (i dont own, so no bias), would be a better place to buy around Outlook Drv pocket for 900k and alot more house, if you weren't going to sub divide/rebuild in Mulgrave.

I had a look at this in Dec, if this was in Mulgrave/Rowville, would have been 1.2-1.4m mark.

https://www.realestate.com.au/sold/...e=rea:sold:srp-map&sourceElement=listing-tile

If your bullish Mulgrave, then that would be a better LT buy just my 2cents

 

The only part I like is the area closer to rowville just before eastlink. The part to the left of waverley gardens if staring a waverley gardens isnt nice imo. Feels too close to noble park and has a weird feel. The part closer to eastlink has a wheelers hill feel to it which i like better.

 

I think the Rosewood Downs Estate in Dandenong North is a great alternative (near Mulgrave Private Hospital and Outlook Drive) and probably represents better value long term.

The area has a great local primary school (RDPS) and an amazing park/bike paths in Tirhatuan Park. You are also walking distance to the hospital.
The park has a tennis club, basketball/soccer pitch, great kid's playground and dog park (off leash). To me, it is probably a lot better than some parts of Mulgrave.

There is a lot of value in trying to buy a property with a ~18m+ frontage, as I have seen a few side-by-side developments pop up and they are a lot more accepted by Monash and Dandenong Couincil. You may not care about it now, but this will be beneficial long-term from a capital gains perspective.

 

The area around Waverley Park is quite nice and well planned .

 

Extremely inflated prices and small homes/plot sizes. Barely any growth versus the rest of Mulgrave since its inception.

 

Agree with that. Haverbrack estate which are mirror image to the Outlook Drive/Rosewood estate and are selling at a 200-300k premium.

 

What do we all think of this? https://www.realestate.com.au/sold/property-house-vic-mulgrave-144318412
Fair price that sold this weekend? (T-junction & next to a transmission tower) Some houses around this street have been sold for much more, so thought it'd fetch a little more (high 800s) but happy for the buyers that got it.

 

Yikes! I would never buy a PPOR this close to high voltage transmission lines, unless you prefer to be glowing at night and riddled with tumors! Maybe as a high yield investment property purchased at the bottom of the cycle, but never a PPOR.

I find these kind of properties are highly sensitive to market cycles, similar to main roads and train lines. During boom times people will FOMO "settle" for these kind of houses and would be happy with a 10%-20% discount to median, however in a buyers market these kind of properties can be extremely hard to offload and can sell at 30%-40% discount to median.

 

Thanks for your reply, we are also considering Dandenong north.

What do you guys think of Scoresby, Rowville, and Noble Park North?

 

Personally think North Noble Park has a stigma around it. I would only stick with Rosewood estate Dandy North or Mulgrave.

If you have capital you could buy a bigger block in Mulgrave and put a townhouse at the back. They are selling for 1.2m-1.4m depending on size, street etc.

 

Agree with others - from experience I’d go near Mulgrave Primary school area north of Monash Freeway. More WH vibe and still close enough to Waverley Gardens and Waverley Park for accessing facilities.

If considering other suburbs agree with others would go Rowville, Scoresby, NP North in that order.

 

Todd Heron released this today.

Showing Melbourne bottom of the cycle. And should start up swinging.




Fred Harrison the founder 18.6yr RE cycle says RE world wide blows off 20% into 26.
Just as Central banks talk of cutting rates that will soon be on the table.

Perhaps a good time to pull the trigger if your looking at a 2 yr window to make some money.

 

Nice suburb, family friendly, reasonably good mid range schools in the area. Well connected to the freeway.

Downsides would be no easy train access, no trams leaving bus the only limited PT option.

There's not a heap going on in Mulgrave, but it is relatively close to the Glen Waverley hub where there's a lot going on.