Thanks for your time and opinion Elwood or bust
Lily
Lily
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Hi, I find it really hard to believe that you have been down to Pier street in the last couple of years, latte city now, especially on the weekends, or market day (Tuesday), really good mix of people, and trendy cafes popping up all the time. Go have a look because I find it really hard to believe that you have, you've got Creme, the Pier Lounge, Mosaic, those are what I would call trendy, then good cafes but not so trendy, Melissa's, Pepper's, Artichoke and the bike cafe I've heard is really good. Also Railway parade is going through a gentrification process at the moment, about to be developed, watch it will do what Yarraville did, slowly they start, then they all come,give it a couple of years.Hi everyone,
As someone who grew up in Altona, I couldn't resist adding my bit. Altona is definitely a strange one. Bayside and close to Williamstown, but still very daggy and working class. There is not one single trendy cafe in the whole suburb (believe me, I've looked). But, it does have the beach, and anything close to the beach has shown good growth over the last 10 years. Houses on the Esplanade go for around the million dollar mark these days. A few professionals starting to move in now (god knows where they buy their lattes). Will never be like Williamstown in my view as no period housing and too much industry.
All in all, I would say good prospects of solid growth over the medium term, especially near the beach. But as I have already said before, why even think about buying in Melbourne right now - we've just seen the longest boom since the war. If prices go up more than a percentage or two in the next couple of years, it will be unprecedented. After the last boom (which was smaller than this one) prices in Melbourne didn't go up for five years. Sure, it might happen. But shouldn't investors deal in likelihoods? Remember that the property market is cyclical. If prices stay the same and you're negatively geared, that's called losing money. Be very careful.
Good luck everyone
Gail (and I am not a gunna - just circumspect and a keen observor of history)
Hi Lily,
Re Mordialoc, this suburn extends quite deep inland I believe and you will note a large discrepancy between the prices on the beachside of Mordi and the more inland areas. I would stick to the beachside, and yes i think mordi is ok, but only because it is coastal and that is the current boom trend.
Having said that, again, I stress that mordi des not have the long term growth history of coastal suburbs closer to the city. Yes short term the growth may be bigger in mordi as it plays catch up, great if ur a property trader, but long term, it wont stack up against the inner suburbs on the beach...Albert Park, Middle Park, Elwood, Brighton, all the way out to say Sandringham, though i like Mentone due to the scenery. Mordialloc is a bit more blue collar as we get closer to industrial parks etc.
Its a tough game property if you try and pick a suburb that has only started to appreciate but will continue to do so, as they are doing in previous posts in this thread. But it can be easier if you stick to suburbs that have a long history of growth, even if they are not coastal.
I bought in Altona 4.5 years ago and have had about 50% capital growth in that time so very happy with this its my PPOR
I bought in Altona 4.5 years ago and have had about 50% capital growth in that time so very happy with this its my PPOR so I am a bit biased about Altona and the 30 minute drive to the CBD every morning and 20 minutes drive home in the afternoon makes me happy every day for my location of purchase.
A 3 story apartment complex of about 20 units with a shop front is being built on Pier street near the old mitre 10 which has now also closed.
Most of the businesses on pier street between the railway line and grieve parade which was a group of mechanics shop and semi industrial workshops have mostly shut and are being sold and or demolished, sadly the old nissan hut was pulled down too. I can see this strip turning into modern shops resteraunts, cafes and apartments in time. Cherry Lake facilities and landscaping is also getting a million dollar upgrade over the next 18 months.