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What is the beach actually like in Altona?
Just bringing up this old thread...
This is me just being a sticky beak!
we all know about spill over suburbs, and a lot of the bayside suburbs have shot up, which is how the world works,
but I just did a quick search, and it seems that you can still get properties in altona relativly affordably, obviously the ones on the esplanade are $800k+-$1.1mill. but if you get a map of melbourne, and draw a circle out it seems that altona has not at all caught up, yes it has gone up a fair bit i think it was 187% in the 10 years ending 2007 or something....
but it just seems to be the best value for money for those like myself who can't afford i nthe portseas williamstown type suburbs.
I would like to retire one day and have a beachside property without having tot drive 1-3 hours just to get there!
I know altona is still plagued with industrial areas etc. etc. etc.
however so was brunswick until just a few years ago,
to me it just seems like a goldmine waiting to happen if you are wanting LONGTERM CG growth...
what am I missing here, admittedly I don;t know much about Altona, but it s eems that for $350k you can get a 3 bdr, fairly close to the water!
just seems to be quite a good opportunity...
I was confused as I did not think that Altona is considered Bayside?
I have a friend who's renting in Rosanna and will love to purchase his PPOR there. Just had a look from domain.com.au - median house price for Rosanna is now $592.5 K while that for Altona is $488K. Don't know much about Rosanna so can't comment whether that is fair value. But definitely Altona is cheaper than most eastern, north-eastern and even northern suburbs. For its proximity to the city and sea, I think the lower median house price provides potential for future growth.Just bringing up this old thread...
but if you get a map of melbourne, and draw a circle out it seems that altona has not at all caught up
what am I missing here, admittedly I don;t know much about Altona, but it s eems that for $350k you can get a 3 bdr, fairly close to the water!
I have a friend who's renting in Rosanna and will love to purchase his PPOR there. Just had a look from domain.com.au - median house price for Rosanna is now $592.5 K while that for Altona is $488K. Don't know much about Rosanna so can't comment whether that is fair value. But definitely Altona is cheaper than most eastern, north-eastern and even northern suburbs. For its proximity to the city and sea, I think the lower median house price provides potential for future growth.
Altona is geographically constrained from expansion by the sea in the South, industrial areas in the North and bounded by creeks in the East and West. The only way to increase the number of residential units is by redevelopment of old housing. I think this constraint will limit the supply of new housing and help to confer some sort of "scarcity" value.
Most of the houses in Altona are very old - about half are weather-board houses so this means there exists great potential for renovation or redevelopment. Hence, its median house price is not really comparable to those in newer suburbs where the housing stock is much newer.