Acreage close to Melbourne CBD - opinions?

[Smilla]

Hi there,

My partner and I are moving back to Melbourne after living overseas. We are planning to buy a lifestyle block (minimum 1.5 acres) and spend a few years renovating and adding value to the property then selling it after about five years (we are buying it to live in and enjoy, but want to also have made some money in the process when we sell down the track). The reason we would sell it is because we don't think the rental returns warrant us keeping it and we already own a property like this in NZ (where we will eventually move to).

Our budget is 800k but we could stretch a little more for the perfect property.

One of our key concerns is that the property is as close to the CBD as possible, ideally no more than 50 min by train, so that my husband can get to work within 1 hour.

Sunbury fits the bill, as does a little past Werribee, but I am not that keen on that direction. Ideally I would have liked to move out east/southeast, but the trip time is simply too long.

Can anyone offer any suggestions/thoughts on these areas, plus some we may have overlooked? Where would you consider if you were in our position?

Many thanks for your thoughts.

 

[ermat]

Kurunjang, a short drive to Melton station. Im not to familiar with this area but have heard some sites here have city views.

 

[alicudi]

Hi

Perhaps have a look at Skye and you would use Seaford train station for that, Cranbourne, Cranbourne South and Pearcedale which I think would all use Cranbourne train station.

Regards,

alicudi

 

[Fifth]

Hurstbridge and surrounds (Plenty, Kangaroo Ground, Panton Hill, etc.) in the NE. The train journey from Hurstbridge to the CBD takes about an hour.

Some blocks are cleared and ready to use as a hobby farm, others are more of a bushland setting.

 

[LoneWolf]

I can't believe with your budget, you are looking at places such as Sunbury, or cranny

Depending on what you want, there are a variety of choices available tbh, much better than any of the burbs you have mentioned

 

[Spades]

Hi Smilla,

I agree with LoneWolf...I'll add some subs for value albeit not being on the train line.

Ie:Lysterfield S,Belgrave S,Belgrave H's and beyond.

Lifestyle?or want your cake and eat it too at the expense of higher mortgage?

Cheers Spades.

 

[alicudi]

I can't believe with your budget, you are looking at places such as Sunbury, or cranny

Hi

When I mentioned Cranbourne South I really did mean the areas that consist of lifestyle properties with large homes and acreage...some of these are as little as an acre and go up to and over 50 acres.

This part of Victoria is home to a large number of properties some of them used as a ppor by people in the BRW Rich 200 list. I do not think these areas should be frowned upon and should at least be investigated by anyone that wants to live on acreage relatively close to Melbourne. Areas such as Cranbourne South and Pearcedale can only go up in value as the land barriers of Westernport Bay means that land between Melbourne and the Westerport Bay will eventually be in limited supply unlike the North and North Eastern parts of Melbourne when people will just keep looking further out.

Here is an example of what I mean: http://www.realestate.com.au/property-lifestyle-vic-pearcedale-7609479

Regards,

alicudi

 

[sivakumar_sr]

How about Little River it will fit your budget and Vline fits under one hour. If you don't like this direction see Diggers Rest

 

[Chris B]

The NE suburbs are popular for this sort of property.

North Warrandyte is probably a 20 min drive to a train station and then 40 min train into the city.

If you want to build your dream home, there is 1.5 acres available.

http://www.realestate.com.au/property-residential land-vic-north warrandyte-200333691

 

[ermat]

Nice. Warrandite is a beautiful spot. I retract my comment on Kurunjang.

 

[The Y-man]

North Warrandyte is probably a 20 min drive to a train station and then 40 min train into the city.

Yes....but there's no car park left at Mitcham, Nunawading or Blackburn after 7 am!!

(And the Donny Park and Ride don't fare much better)

The Y-man

 

[Timmyd]

Mate just bought 1.5 acres of vacant hilly land in lysterfield. Was around $800k I think.

 

[Chris B]

Yes....but there's no car park left at Mitcham, Nunawading or Blackburn after 7 am!!

(And the Donny Park and Ride don't fare much better)

The Y-man

I didn't realise it had got that bad. It's a long time since I used to park at Mitcham at around 8am, which was always busy but ok.

I was actually thinking Eltham or Montmorency might be possible (but have no experience of what their parking is like).

 

[The Y-man]

How about Little River it will fit your budget and Vline fits under one hour. If you don't like this direction see Diggers Rest

Good lateral thinking.

Pakenham is in the 64minutes range by Vline, so brings that SE area into view.

The Y-man

 

[tobe]

Yes....but there's no car park left at Mitcham, Nunawading or Blackburn after 7 am!!

(And the Donny Park and Ride don't fare much better)

The Y-man

Parkiteer. Secure your bike at the station for free.

 

[dan_89]

If I didn't just buy another place id be all over this one! Didn't sell at auction now private sale.. could potentially negotiate below that asking price although it is a mortgagee sale so unsure how the banks treat lowball offers haha.

www.realestate.com.au/117298463

 

[alicudi]

Hi

Do you know what the highest bid was at auction?
Were many people in attendance?
I know the property and area very well!

Regards,

alicudi

 

[our obsession]

Victoria has done and continues to do well in overall investing, especially regional areas, Bacchus Marsh

Approximately 40 minutes by train, around 45 mins by road (48 kms).

 

[alicudi]

Hi

I have the section 32 for the property in the web link posted above by dan_89 which is located at 182 Eramosa Road West Somerville Victoria. Everyone should stay well away from it as the site is contaminated and will cost big money to clean it up.

The land is also subject to inundation.

Regards,

alicudi

 

[bbmick]

Also try Beaconsfield Upper area.....?

http://www.realestate.com.au/property-house-vic-hallam-111163407
http://www.realestate.com.au/property-house-vic-guys+hill-117399587
http://www.realestate.com.au/property-house-vic-beaconsfield+upper-117386575
http://www.realestate.com.au/property-house-vic-beaconsfield+upper-116368463
http://www.realestate.com.au/property-house-vic-beaconsfield+upper-115414851