Altona for investment or principal residence?

[ccw]

Hi all
I've searched existing threads on western Melbourne and many of you seems to look at Sunshine and Cooks Point amongst others, but not many talk about Altona/Alton North / Altona Meadow. Is that because of demographic or price?

I am based in Sydney but for work reasons may need to relocate to Melbourne in 1.5-2ys time. Office will be at Altona.

Q1: buy to rent then move in later.
I'd get a newish/brand new townhouse, get the most depn for the next couple of years, then move in once relocated. In that case I'd prefer Altona for access to school shops and beach, but price is higher because I'd be looking at 3-4br place to live in.

Would u recommend this? Or buy something to invest, and look for something else to live in later (ie 1 now 1 later)?

Q2: opinion and preference Altona vs Altona North vs Altona Meadow
Which would u recommend if to live in? what if it's for investment?

Q3. Satuary Lake looks lovely and some are similar prices as Altona. Would Melbourne tenants rent there and therefore worthwhile to consider this an option for investment? Would owner occupier like to live there?

I do plan to fly out and check the area out next month but would love some local insights given I'm based in Syd. Thanks all!!

 

[ermat]

Altona

My preference would be the north end of Point Cook. It has yet to show the capital gains recently experienced in the Altona, Altona North & Altona Beach areas. Location wise its still handy at 22klm to the CBD and better value by a long margin to Altona. Also has the rail advantage over most of Altona.

 

[ccw]

Thanks ermat!

I did consider Point Cook for that reason too, would make better investment sense.

However when thinking I might move into it later I'm beginning to think if I should just spend a bit more to be a bit closer and in slight better area.
Point cook back on the potential list for me then. Thanks again.

 

[Hodge]

Just keep in mind traffic is bad in point cook. I have a few properties in Altona, haven't looked back!

 

[ermat]

Altona

I think the jury is still out on whether Point Cook will prove a good investment. It's just a conclusion I made a while back but have yet to be proven correct.
Altona has been the winner to date.

 

[Hodge]

If you need advice on Altona feel free to pm me. I also live there. Don't get me wrong point cook will do ok as an investment but right now I feel there is too much land still available and the roads haven't been upgraded from original- hence the bad traffic.

 

[J_aco]

Don't get me wrong point cook will do ok as an investment but right now I feel there is too much land still available and the roads haven't been upgraded from original- hence the bad traffic.

Agree with this - think Point Cook as a suburb really only began to grow in the last 10 yrs? So yes, still a fair bit of land.

 

[Peter Parker]

My preference would be the north end of Point Cook. It has yet to show the capital gains recently experienced in the Altona, Altona North & Altona Beach areas. Location wise its still handy at 22klm to the CBD and better value by a long margin to Altona. Also has the rail advantage over most of Altona.

For access to schools Point Cook is far superior to Altona. It may also benefit when/if the Williams Landing town centre gets off the ground.

Compared to Altona trains at Williams Landing are more frequent, more reliable but also much more crowded during peak times. However Altona has 3 train stations whereas Point Cook only has Williams Landing just outside the suburb. So with Point Cook you will probably need to drive/bus to the station whereas most of Altona can walk to a station.

Altona's big problem is schools. Anything other than local retail requires a trip to Altona Gate or even Highpoint (a long way away) whereas Point Cook is closer to Werribee Plaza. The area around Cherry Lake has a bad reputation for walking alone. But otherwise its a bayside suburb nearer the CBD than Point Cook. A cheap house on land at Altona will probably do better long term than an elaborate house on a smaller block at Point Cook.

Altona people like to compare themselves with dearer Williamstown or Brighton (the other bayside suburbs with 3 train stations). However both these are more historical and don't have the smell when driving from the city.

Altona Meadows offers houses on smaller blocks (compared to older suburbs) and is lower - middle class (better incomes than nearby Laverton). It's closer in than Point Cook and possibly represents better value. Parts of the suburb are walkable from Laverton Station but it's not a nice walk. Like Altona its schooling is limited. However if these aren't much a concern then it's only a few minutes from Altona beach and may represent value for those seeking a 1970s-80s property or wish to avoid Laverton's stigma (though that has had reasonable capital growth).

 

[ermat]

The new freeway interchange currently under construction should help ease Point Cook
traffic flows.
The positive effects of $40 mil freeway interchange + the recent $80 mil Williams landing rail station should not to be underestimated.

 

[Hodge]

The new freeway interchange currently under construction should help ease Point Cook
traffic flows.
The positive effects of $40 mil freeway interchange + the recent $80 mil Williams landing rail station should not to be underestimated.

Is this the upgrade to Palmers Rd?

 

[jingo]

Hi all
I've searched existing threads on western Melbourne and many of you seems to look at Sunshine and Cooks Point amongst others, but not many talk about Altona/Alton North / Altona Meadow. Is that because of demographic or price?

Not really, I think these areas are not as well known as others such as Sunshine and Point Cook. In terms of distance from the city, Sunshine sits approximately on the 12 KM radius, whereas Altona lies approximately 13 kms from the CBD, Altona North 10 kms and Altona Meadows 17 kms.

Point Cook is further down from Altona Meadows and lies approximately 25kms from the CBD. (Mostly due to the extra travel time down Point Cook Road).

I am based in Sydney but for work reasons may need to relocate to Melbourne in 1.5-2ys time. Office will be at Altona.

Q1: buy to rent then move in later.
I'd get a newish/brand new townhouse, get the most depn for the next couple of years, then move in once relocated. In that case I'd prefer Altona for access to school shops and beach, but price is higher because I'd be looking at 3-4br place to live in.

Would u recommend this? Or buy something to invest, and look for something else to live in later (ie 1 now 1 later)?

Sounds like a good plan to me. Altona doesn't have any land left and developers currently buy old houses on larger blocks of land to put town houses on. I read a newspaper article recently which mentioned that Altona hasn't had the type of over development that is occurring in many inner and bayside suburbs at the moment.

I'd look for something as close to the Beach and Pier Street as possible. David street and surrounds are popular areas. If you buy close to Pier Street, you will be able to walk to the station. A train ride into the CBD will take you between 20 and 25 mins.

Q2: opinion and preference Altona vs Altona North vs Altona Meadow
Which would u recommend if to live in? what if it's for investment?

I like your plan above. Altona is a beautiful beach side suburb. Pier street has many cafes, Restaurants, A coles supermarket etc etc. The council has recently spent money improving the beach.

I am unsure whether you have children, and if you do, their ages. Altona Primary School has a good reputation. In terms of Secondary Schooling, there are many options. Altona has a Catholic Boys and Girls School, furthermore, many students catch buses (often provided by schools) to surrounding areas. Point Cook has a number of schooling options (Catholic, Public and Private). Westbourne Grammar School is the leading independent school in the area, and while it is located on Sayers Road in Truganina, (near Williams Landing) the school provides a bus service to Altona and many other areas in the Westbourne suburbs.

Other options regarding Secondary Schooling - A new select entry school, Suzanne Cory High School is a short train ride away. It is possible to catch the Werribee train from Altona Station, alight at Hoppers Crossing Station and walk to the school.

A number of students also catch trains into the CBD for their Secondary Schooling and attend a range of schools, including Melbourne High School, Macrobertson High School (both select entry schools), Wesley College, among many others.

Q3. Satuary Lake looks lovely and some are similar prices as Altona. Would Melbourne tenants rent there and therefore worthwhile to consider this an option for investment? Would owner occupier like to live there?

Sanctuary Lakes is a lovely development. You can certainly buy a beautiful, large home there for a similar price to those in Altona. The main problem with Sanctuary Lakes and Point Cook is the peak hour traffic. Point Cook Road becomes heavily congested during peak hour. If you buy in Altona, Altona North, Altona Meadows, you have multiple roads that you can travel down to reach the CBD during peak hour traffic. Whereas Point Cook doesn't have multiple options as Point Cook Road is one of the main thoroughfares into and out of the area. The Palmers Road Bypass has certainly helped somewhat.

I'd check out vacancy rates in Point Cook too and compare these with Altona, Altona North, Altona Meadows. It may be worthwhile speaking to some agents as well. I can send you some agent contacts if you like.

I do plan to fly out and check the area out next month but would love some local insights given I'm based in Syd. Thanks all!!

Feel free to send me a pm for extra info. I've lived in the area for 18 years and have seen it develop extensively over this time!

Regards Jason.

 

[ermat]

Is this the upgrade to Palmers Rd?

No, its a new freeway interchange at Sneydes Rd .Under construction now, completion 2016.
Should take some pressure of traffic creating a 4th freeway access for Point Cook.

 

[jpcashflow]

Hi,

The issue with Point cooks is traffic and so much empty land available in near by estates.

If you looking to invest, I would rather invest in Altona "Etc" vs Point cook

 

[ccw]

Thanks

Thank you all for your valuable feedback!

I do have a 12 yo so school is one of the consideration. That was one of the reason why I was circling in on Altona as I can see a high school there near the train station. Whether it's a good school or not will require further investigation.

But I do have the option of buying one now just purely for investment, no need to worry about my family. This one I can let the numbers guide me. And later can buy a different one to live in which could be at same of different location I supposed.

I have had friends drove over to Altona area and report back with their feel, experience and photos. They seem to endorse the area.

Thank you hodge and jingo for your offer! I will take it up and PM you later with further questions. Thanks in advanced.

 

[jlov2]

Hey CCW,

I've lived in Newport my whole life and spent three years renting in Point Cook. It sounds like a few other local member have given you some advise already but I'll jot down a couple points.

One thing I would say is to stay clear of Altona Meadows, it has been the ugly cousin of the west for a while, not a lot of people want to live there. It looks nice, but the demographic has never evolved and remains un-loved by investors. Take a marker and cross out Altona Meadows from your search map.

As said above, Point Cook is yet to prove itself. It's a nice modern suburb but has a very estate like feel. There is still a of land in these areas which will keep choking the already bad freeway entrances. Plenty of rental stock on the market so don't expect great returns. It is good for first time families because it offers a nice new house relatively close to the city.

Sanctuary lakes is definitely not an investment opportunity. It is surrounded by a massive wall and there is only one entrance into the estate. It's a nice estate but the investment ship sailed many many years ago. Again, cross this out as an investment area.

Altona North is very close to the city and never took off like Newport, yet its one suburb across (there are reasons for this). If you'r looking at Altona North, East of Millers road and north of Mason Street is the best pocket.

Altona is quiet nice, but has poor freeway access. Again, its not an area I would consider cheap anymore, but there is potential to improve on old stock.

I think the best opportunities for this part of the west exist in Werribee (but DYR) or Altona North depending on your price range. Both have old housing stock that can be improved for you to gain any investment opportunity.

 

[Peter Parker]

One thing I would say is to stay clear of Altona Meadows, it has been the ugly cousin of the west for a while, not a lot of people want to live there. It looks nice, but the demographic has never evolved and remains un-loved by investors. Take a marker and cross out Altona Meadows from your search map.

Yes and no. Altona Meadows can be considered an 'ugly duckling' suburb and might be considered an option (some might say opportunity!) for those who can't afford Altona or Point Cook. While it's stagnated, it possibly hasn't had the rate of relative demographic decline that Laverton has. Yet Laverton has done quite well with property prices despite its low average incomes.

In relation to schools, access to Suzanne Cory school from Altona isn't as good as it appears on the map. At most times trains from Altona only go as far as Laverton, requiring another train to continue onto Hoppers/Werribee. That hassle applies to many other schools which require a train to Williams Landing/Hoppers/Werribee plus a bus. Private schools do have their own school bus networks but there are sometimes extra-curricular and other activities which make it desirable that kids can get home independent of a school bus.

 

[Hodge]

Hey CCW,

I've lived in Newport my whole life and spent three years renting in Point Cook. It sounds like a few other local member have given you some advise already but I'll jot down a couple points.

One thing I would say is to stay clear of Altona Meadows, it has been the ugly cousin of the west for a while, not a lot of people want to live there. It looks nice, but the demographic has never evolved and remains un-loved by investors. Take a marker and cross out Altona Meadows from your search map.

As said above, Point Cook is yet to prove itself. It's a nice modern suburb but has a very estate like feel. There is still a of land in these areas which will keep choking the already bad freeway entrances. Plenty of rental stock on the market so don't expect great returns. It is good for first time families because it offers a nice new house relatively close to the city.

Sanctuary lakes is definitely not an investment opportunity. It is surrounded by a massive wall and there is only one entrance into the estate. It's a nice estate but the investment ship sailed many many years ago. Again, cross this out as an investment area.

Altona North is very close to the city and never took off like Newport, yet its one suburb across (there are reasons for this). If you'r looking at Altona North, East of Millers road and north of Mason Street is the best pocket.

Altona is quiet nice, but has poor freeway access. Again, its not an area I would consider cheap anymore, but there is potential to improve on old stock.

I think the best opportunities for this part of the west exist in Werribee (but DYR) or Altona North depending on your price range. Both have old housing stock that can be improved for you to gain any investment opportunity.

Excellent post. You're spot on.

 

[erorxxx]

HI ,

Point cook has a large area for one suburb , I used to live there for 3 years and it?s a great suburbs if you live on the right pocket . I recon the best pocket anywhere between princess Hwy all the way to dunnings road ( close to point cook town centre)

I myself has investment property in that pocket , ( used to become PPOR but had to move due to family reason) . Guess what when My agent put the property up for rent by 2nd week I have had 4 applications applied for it so I think plenty of rent demand.

as at today there are 150 houses up for rent in point cook BUT if you look at the pocket that I mentioned above is only 10 property available for rent .. so can you see the big difference here?

 

[Peter Parker]

as at today there are 150 houses up for rent in point cook BUT if you look at the pocket that I mentioned above is only 10 property available for rent .. so can you see the big difference here?

Next door to this pocket is Seabrook.

Older suburb with older houses with the same local facilities.

Houses start at $350k eg http://www.realestate.com.au/property-house-vic-seabrook-118446079

Point Cook attracts a significant price premium over this, but is the difference worth it?

 

[erorxxx]

pretty sure you can get newer house with GARAGE and more less same land size for 420-450 ish for example http://www.realestate.com.au/property-house-vic-point+cook-118058919 price range was 410 to 430 and

better house
LOOK at that double garage
you can walk about 5 minutes to the famous point cook town centre
much better location
much better suburb
Better infrastructure ( seabrook is only has one main entry access through point cook road)
decent rent yield 4.5 %
ohhh btw start from april this year you can take direct bus to the famous Suzanne Corry high school from this pocket

so would you spend 40-60k more ? I think I would