Altona Meadows, or stick with the East?

[Leikela]

I'm looking to purchase a second IP probably in about 12 months or so, having just purchased my first one (I want to get some good cash behind me first for security). I've grown up in Melbourne's Eastern Suburbs so guess I'm a bit of an "Eastern snob" when I think of the Western suburbs which scare me a little (no offence to anyone who lives there - I'm just not familiar with the areas so I guess the unknown is a bit scary). Anyhow, I'm thinking of ditching this East is best attitude and wonder into the Western side for IP2. I know very little, but a place that grabs me for location and price is Altona Meadows. I took a quick visit there and I THINK it seems ok, reasonable distance to city and close to Altona Beach. The impression I got from the short time I was there was that South of Queen Street is a nicer area. Would anyone who is familiar with the area agree? Or could someone suggest what areas are good and what are bad? I'd be after a niceish little 3 bedroom house in a nice street (not interested in a big block of land to develop, so older houses on big blocks are out). What is the tenant quality in that area? That's one of my biggest concerns also which is why I wouldn't want an old "sh**hole". An example of what I think looks ok on the surface would be something like this:

http://www.realestateview.com.au/Real-Estate/Property-Details-buy-residential-1401058_S.html

What are people's thoughts on this? Like I said I won't be buying for a while but I enjoy looking at property so no harm in starting research early.

Or should I stick with the Eastern side, and perhaps buy a unit in Chelsea / Mordialloc area?

Does anyone have a crystal ball? Do you think property will stay pretty stable over the next year or so in these areas?

Any advice, suggestions or comments on the area would be appreciated. Thanks.

 

[investwest]

Hi, I like it.

I live in Altona Meadows, and we have one I.P here. I could be biased, but I think Altona Meadows is a winner. The house that you are looking at is in a good area, the price is very good. How big is the block, and is it private sale, or is it going to auction? P.S, we have great tenants. Also, unless you want a newer house, don't write off the north side of Queen, I think it's a good location, close to the train station (zone 1) as well as Central Square, and depending on which end, probably closer to the beach.

 

[Leikela]

Thanks for that, I'll definately be watching Altona Meadows then for a purchase in the near future. I liked Altona too, but only if close to Esplanade but they are way too expensive. As soon as you went inland it got a bit old and unpleasant looking, and if you go north there is that horrible industrial area (Kororoit Creek Road isn't the most scenic of drives!), I think that's why I like Altona Meadows... it's heading away from that area a bit.

Not sure on details of that house, I think it's private sale so I thought that was a fairly good price from the 2 minutes of research I've done. The only thing I bothered to ask agent about was rent, they said it would return $300/week rent, in other words it would really return about $270 would be my guess. No idea on rental return in that area either really... can I ask what return you are getting on your IP?

 

[investwest]

rent

Thanks for that, I'll definately be watching Altona Meadows then for a purchase in the near future. I liked Altona too, but only if close to Esplanade but they are way too expensive. As soon as you went inland it got a bit old and unpleasant looking, and if you go north there is that horrible industrial area (Kororoit Creek Road isn't the most scenic of drives!), I think that's why I like Altona Meadows... it's heading away from that area a bit.

Not sure on details of that house, I think it's private sale so I thought that was a fairly good price from the 2 minutes of research I've done. The only thing I bothered to ask agent about was rent, they said it would return $300/week rent, in other words it would really return about $270 would be my guess. No idea on rental return in that area either really... can I ask what return you are getting on your IP?

We are getting $230 on a house that would now be worth between $300,000 -$310,000 but we have been told we could up it to $250-$260 the house you are looking at looks better than ours, and ours is on Kiora street which is the north side of Queen street. I think it's a really good price, this is why I'm asking if it's going to auction, and they have just underquoted you, or is it on a really small block, have you physically looked at it?

 

[imonmyway]

Thanks for that, I'll definately be watching Altona Meadows then for a purchase in the near future. I liked Altona too, but only if close to Esplanade but they are way too expensive. As soon as you went inland it got a bit old and unpleasant looking, and if you go north there is that horrible industrial area (Kororoit Creek Road isn't the most scenic of drives!), I think that's why I like Altona Meadows... it's heading away from that area a bit.

Feeling a little sad now that my house is considered old and unpleasent

Nevertheless though I nearly bought a IP in Altona Meadows last year I found looking in that area though that there was a shortage of 4 bedroom places for rent and the rental return on them was pretty good. I had my eye on a 4 bed 2 bath place but the owner pulled the pin on the deal when presented with the contract to sign. It was south of Queen street. I also noticed in my search that there were a number of poorly kept places that weren't that old for sale and with a bit of superficial cleaning up they would have come up very nice.

 

[Leikela]

I guess that house was advertised too cheap, they've now upped the price to $290-315K!

Sorry Imonmyway, didn't mean to offend. I guess each to their own. I grew up in outer suburbs and people I went to school with who still live in that area think that were I moved too (inner city) is disgusting. How dare they.

 

[Property Meister]

im sorry for half hijacking this thread, but can someone please give me their opinion.

Im looking for an IP in Altona, Altona North, Mordialloc, Chelsea, Aspendale.

Here are the preferences,

- Old house on it
- Enough land to subdivide into 2, maybe 3 if I am lucky
- Preferebly at or under the median price,

Ideally, I d like to be able to subdivide a few years down the track, so hence, a decent rental return at present would be preferred, naturally, I don't want buy $1m+ properties as I feel its more riskier due to yields and being the high end of the market,

can somebody please give me thir opinion of what area/price range I should be looking at.....