Buying in Melbourne (First purchase...help!)

[mikhail]

hi guys,

firstly hello. i stumbled upon this site looking for suburb profiles on google and had to join! i am currently looking to buy my first home. i live in the cbd at the moment (docklands) and am sick of paying someone else's mortgage (VERY high rent but fabulous apartment . i am looking at mostly outer suburbs due to budget - i do not want to overstretch myself for the 1st purchase. everyone here seems quite friendly and willing to offer their opinions so thought i would ask

I am ignorant of suburbs past brighton but am looking to buy in either the chelsea area or patterson lakes. i know that in patterson lakes i can get a near-new 2 bdr unit with balcony and water views and in chelsea it will be an old villa style home - but with 2dr and a courtyard. i guess i would like to know what people think of these two areas. i suppose area value (potential increase) is important but also from a live-ability perspective too. big change from docklands... any help will be most appreciated. this is all quite overwhelming.

hope to hear from you all.

cheers

Misha

 

[buzzlightyear]

hi guys, firstly hello. i stumbled upon this site looking for suburb profiles on google and had to join! i am currently looking to buy my first home. i live in the cbd at the moment (docklands) and am sick of paying someone else's mortgage (VERY high rent but fabulous apartment .

Costs would be higher if you were paying off the mortgage instead of renting

Chelsea is a very nice area, but can be pricey too. Anything close to the coast/beach will be. What are you willing to spend? Do you work in the city?

 

[mikhail]

Costs would be higher if you were paying off the mortgage instead of renting

Chelsea is a very nice area, but can be pricey too. Anything close to the coast/beach will be. What are you willing to spend? Do you work in the city?

i work all over melbourne (onsite at client's offices) so from mornington to past tulla, etc. mostly around bayside though - funnily enough

i dont want to spend more than $315K as an absolute max. chelsea is pricey - but there are quite a few older places i could get in that price range. also carrum (though i dont know why i dont seem to like that idea). . . patto lakes is very scary to me... prefer the beach. not sure i want to live in gold coast style atmosphere around man-made rivers... though if i cant afford anything else i will do.

thanks for your help mate. i have no fingernails left fretting over all this and work colleagus just tell me to buy wherever they live

 

[buzzlightyear]

Yes, it is daunting at first, however once you start seeing properties, talking to agents etc, bit of time on the net looking RE sites, it will become less so.

Yes you are right that there are some older places, and maybe that's a blessing, because over time, you could add some value through some basic renovation eg painting, carpet etc.... Maybe a 2br? villa unit, which sould be in your price range close to the beach (ie one/two blocks east of Nepean Hwy). Chelsea is nice, agree with your comments about Patterson lakes though.

Good luck with your search and let us know how you go.

 

[pi2012]

hi guys,

firstly hello. i stumbled upon this site looking for suburb profiles on google and had to join! i am currently looking to buy my first home. i live in the cbd at the moment (docklands) and am sick of paying someone else's mortgage (VERY high rent but fabulous apartment . i am looking at mostly outer suburbs due to budget - i do not want to overstretch myself for the 1st purchase. everyone here seems quite friendly and willing to offer their opinions so thought i would ask

I am ignorant of suburbs past brighton but am looking to buy in either the chelsea area or patterson lakes. i know that in patterson lakes i can get a near-new 2 bdr unit with balcony and water views and in chelsea it will be an old villa style home - but with 2dr and a courtyard. i guess i would like to know what people think of these two areas. i suppose area value (potential increase) is important but also from a live-ability perspective too. big change from docklands... any help will be most appreciated. this is all quite overwhelming.

hope to hear from you all.

cheers

Misha

Hi Mikhail. First of welcome to the Forum.
Beach side: aren't you considering Frankston which is hot at the moment.
I am not too familiar with the chelsea area and Patterson Lakes...too mar away.

 

[Toni]

You should read the "purchasing in VIC - Frankston Area" thread. Alot of development currently underway, along with many other major changes in and around the City of Frankston. A perfect beach side location if you are looking for capital growth at a relatively low buy in price.

This suburb has so much going for it, but to truely appreciate it, you would need to read up on what is happening, both now and in the projected future.

Happy Reading.

Toni

 

[mikhail]

frankston

thanks for your responses guys.

to be honest i dont want to live in frankston. i understand the benefits of investing there - but as i will be living in my home i prefer to not be in frankston. chelsea (and patto lakes) whilst close by are not frankston proper so i would prefer that. surely the pros of F'ton would impact its bordering suburbs too??

thoughts?

 

[feihong]

thanks for your responses guys.

to be honest i dont want to live in frankston. i understand the benefits of investing there - but as i will be living in my home i prefer to not be in frankston. chelsea (and patto lakes) whilst close by are not frankston proper so i would prefer that. surely the pros of F'ton would impact its bordering suburbs too??

thoughts?

ripple effect usually comes down from inner city side, not the other way round, so the places u're looking would have experienced more capital growth than Frankston. Frankston South prob isn't too bad either. What about Carrum? Right next to Patto Lake and closer to train station as well. What about Rosebud? Izzit too far away for you?

 

[mikhail]

What about Carrum? Right next to Patto Lake and closer to train station as well. What about Rosebud? Izzit too far away for you?

yeah i have thought about carrum though for some reason i prefer chelsea (might be the name!) LOL though carrum is more within my budget

rosebud is a bit far away.... dont really want to hit seaford...... carrum is about as far as i would like to go. am still hoping that something will pop up in aspendale

 

[feihong]

yeah i have thought about carrum though for some reason i prefer chelsea (might be the name!) LOL though carrum is more within my budget

rosebud is a bit far away.... dont really want to hit seaford...... carrum is about as far as i would like to go. am still hoping that something will pop up in aspendale

then obviously edithvale would be in ur radar too

 

[lev_lafayette]

yeah i have thought about carrum though for some reason i prefer chelsea (might be the name!) LOL though carrum is more within my budget

Must say, first thing that came to my mind was Carrum.

 

[mikhail]

carrum versus chelsea

yeah, edithvale is definitely on my radar!

it looks like it might need to be carrum

 

[Bricks & Mortar]

yeah, edithvale is definitely on my radar!

it looks like it might need to be carrum

Misha,

Welcome to SS

Your buying a PPOR not an investment property.
Basic criteria changes for this as even you posts suggests.
You like certain spots but are unsure of others, this is the place you are going to live for some time and call home, not a place to rent out.
From you posts you obviously have a yearning to be close to the water
so go by your gut instinct and find a area where you enjoy being.
I know the prices may effect your decision, but you can decide to buy a rundown house/unit as apposed to newer place to get into the area you prefer.

Eventually you can use the Capital Gains and equity to get started on the IP route, but that isn't your main concern right now, sounds like you need to find an area where you will enjoy living and coming home to from work.

I would suggest you talk to a Mortage broker or ask one on the site to get an accurate figure of your affordability, then walk around the areas you think you would like, to get a feel for the place whilst looking at the available stock.

Good luck

 

[JumpinJack]

You mention Chelsea, and you mention Carrum, but you are missing the one small suburb in between: Bonbeach. I used to have a two bed unit in York st, 5 mins walk to station, and another 5 mins to the beach.

You can get something decent there for around 250k.

 

[mikhail]

bonbeach

hiya jack! no definitely not ignoring bonbeach. its right up there... i kinda group it in with chelsea

lots of stuff around there but as it is cheaper.... i am hoping for something quite close to the water.

nothing wrong with being fussy is there?

 

[JumpinJack]

Hi Misha,

Seeing as it is your PPOR being fussy is almost a given

How close do you want to be to the beach? With a budget of 315k, you would be looking at 2bd apartments on Nepean Hwy. I'm not too keen on Nepean Hwy, too busy. Too much traffic noise. Anything closer to the beach and its awful expensive.

You mentioned Aspendale. How about this place:

http://www.realestate.com.au/cgi-bi...=&fmt=&header=&c=22473580&s=vic&tm=1197779518

Asking 310k. 5 mins walk to station, and the beach another 5 mins away.

Just listed. I had a look at it on Friday with the Agent. Needs a bit of work inside, but its a good price, and livable. Not Docklands standards, but you could fix it up real good.

The ad doesn't say, but its street frontage. Though opposite some CSIRO building.

Anyway it doesn't interest me (I'm after something to reno for resale, and the profit isn't enough for me to touch it) but Aspendale is much nicer than Chelsea

 

[toony]

My advise would be to look at Aspendale then Edithvale then Chelsea.

I currently live in Aspendale with my wife and 2 kids. We started in Mentone/Parkdale with a 2 bed unit. We sold the unit for a house in Aspendale to raise the family.

We are 5 mins to station, beach and Rossdale golf club. The kids are entrenched in school and will go to the secondary schools in Mentone. The primary schools are very good in Aspendale. We are also members of the Aspendale Life Saving Club. The kids are 7-8 yrs old and love the beach.

I have also bought an old house 5 mins walk from Edithvale station. I am still undecided whether to build our dream home or redevelop into units or sell up and move to Mentone when the kids go to secondary school. But we now have the option.

 

[GordonGekko]

no there isnt anything wrong with being fussy

its funny when ever you mention "frankston" to a person from the cbd all the bad images of the 70ies and 21th century disco is still all people thinks about... but i live in frankston and well people asked me ? frankston and then even Frankston North! are you crazy? , but as i know now ... its a great place with a bad rep. but as we can see in the 20/20 vision of the past

it was only a bad rep until someone saw the high growth/yield this area had in it! .. the ugly duckling turned into a beachy suburb! every suburb has problems ... even the inner city suburbs!

just my 2.2 cents ...

ps. did you know the rapper 50cent has to change his name to 55 cents because of the gst?

 

[toony]

I have no problems with Frankston either. I bought there some 8 yrs ago. My parents, sister and brother all live in Frankston. My parents moved there just after I finished Uni and I nearly hit the roof.

But having lived there, i would move their myself. It has alot more going for it than Aspendale etc.

However, as I work in the city and most of my mates live in Aspendale, I decided to live there.

I would not be surprised if i end up living in Sth Frankston or Mt Eliza after the kids leave home.

 

[Bricks & Mortar]

Frankston?

... its a great place with a bad rep. but as we can see in the 20/20 vision of the past

it was only a bad rep until someone saw the high growth/yield this area had in it! .. the ugly duckling turned into a beachy suburb! every suburb has problems ... even the inner city suburbs!

Hi GG,

Speaking of inner city suburbs, It wasn't so long ago that St.Kilda and Port Melbourne both had their individual bad reputations, there's certainly been a rebirth in thinking and development there and all over Melbourne.

We can't however forget that the proximity city has been the draw card.

Frankston may take a while to overcome its status,
sure the road may help in the immediate future bringing access to the city
closer by, but it has it's own drawcard of being a bayside suburb. To me the proximity to the ocean will be the most important. Today when you have to pay for parking to go to the beach, encounter water restrictions and land size reductions which make owing a pool more cumbersome, 'recreation and lifestyle' has been effected.

Sure you'll have the cafe/restraurant and theatre crowds in the city,
but the family orientated people always take the kids to the beach,
a quite stroll for the oldies,
jet ski, sailing, wind/kite surfing for the adventurous
paddling, swimming, diving, snorkelling,
boating, fishing
games: beach cricket, beach volleyball, sandcastle building, etc. etc.


"even just enjoying the seabreeze"

The beach has so much inexpensive things to offer for all ages, 'recreation and lifestyle' will be more enriched by living closer to the ocean and this will bring a radical change, It will become more sort after as the scarecity factor kicks in. Prices will rise accordingly.

It's not happening immediately, but the signs are all so encouraging,
the developments increasing each time you pick up a paper.
Compare the facilities it has compared to neighbouring bayside suburbs,
It's growth potential is.... well to put it mildly - extremely encouraging.
I'm happy to be investing there.

But for Misha,
It's a different kettel of fish,
Get as close as you can to those fish... in the area you like the best.
Your living there today and can enjoy the immediate delights an benefits of the area you like, especially with a PPOR.

just my thoughts