Buying in North/West Melbourne

Most areas in the west is going nuts....

My mortgage broking is based in the west and customers are buying in areas like keilor, sunshine, albion, deer park and braybrook.

I would personally stay away from areas like Caroline springs. The houses they are overpriced and there is even more land being released to build on.

I have put one of my investments for sale in delahey for sale, the agent thinks it will take two weeks to sell....

Crazy times
 


I'm pretty sure you could find a tenant to make one of those nice houses not so nice
If your going to invest there just buy the norm for the suburb
Why spend more on a flash house when really your just investing in the land
 
Have been told that the train station in Caroline Springs will be up in the next couple of years and the tip has been diverted away also. Does this add a bit more value/enticement to invest there now?
 
Have been told that the train station in Caroline Springs will be up in the next couple of years and the tip has been diverted away also. Does this add a bit more value/enticement to invest there now?

It's a v-line station though. Not as frequent or as convenient as the metro lines. Electrifcation of the Melton line seems a long time away based on the research I've done. Also, the station is going to be south of the freeway entrance, and I suspect there's already a lot of traffic down that way as it is?
 
Inner west crazy in the last year, I lost out at auction on the weekend on a townhouse in Seddon. This time last year identical townhouse in the 4 unit complex sold for 485k, on the weekend, 564k.
 
I think inner north and west Melbourne will be the next big growth area around the CBD. The CBD itself is oversaturated, so is Southbank, Docklands. The areas around West and North Melbourne are currently so quiet and underutilised yet so close to the city. I think this will be next for multi unit resi developments and high density living. Still also relatively affordable.
 
What's everyone's thoughts on buying near/beside new developments like Callaway Boulevard (Sunshine West) and Edgewater Estate (Maribyrnong).

Note that I said 'near', not 'in'. Meaning an older house with decent land but $100k cheaper than a similarly sized house inside new development plots.

Buying for CG.
 
There's almost no competition there, Maribyrnong wins if you can afford it, but it's a pricey suburb so I'm surprised it is being compared to Sunshine West.

I'm not a fan of Sunshine West, and the new development doesn't change that, which is on the outer border of the suburb.
 
I am hoping re North Melbourne, really feels like East Melbourne in that it is so quiet and close to city. if I could afford it would buy PPOR there.

There is a massive block next to our apartment that is ripe for development is double fronted and goes a long way back. Old lady that owns it is about 90, wonder if I should make an offer.

Three bed new townhouse going over $1.1 million or more.

What is driving Sunshine / Deer Park, few years ago was very rough and no one wanted to live there. Also still very industrial, or is it related to the overflow from Altona, Footscray etc as the next affordable suburb out?

I'm voting Kensington as well for close proximity to the city, only concern is amount of new development near there, but in the good parts there are some lovely quiet tree lined streets as opposed to the new development wastelands.

Was doing some work in the apartment the other Fri night all I could hear was the birds singing and all the pregnant ladies chatting to each other in the street lol.

Saying that friends have opened Malaysian restaurant in Deer Park and it si going great guns.
 
Already bought said area in Sunshine West mid this year. It was affordable and near freeway entrance. Super easy to drive to city. Then again, for my limited funds, I cannot afford a house with decent land any closer.

Maribyrnong is my next target (in 2 years-ish time).

Just want to hear some other thoughts regarding how buying near new developments would impact CG, that's all. So far I think it would only saturate the rental market. In terms of CG, immediate surroundings would actually leach off the money that is pouring into the landscapings of the area.
 
I would think as soon as the land in the new estate sells out, which happens fairly quickly with the inner-city developments, any negative impact on CG for the surrounding properties (by there being vacant land so close by) goes away. You have to take into account that land + build is likely to exceed the cost of existing houses in the are as well, so CG impact could be then further reduced. However, buying on the border of new developments, the newer houses might end up more desirable to buyers than those just bordering it when sold as land + house. For example, if there's a new house 500m away from an old one (unless its a period/class home), there might be less interest in the old property. However, is the old house is significantly closer to public transport (or some other desirable amenity), then the tables could turn. It really depends on the circumstance I think.

Edgewater Estate sold out long ago, and I actually think that has become the priciest part of Maribyrnong now. The section west of Gordon Street, which would be the surrounding area to the estate, is still $$$ and I think has benefitted from that small shopping centre that was built on Gordon St.

What are people's view on the Valley Lake estate? Keilor East is coming up fast and this estate is now close to being sold out. Properties already built are fetching big bucks even with vacant land, it can only get better once all the land is gone? The only negative I see is the lack of immediate public transport, but apparently they're negotiating for one of the bus lines to come through, linking to the Niddrie tram or Essendon station. The estate isn't necessarily in public transport siberia (<5 minute drive to tram stop) but at least a bus stop in the estate is desirable to have. City access by car is fantastic.
 
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