Endeavour Hills, VIC

[ceneka]

I am new in investing and need some advice.

Currently looking at Endeavour Hills - looks nice, green, established, not bad secondary school (Gleneagles) and plenty of primary ones. Freeway.
I can see a few 4-bedroom properties on large blocks in the $300-320 range. Why that cheap? What's could be wrong with this area (apart from no station)?

Is it easy to rent out in the area?

When I inspect a house what should I look for?

If the asking price is $300- could I offer $270?

I am looking for a property to rent out for a while and after to move in..

Thanks!

 

[Peter Parker]

I am new in investing and need some advice.

Currently looking at Endeavour Hills - looks nice, green, established, not bad secondary school (Gleneagles) and plenty of primary ones. What's could be wrong with this area (apart from no station)?

Endeavour Hills is a nice enough suburb (apart from the limited transport), but it's near Doveton and Dandenong. Its main facilities are a large shopping centre; for everything else (hospital, TAFE, two dollar shops and 'Little India') you need to go to Dandenong.

Doveton/Dandenong/Noble Park is the epicentre of one of Melbourne's two big clusters of social disadvantage; the other one is the Braybrook/Sunshine/St Albans corridor.

Dandenong has significant employment and is close to Eastlink, though it was badly affected by deindustrialisation and the recession of the early '90s. Government plans to rejuvenate Dandenong, though without private money it won't work.

Ask yourself this: which is likely to give best capital growth:

(i) the dearest suburb in a low socio-economic area (eg Endeavour Hills)
(ii) the cheapest house/suburb adjoining a generally affluent or gentrifying area (eg Heidelberg West and to some extent Laverton and Braybrook)
(iii) 2 bargain houses in a cheap area (Doveton & Frankston North)

My guess is that for capital growth purposes, option (ii) is best. For overall returns (which include rental yield) option (iii) has worked for many especially if two houses can be bought instead of one. (i) may work but I suspect other choices might outperform in growth and yield.

But if you can get a place in Endeavour Hills sufficiently cheaply then that individual property could well perform better than the generalisations above.

Peter

 

[IndexFund]

It is a nice suburb. Some lovely houses around there. They do have buses but you will need to catch it to Dandenong if you want to catch train to the city.

300-320 K is the price average.

 

[ceneka]

thank you, guys! I don't want a bargain in Doveton or Frankston because I am for my family house.

I have a small house in Cranbourne, but don't think it's a good area for my kids to live. Got the report from my son's school recently - 93% of parents are unskilled/unemployed

I am looking for a nice place to live close to Hallam/Hampton Park (we got permanent jobs there), Endeavour Hills seems to be the best option.. Thanks for your answers, any further comments are very appreciated


Please answer, if the asking price is $300 - should I make an offer of $270? Or how it works?

 

[feihong]

thank you, guys! I don't want a bargain in Doveton or Frankston because I am for my family house.

I have a small house in Cranbourne, but don't think it's a good area for my kids to live. Got the report from my son's school recently - 93% of parents are unskilled/unemployed

I am looking for a nice place to live close to Hallam/Hampton Park (we got permanent jobs there), Endeavour Hills seems to be the best option.. Thanks for your answers, any further comments are very appreciated


Please answer, if the asking price is $300 - should I make an offer of $270? Or how it works?

Have you explored Narre Warren and Berwick which are closer to train station? Prob worth looking into for comparison purpose. Also, parts of Dandenong North has been gentrified, and should make a good place for family home too (also close to train station).

 

[ceneka]

Have you explored Narre Warren and Berwick which are closer to train station? Prob worth looking into for comparison purpose. Also, parts of Dandenong North has been gentrified, and should make a good place for family home too (also close to train station).

I love, absolutely love the old Bervick with its ancient trees... But. Can not afford I don't like the new estates - it's squashy roofs and roofs in bare steppe..

 

[ceneka]

guys, you are telling it's a nice place. I just found out that in Ed. Hills live a way too many afgan people. I am not afgan, so it's not a place for me. I turn to Berwick-Narre Warren now..

 

[traveller]

Get to know few afghanis and you will realize that they are alot better then some of the other segments of the population...

 

[super_sam]

guys, you are telling it's a nice place. I just found out that in Ed. Hills live a way too many afgan people. I am not afgan, so it's not a place for me. I turn to Berwick-Narre Warren now..

I was going to suggest Lynbrook as we are happy here and you should be able to get something modest around the $300k mark, but after reading that I'm glad you have made up your mind on Berwick-Narre

 

[ramzd]

Endeavour Hills is very underrated! I've lived there a long time and can't move away! It's very green, has most amneties that you need, is close to the monash, and is great area to bring up families. Very minimal crime! Its also a great area to go for walks, with great parks. One park for example has 360 deg views of the Dandenongs on one side and the bay on the other. Terrific!

 

[3rddrop]

Very old post; however would be happy to get your current views about Endeavour Hills. Is it still underrated? What are the positives and negatives here? I understand there is no railway station....what are others?
Currently I am looking for my PPOR in Endeavour Hills. Looks like most of the houses are 25/30 years old with a medium size block of 600 to 650sqm. Do you think $350K would be a good buy for such an Old house? I live in Dandenong now and would like to stay in the surrounding suburbs due to my job location. Thanks in advance!

 

[K_Raheja]

guys, you are telling it's a nice place. I just found out that in Ed. Hills live a way too many afgan people. I am not afgan, so it's not a place for me. I turn to Berwick-Narre Warren now..

There are lot of Sri Lankans in Berwick-Narre Warren...so which suburb would you go next

 

[Melbournian]

guys, you are telling it's a nice place. I just found out that in Ed. Hills live a way too many afgan people. I am not afgan, so it's not a place for me. I turn to Berwick-Narre Warren now..

i'm not that suprised.

bordering suburbs like doveton and dandenong has some of the lowest employment rates in victoria not to mention doveton having the highest foreclosure rate.

It is generally a nice area EH. i had an uncle who owned a house with large pool etc but was unable to sell at a reasonable gain 6-7 years later when he decided to move to a different suburb.

 

[3rddrop]

guys, you are telling it's a nice place. I just found out that in Ed. Hills live a way too many afgan people. I am not afgan, so it's not a place for me. I turn to Berwick-Narre Warren now..

The Suburb profile shows different figure though. Among the top 5 overseas born residents there were Srilankan's on the top followed by UK, India, China and Poland. Personally I love Melbourne due to its Multiculturalism so not a big deal for me at this stage!

 

[3rddrop]

i'm not that suprised.
It is generally a nice area EH. i had an uncle who owned a house with large pool etc but was unable to sell at a reasonable gain 6-7 years later when he decided to move to a different suburb.

Thanks Melbournian. Which year you are referring to? I am trying to get a $350K range good quality house for the last couple of months; however looks like most of them are getting sold within a month of listing. Just had a search on realestate.com.au and found 91 houses available for sale of which 31 are under offer. Does it indicate anything?

 

[ourhouse]

$350K for a house is a great buy in EH as long as the house is in good condition not near the power line. EH is mostly owner occupied properties and lack of public transport makes it difficult to rent there.

The outlook of Dandenong has improved a lot in the past 3-4 years with the council effort to makeover the Dandenong CBD to look 'modern'. With tight police presence around the station the situation has improved and crime has reduced.

EH is pretty popular with families with young kids as it has got 4-5 primary schools.

 

[3rddrop]

$350K for a house is a great buy in EH as long as the house is in good condition not near the power line.

Thanks Ourhouse.
I have offered $350K for a good condition house early this week but looks like I'm not going to get it. It's a house with medium size block of 600+sqm and at least 500m from the HV power line. The agent is now trying to negotiate for more...Lets see. I'll keep you updated.
Appreciate other comments!

 

[3rddrop]

Some update guys.
I bought a house this time last year and paid $355k to the owner. Now just after one year I have had 2 valuations done and that shows significant positive growth. UBank valued this as $380k and I believe they are very conservative. One of the local agent inspected my property and advised that I can comfortably get $400k+. If she is correct on her assessment this was definitely a good buy.
Now I am trying to buy another investment property in the area however all look overpriced. What do you think?

 

[impala67]

Some update guys.
I bought a house this time last year and paid $355k to the owner. Now just after one year I have had 2 valuations done and that shows significant positive growth. UBank valued this as $380k and I believe they are very conservative. One of the local agent inspected my property and advised that I can comfortably get $400k+. If she is correct on her assessment this was definitely a good buy.
Now I am trying to buy another investment property in the area however all look overpriced. What do you think?

$400K+ ? - Speak to a broker and see if you can get an upfront valuation at that price? Did you complete any work to the house?

 

[3rddrop]

$400K+ ? - Speak to a broker and see if you can get an upfront valuation at that price? Did you complete any work to the house?

Thanks impala67. Basically, I am not thinking of selling now. Just wanted to refinance my loan and therefore got the valuation done by UBank and the agent offered a free valuation and I wanted to compare.
And yes, I have spent around $6k in the internals and externals.