Epping- Cooper Street and New Footscray market

Howdy all,

Would like to hear your opinions on buying IP in Epping. I believe the Footscray fruit market is being relocated to near Cooper street.
http://www.majorprojects.vic.gov.au/our-projects/our-current-projects/melbourne-market-relocation

From what I understand, there will be an additional 1500-2000 employees at the market. While the project is in the inception phase, is it worth investing in the area? Compared to south-eastern areas (like carnegie and the likes) one can purchase an older house on a good size block for under 500k in the area.

So any pro's and cons on investing in the area?

Cheers
Vlad
 
hi valdt,

we wanted to buy there earlier this year but finance couldn't get approved on time. So the property went back on the market and got sold the following day. it is a 2 by 2 townhouse by Australand. It would cost us $310k. After this, we couldn't get anything around the $300k mark so we went off researching again and found Melton. Settled on a house and land package a month or so later.

Terry Ryder did pick Epping as a hotspot. But this pick has been there since January. So not sure if its still a good and right time to buy.

How's the rent like at the moment?
 
Things to consider with epping is that there is lots of land around still being released. If you could get a spot about 10 minutes walk from the train station its probably not going to be to bad. Epping has a bit of a bad name.

My suggestion would be greensborough, bundoora, watsonia at the moment with the greensborough project going in and creating more jobs, better infrastructure and a nicer area to live
 
Thanks for all your replies.

toony - you are right, I am trying to research as many places as possible. Being a relative novice, I am looking for an area with the best possible future return. (aren't we all :rolleyes:)

I live near Highett. Unfortunately Highett and other bayside areas have become very expensive. Hence I am trying to venture out of my comfort zone and looking at Epping. Frankston south has been gettings lots of good publicity at this forum, hence my interest.

Where is your next IP is at toony?
 
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