Glenroy, Vic

Hi,

I am interested in buying a place in Glenroy. Does anyone know what are the best areas? I am looking at the pocket on the West side of Pascoe Vale Rd, overlooking the Moonee Ponds Creek Trail and valley. It seems a nice area, with lots of trees and close to parkland. It's just over the creek from Gowanbrae.

Thanks for any advice you can provide.

Sam
 
are you looking for investment or PPOR reasons? I have been in and around Glenroy for the last 2 years or so.

It has seen huge growth in that time, and the area you speak of is a nice bit

Basically divide Glenroy into 4 quaters divided by Pascoe vale road and Glenroy road.

Order of areas is:

North West: has the best streets, good area
South West: close 2nd, good area and close to Oak Park
South East: Not too bad an area, some nice streets in there
North East: crappy part of glenroy with a lot of commission flats and houses.

I originally bought a 2 bedroom apartment on pascoe vale road in June 2008, then a house in the north east of glenroy in Feb this year. Both have been since sold as the area has boomed.

It was very under-rated but now represents fair value IMHO. You should get alright growth but nothing outstanding unless you buy well of course.

Also - if you are looking for a house on land you will be competing with a lot of developers over here!
 
Belu,

I have been looking at Glenroy and are in two minds on if we are too late (for capital growth) and should maybe move on to somewhere else. What are your thoughts?
 
Thanks Belu. It's for a PPOR. I've really been impressed by the pocket I mentioned with its valley views, parkland, and bike tracks. I would expect that at least this part of Glenroy will get pretty good capital growth over time as neighbouring suburbs like Oak Park, Strathmore Heights and Pascoe Vale. There's still a lot of older houses there but also some newer developments, including some massive four storey developments.
 
my personal opinion is its too late and there is better short-term value in neighbouring suburbs.

I second that

I live in Glenroy with my folks in the Oak Park side.

For those who dont know, all the blocks on the west side of pascoe vale are 1000+ sqrs, hence thats why they are so attractive to developers.

My parents bought 10 yrs ago for 117K and they got it revalued 4 mnths ago at 658,000.

This is the best peice of advice i can give anyone....

Look at the reasons WHY a suburb is going up in value!

Is it because developers are snatching up all avail houses to slam 4+ units on it, or is it because a suburb has been undervalued for too many yrs ie burwood. etc etc Just because a magazine shows boom time in broady doesnt mean you want to move there does it? for god sake the concrete fibro commission houses are selling for 360k+.

So dont take growth figures on face value!

In addition and back to Glenroy, once all the big blocks have been snatched up and there are all these ppl renting townhouses what social impacts will that have on the suburb, crime etc.... I know I wont want to live in Glenroy in 10 yrs time.

Yes it has boomed already and has broady, jacana, dallas. If you like those suburbs i would look at Gladstone park!!! It doesnt have a train but it has buses and a huge freeway entrance just there, a shopping centre and all the blocks are a big small to develop so it attacts the right kind of ppl. Also it has performed very very steady over time..

I would like to buy there also!
 
As Belu said the price in Glenroy has gone up, but so as other places. I find that one may be able to get a older house for $350K , but the rental can only be about $260, if I am correct.

Could someone recommed an upcoming suburb that one can buy a house for below $350K with good capital growth, yet can get rental about 4%, says $300 per week ?
 
Hi thyechen

Not sure how much truth is in it, but the Saturday paper last week had advertising for new appartments in Flemmington, 1 bd for $170k, with rental of $300 pw. Not sure if it was guaranteed or not, but seems like a pretty good deal

At the end of the day though, if it seems too good to be true, it probably is! Food for thought, thou.

Cheers
AV
 
I live in Coburg and have watched Glenroy boom over the past few years. Some friends bought there in 2007 for $260,000, their house is now easily worth $450-500, and they havent made any capital improvements on it.

Its hard to say how much capital gain is yet ahead, but I think Glenroy will always do relatively well becuasei it's still within 11-13 km of the city, and has a train station which is last Zone 1 stop on the Broadmeadows line.
 
Top