Looking at buying an IP in Greensborough Melbourne, .5kms from the main shopping precinct, transport close by, believe it will have strong growth, intending to keep it for approx 10-15 years. Any ideas or recommendations?
I lived in Greensborough most of my life (33 years) up until a year ago and own 1 house there which was my PPOR but is now rented out.
It's a lovely suburb for families approx 20km from the city. I would stick close to the shopping centre, train, and schools like you planned, and also something suitable for families. I personally bought a bit too far away from the shops/train which I regretted.
There are plans to join the western ring road to the eastern freeway which may also help speed up trips into the city , but I'm not holding my breath as to when it will happen.
It has had very strong growth over the last 5 years and therefore has lowish yields along with most of Melbourne. I can't see it doing anything spectacular in the short term but long term should be fairly solid!
I live and invest in the area. My current observations:
Properties are selling very quickly, no room to negotiate at the current time but great for those of us selling . I think this is due to Investors buying in the area, the last one I sold in Watsonia went to an investor.
Rentals are moving slower. My PM told me they are having to reduce rents to move them. This, I believe is due to more investors in the area and the time of the year. Once we get into January my PM gets inundated with prospective tenants, so can push the rent back up.
Montmorency usually Rents out quite quickly but this is slowing. As the others have said, being close to a bus or railway station is essential. There is now a bus between Frankston and Tullamarine Airport which goes through Montmorency and Greensborough, stopping at Greensborough Railway Station.
The new leisure centre complete with large pool will be opening in 2012 in Greensborough, this is close to the station.