Hawke street, West Melbourne?

Hi all,

Newbie investor here. Any suggestions on areas to look for or avoid in West Melbourne?

We are considering a 2 bedroom apartment on Hawke Street.

Any ideas on capital growth? REA is claiming $600 pw in rental. But we think 550 is more reasonable. Any specific streets to avoid?

Would appreciate if people can share their experience in that area.

Thanks
Srini - Newbie
 
is this the new OTP apartments on Hawke Street? Even $550 rental sounds a bit high considering that it isn't CBD, Carlton or Parkville, and it only has 1 bathroom. I know most people would not pay that much to share a bathroom in West Melbourne. Run your rental income on max $450-500 and then you're more realistic
 
Hi all,

Newbie investor here. Any suggestions on areas to look for or avoid in West Melbourne?

We are considering a 2 bedroom apartment on Hawke Street.

Any ideas on capital growth? REA is claiming $600 pw in rental. But we think 550 is more reasonable. Any specific streets to avoid?

Would appreciate if people can share their experience in that area.

Thanks
Srini - Newbie

Just buy in Nth Melb which is just across the road. Nothing is happening in West Melb. It's just a little suburb next to railway lines. Pretty overpriced for what it is, considering I could move a lot closer to Errol St and the centre of Nth Melb at similar prices.
 
Thanks for the thoughts and ideas. The somersoft forums are fantastic and a treasure trove of knowledge.

The financials don't stack-up at $450 pw rental. We'll continue to look.

Any other thoughts on where to look in the Melbourne area?

I have heard good things about Mernda. Anyone else have any experience in this area?

Thanks
Srini
 
Agreed but look honestly would not look at this suburb. There's nothing happening there. Like zilch. Come back towards Nth Melb on same prices. And the west stigma let alone name doesn't help
 
101 Rosslyn street 20 years back, still the same valuation, hasnt moved price much, list of small design studios, architects and engineers offices in the area, not so many homes,
it was gentrified to yuppie workspace more than yuppie living space
There is potential, as there is everywhere, and the value is there if North Melbourne begins to overflow its boundaries, (thats what we said in 1989 as well, hasnt happened Yet)
good access to the markets and some very good pubs,

potential, one of the three sure things in life looks to rent in the area, nurses, posted to RMH RDH who want to be in walking distance coz there isnt staff parking at either, MU students

flour trucks at 4am,
 
Bit far for MU students with lots of choices in Carlton and Nth Melb and CBD. That said there's always potential, but for what you pay I'm just saying Nth Melb is a much better bet
 
West Melbourne is crap, full stop. It's simply not a desirable place due to its current industrial nature and lack of restaurants/culture. You won't get renters/bidders for your property.
 
Our budget is 400k - 500k for inner city.

We looked at Seaford, but all the beach front places on Nepean Hwy are crap.

North Melbourne looks like beyond our means from looking at market prices.
 
rather more than half million, but rather larger than an apartment, an industrial building, a real dump when it was purchased, less so later, in a street of industrial buildings, real dumps on the outside, less so later,
West Melbourne is very industrial in nature, there are a few reno-ed pockets down near the railwaylines, but then the trains are noisy (till you get used to em), great pubs, technically Nth Melb :(
me said:
There is potential, as there is everywhere, and the value is there if North Melbourne begins to overflow its boundaries, (thats what we said in 1989 as well, hasnt happened Yet)
The top end of Hawke st is 1K from the main entrance of RMH RDH, 10 minutes walk, 1.5K from the Grattan st entrance to MU,
errol street shops, good cakes, almost acland st good
Town Hall Hotel
British
Limerick Castle
Courthouse
Railway (not so flash)
Victoria Market
City Clubs if you like

The hardest part would be getting considered by the potential market
always a large number say you cant walk from there to here
and if it were at the railway end, nobody will believe they can eeeeeeever get used to THAT NOISE,
 
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Agree with all comments here except the one unhelpful one. Basically stay away from West Melb. As said, you might as well buy Nth Melb. There're affordable apartments for 500k.
 
West Melbourne is simply a joke of a suburb (if you can call it that). I used to refer to it as the Spencer St junk yard. Most people don't even know such a suburb exists and I am sure it wouldn't be the first suburb you think of when you are referring to 'inner city'. Hence, most people who intend to buy inner city probably have never browsed West Melbourne property because of these reasons.

Also, don't delude yourselves that West Melbourne will gentrify. Gentrification generally requires some sort of attractive streets, facades, trees, nearby shopping strips, cafes, local serenity of which West Melbourne lacks. These are prerequisites to the anticipated success of gentrification. However, I can see gentrification in North Melbourne (whether it fully does isn't the issue, but at least it has the potential). Does it have pockets of areas with attractive streets? Yes - see Chapman and Canning in particular. Does it have attractive existing facades? Yes - see Elm St, Chapman, Canning, Dryburgh. Does it have nearby shopping strips and cafes? Yes - see Errol St. Does it have local serenity? Yes - many quiet pockets in North Melbourne.

Hence, why West Melbourne is even considered as an investment choice puzzles me when you clearly have a superior North Melbourne which is still considerably affordable for inner city, if you compare it to the likes of Carlton, Carlton North, Fitzroy, Parkville, Richmond etc...
 
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