Heidelberg West anyone?

Has anyone invested in this area? Although its a bit far from public transport (train, tram lines), this spot seems to be a good spot for growth. I've noticed some development starting there, and largish blocks seem plentiful. Just wondering what other forumites are snooping in this area :)

cheers,
Jerky
 
Hi Jerky,

I posted in the thread that Y man linked to. I ended up buying in HW not long after. I won't rehash what has already been said but will just add these points

1) Loaction
I'm told the Northern part of HW and HH has been built on swampy ground. There certainly is alot more cracking north of Southern road

2) Price
I'd estimate prices went up about 20% bewteen Dec 2006 and Aug 2007. Then perhaps another 10% by Dec 2007. Currecntly the lower end of the ESR seems to be about Aug 2007 prices while the upper end seems to be around the Dec 2007 price. Interestingly few houses are now being auctioned (when I bought most were). I don't have my feet on the ground but if they are not auctioning then the ESR probably represents the vendor's expectations (theye were bait prices when I bought). This suggests that prices have retracted slightly / stabilised.

3) Rentals
Increased 10% in the last 6 months

4) People
The people buying / privately renting seem to be mainly youngish working people (judging from auctions and rental applicants). The suburb may have alot of housing commision but the actual people renting your property shouldn't necessarily be painted with the same brush. To attract good tenants in a suburb like this, however, you probably need to present your property well. Contrast that with Heidelberg. There a poorly presented 2bdrm unit will rent for similar to a well presented 2bdrm house in HW - and will attract a similar standard of tenant.
 
I just got an newsletter from one of the REAs I was working with. A short quote:

"Heidelberg, Heidelberg West and Heights have seen a strong correction. With each suburb soaring last year, sustainability of premium prices has seen the 20-30% gains last year hedge back approx 5-10%."

His name is Thomas Bechelli. I found him very easy to work with.
 
I know a little of HW, in my previous life as a PM many moons ago. I have no doubt it has changed somewhat, my only concern would be the demographics of the area.

If there are issues with the economy, I would have thought that areas such as HW would be more susceptible to any slowdown. And yes whilst there are big blocks, I am not sure the market there is ready for subdivision and townhouse development. I still think it is a way off being gentrified.

Others who have invested there may have a different slant. Like everything DD is key.
 
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