Inner City Melbourne Suburbs

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Tsea

I am looking at a 1 or 2 bedroom apartment in this region.
The property would be a ppor to begin with and in a few years convert it to an investment property, so I am looking for something I like, but also keeping in mind down the track it will be an investmement.
I have spent some time in St Kilda East as a friend lived there a while back and really loved the place, so I want to focus in on theses areas and suburbs, such as; st kilda east, prahran, windsdor, elwood, elsternwick, armadale
I know only bits and pieces on each but would be greatly appreciated in other peoples opinion on which suburb they prefer and why.
At the moment for me it is st kilda east, but I am only just starting my search so would love some input into all these suburbs and if they do make good long term investements
Many thanks
 
St Kilda East / Prahran / Windsor has been a good solid investing ground for us (1 and 2 BR 60's apartments). Rarely vacant.

The Y-man
 
I recently purchased an 2BR flat in Elwood in the mid $400s with $400pw rent - teananted on first OFI. I grew up in the area and cannot go wrong with this suburb as it also has the beach proximity as a kicker and neighbours Brighton to the south. All others are winners as well though and have capacity to ride peaks and troughs in property market. If you can afford it, get in from both IP and PPOR perspective
 
Mid 400s in Elwood! Nice work!

It's in such demand, some friends offer $10-20 more on the rent application just to get in. Melbourne is a *****! haha.
 
I grew up in Elwood, currently live in Elsternwick, went to school in East St Kilda and work in Balaclava so perhaps a little biased but these areas will always be in demand.

Armadale would be the most dear as you probably would have seen from any research and St Kilda East the cheapest but all parts that are good/higher growth areas. Look at past sales on the street and comparable apartments in a block, what they sold for and their area in sqm. Certain streets are more valued than others e.g. St Georges Rd in Elsternwick would be more valuable than Nepean Hwy, Elsternwick.
A lot of other things to consider like courtyards, parking (adds value), orientation, which floor etc
If I was to pick one out of the ones you mentioned, it would be Elwood. It's close to the beach and has a 'cool' vibe about it. There is also Albert Park, Middle Park, St.Kilda West that you can consider.
If you would like more of an insight into some of suburbs you mentioned you can PM me as some of the things that are relevant about these suburbs wouldn't be discussed on public forum.
 
I have decided to focus my search on st kilda East whilst also keeping tabs on the other suburbs mentioned. I have a budget of 450-500K so would ideally like a 2 bedroom with outdoor space (balcony prefered).
From my research I may be able to pick something up in this price bracket. Has anyone bought here before? Any more preferable streets? Personally I like westbury st, and the smaller streets such as Ravens grove.
 
Which of those suburbs is best for rental demand?

Tsea, keep us updated on your purchase. I too hoped to purchase a 2br IP in either Prahran, Elwood or Windsor soon. Being from NSW I am currently doing lots of research before making the trip to Melb. I have spoken to lots of PMs. The feeling I get is the rental market is struggling in that area with lots available for rent and sitting there for 6-8 weeks and with lots of apartments in Prahran and St Kilda still to be built. I was advised not to bother with St Kilda at all and instead look up north near Carlton/Fitzroy for the good long term growth and rental demand that I'm after.
 
Lollie said:
Tsea, keep us updated on your purchase. I too hoped to purchase a 2br IP in either Prahran, Elwood or Windsor soon. Being from NSW I am currently doing lots of research before making the trip to Melb. I have spoken to lots of PMs. The feeling I get is the rental market is struggling in that area with lots available for rent and sitting there for 6-8 weeks and with lots of apartments in Prahran and St Kilda still to be built. I was advised not to bother with St Kilda at all and instead look up north near Carlton/Fitzroy for the good long term growth and rental demand that I'm after.
Click to expand...

Personally I believe there are better options than Prahan and Windsor, head south out the bentleigh/ moorabin area and there are some good options at the $6-6.5k per square metre. In the Chapel street area there have been a few issues with OTP and valuations coming in lower at settlement.

Cheers, Ivan
 
Redwood said:
Personally I believe there are better options than Prahan and Windsor, head south out the bentleigh/ moorabin area and there are some good options at the $6-6.5k per square metre. In the Chapel street area there have been a few issues with OTP and valuations coming in lower at settlement.

Cheers, Ivan
Click to expand...

With OTP anywhere there can be issues, especially with valuation. I would stick to established apartments.
 
There is more OTP development going on in windsor, prahran and st kilda compared with st kilda east. I think for my budget 450-500K a 2 bedder is out of reach in those suburbs anyway, hence why I'm focusing in on st kilda east/balaclava. I feel it represents better value and hopefully still steady Growth in the future
 
Lollie said:
Tsea, keep us updated on your purchase. I too hoped to purchase a 2br IP in either Prahran, Elwood or Windsor soon. Being from NSW I am currently doing lots of research before making the trip to Melb. I have spoken to lots of PMs. The feeling I get is the rental market is struggling in that area with lots available for rent and sitting there for 6-8 weeks and with lots of apartments in Prahran and St Kilda still to be built. I was advised not to bother with St Kilda at all and instead look up north near Carlton/Fitzroy for the good long term growth and rental demand that I'm after.
Click to expand...

Good post, Lollie,

Many parts of Melbourne are currently experiencing over development which is effecting both rental returns and sales of units and apartments in the inner areas.

Tsea, have you considered buying a small terrace home in an inner suburb?
 
jingo said:
Good post, Lollie,

Many parts of Melbourne are currently experiencing over development which is effecting both rental returns and sales of units and apartments in the inner areas.

Tsea, have you considered buying a small terrace home in an inner suburb?
Click to expand...

For my budget of 450-500K I won't be able to afford a terrace in an inner city suburb. I feel a decent sized apartment in a suburb like st kilda east will give me good long term growth
 
Armadale

How does Armadale compare with St Kilda East in terms of price, capital growth prospects and being sought after for rent?
 
Lollie said:
How does Armadale compare with St Kilda East in terms of price, capital growth prospects and being sought after for rent?
Click to expand...

Armadale is more expensive, I would expect you would be paying approx 50K more in armadale for a comparable property in st kilda east. Armadale is a probably a more exclusive suburb and is well served by public transport and shops on high street.
That being said, I think rent is pretty similar between the 2 suburbs.. I am choosing st kilda east as I feel it probably has better value at this stage and is more affordable. If I had 550K to spend I would definitely look at armadale
 
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