I am new to the forum. I own my house and want to buy my first IP. Been looking at Doveton. Does any one know if its good place to invest or not? It has a bad rep, but the prices have gone up quite bit in the last year or so, mainly due to the fact that its close to Dandenong. Looking to buy a house on a big block about 700 square meters and subdivide down the track. If any one out there has some words of wisdom, please share with me.
Is investing in Doveton sensible?
- Thread starter MelbViking
- Start date
It does have a bad rep but I think it's similar to north frankston - it's changing and as it is one of the cheapest places in Melbourne it's likely to do well in terms of % CG. I haven't driven through there lately but it might be worth having a drive around to see how many places are changing, getting sub divided, upgraded etc. If there's some of that going on, I think it'd be a good place to invest. Dandenong us getting HUGE redevelopment $$$ and has already moved in price pretty rapidly.
What are rents like? It was a very, very low socioeconomic area, and I'd say it still is. Something to consider as it will limit how much you can charge for rent. But if the prices are low enough.. And the demographics are changing.. Then it's not such a problem
What are rents like? It was a very, very low socioeconomic area, and I'd say it still is. Something to consider as it will limit how much you can charge for rent. But if the prices are low enough.. And the demographics are changing.. Then it's not such a problem
I'm on the other side of Dandenong in Noble Park - and prices went stupid here last year. I'm not too sure what services are around to make people want to pay lots of money.
For example in NP we have Islamic schools, Catholic schools, Afghan centres, Burmese playgoups, a train station, a reasonable shopping strip etc etc. I'm not sure what Doveton offers communities, but check it out.
For example in NP we have Islamic schools, Catholic schools, Afghan centres, Burmese playgoups, a train station, a reasonable shopping strip etc etc. I'm not sure what Doveton offers communities, but check it out.
HI Melbviking,
It's very far out...are you after capital growth from the house initially then looking to capitalise more by doing a subdivion?
If you could find somewhere a bit closer in like Blackburn, I would say it would be a better buy.
What factors have you looked at that have made you feel it's a good place to park your hundreds of thousands of dollars for the next few years? (Bear in mind, mostly everywhere has experienced unprecedented growth the last 5 or so years. Doesn't mean all these suburbs will continue grorwing at these rates.)
Regards,
M&M
I have no idea if it is a good place to invest or not - however, I do believe it is currently undervalued due to it's historical reputation.
You may wish to test whether this is urban myth or not by visiting the area on a Saturday night.
IMHO, Noble Park has a more vicious reputation that Doveton these days.
Dandy Hospital is in the area, you have the freeway to the city, etc.
If you compare prices there with say Endeavour Hills (which I reckon has less services etc) it's quite staggering.
The Y-man
You'd think coming from such a low base it has great potential to grow while others perhaps may stagnate over the ensuing years ala Frankston North. They're comparable as both contain a mix of commission and ex-commission housing.
Ostensibly, Doveton has been changing over the past 2-3 years. It was pretty obvious first home buyers and investors were snapping them up at the beginning of the boom as many ex-commission homes were being rendered and manicured.
You can get a 3br house on a 600m2+ block for under $300k. I would've thought that's fantastic value that side of the city. Crikey, my next IP may be Doveton!
Ostensibly, Doveton has been changing over the past 2-3 years. It was pretty obvious first home buyers and investors were snapping them up at the beginning of the boom as many ex-commission homes were being rendered and manicured.
You can get a 3br house on a 600m2+ block for under $300k. I would've thought that's fantastic value that side of the city. Crikey, my next IP may be Doveton!
Yeah, but if migrants are moving into the area they won't know or care about that will they? Look at Springvale prices. I don't know if migrants are moving to Doveton, the only school says that 1/5th are Sudanese, but that's not many - if more are coming then it could become an enclave, in which case people will pay lots of money to stay within their community. Such as the Albanian enclave in Dandenong South.
Well it has a population four times the size - so you'd expect it to have much more crime. Plus, Noble Park is a favourite for ACA when they do their "nasty black migrant" type stories.
Noble Park has been notorious for violence for decades, well before "black migration" as you say. Whatever ethnicity, Dandenong and Noble Park have been trouble for all neighbouring suburbs. At the risk of generalising, the majority of drug distribution to Doveton and even Frankston has come from Noble Park and Dandenong.
Yeah, but just because an area is notorious for violence or drugs, doesn't mean it won't have capital gains. Look at Springvale. When I moved there 8 years ago, prostitutes were working the streets. There are still drugs deals in plain sight out the front of the Commonwealth Bank - but that hasn't prevented house prices from climbing.
Yeah, Noble Park, Dandenong and Doveton send a shiver down your spine (even mine!) but that doesn't mean a quid can't be made here.
Noble Park grew 26% last year, despite the fact that junkies hang out at Coles, that alchoholic old hobos sleep in the park opposite and that you can't buy a decent breakfast in a cafe in the entire suburb.
Yeah, Noble Park, Dandenong and Doveton send a shiver down your spine (even mine!) but that doesn't mean a quid can't be made here.
Noble Park grew 26% last year, despite the fact that junkies hang out at Coles, that alchoholic old hobos sleep in the park opposite and that you can't buy a decent breakfast in a cafe in the entire suburb.
Guys/every investor out there, you guys should not buy in noble park, dandenong, it doesnt have any capital growth at all.
My 2 cents here.
PS: PPOR in noble park, and have been living here for 4.5 years
My 2 cents here.
PS: PPOR in noble park, and have been living here for 4.5 years
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Wot he said!
These places will eventually gentrify.
Ashwood used to be a housing commission low class area... in parts... I used to value concrete ex-commission houses there at well less than $300k only 8 years ago....
cheers
RightValue
Of course drug deals doesn't slow prices where else are the dealers gonna put there money to hide it
Hahahaha. Nah, sorry to say, not all of us who live in Noble Park are wealthy chemical distributors.
OP - If you are still around and haven't been scared off - also look at Eumemmering, and I love the prices of Hallam and Hampton Park - don't have any $$ to buy at the moment, but still like the prices there.
Not sure of the proximity to where you're looking in Doveton, but there was an alert for Dandenong residents to stay indoors this morning as there was some sort of 'unidentified' (at the time) gas leak.
What sort of factories/industy is out that way?
How close is it to homes?
regards,
M&M
What sort of factories/industy is out that way?
How close is it to homes?
regards,
M&M
Thank you all
Cheers all for your valuable input. I have put in an offer on one of the houses in Ash Street, approx 750 sq. meters, 3 bed room concrete house, currently tenanted, rent is quite low at $220 and I will obviously look to increase it. Might get it for 350k. I think its a good buy based on the land size and possible sub-division opportunity. Wish me luck
Cheers all for your valuable input. I have put in an offer on one of the houses in Ash Street, approx 750 sq. meters, 3 bed room concrete house, currently tenanted, rent is quite low at $220 and I will obviously look to increase it. Might get it for 350k. I think its a good buy based on the land size and possible sub-division opportunity. Wish me luck
