Is investing in Doveton sensible?

[Aaron_C]

Yeah. very nice place. I went there several times. Do you think lacking train station will be a problem for CG in the future for Endeavour hills? I have this question for a long time. Just like Dandenong North, both nice places but without train station.

Hmm hard to say really. Of course train line is important but as long as it is close it's not a huge deal. It hasn't stopped the area, or neighbouring areas like Rowville, from going up in value. Those sort of areas attract young-ish families like yourself who want a safe place to live with a decent backyard.

 

[hikeven]

Hmm hard to say really. Of course train line is important but as long as it is close it's not a huge deal. It hasn't stopped the area, or neighbouring areas like Rowville, from going up in value. Those sort of areas attract young-ish families like yourself who want a safe place to live with a decent backyard.

haha. thats true. My boss says Endeavour hills is a classy suburb. At the same time, I might keep an eye on Boronia too.

 

[Mandy Mac]

To live in, I wouldn't consider an apartment in Noble Park (even though I have friends who do).

Are you young?

For $330 you can live somewhere heaps more trendy than Doveton or Noble Park or Endeaver Hills. There is seriously nothing to attract young adults to the area - crappy pubs, no decent nightclubs, terrible cafes. You only get those awful outer suburban bistros with the playroom for kids and $12 parmas.

 

[Aaron_C]

For $330 you can live somewhere heaps more trendy than Doveton or Noble Park or Endeaver Hills. There is seriously nothing to attract young adults to the area - crappy pubs, no decent nightclubs, terrible cafes. You only get those awful outer suburban bistros with the playroom for kids and $12 parmas.

While I agree Mandy, what else do you expect for those areas? All the areas with the good pubs, restaurants, bars etc are in the inner-city with prices more than double that of the budget in question - like Richmond, South Yarra et al.

 

[hikeven]

To live in, I wouldn't consider an apartment in Noble Park (even though I have friends who do).

Are you young?

For $330 you can live somewhere heaps more trendy than Doveton or Noble Park or Endeaver Hills. There is seriously nothing to attract young adults to the area - crappy pubs, no decent nightclubs, terrible cafes. You only get those awful outer suburban bistros with the playroom for kids and $12 parmas.

I am not that young anymore.. 32 yo already but because I come from overseas and took some time to get a degree so Im still working my *** off trying to get a higher level job... For $330k, I am trying to think a little more than getting a 1 bedder apartment in South yarra. Im still dreaming to get a decent land in some growing outer suburb so that I could have a chance to do some subdivision for the future. haha. I know I might think too much...Hey..being an accountant..sometimes I just cant helping thinking how I can get more from my spend.

 

[hikeven]

While I agree Mandy, what else do you expect for those areas? All the areas with the good pubs, restaurants, bars etc are in the inner-city with prices more than double that of the budget in question - like Richmond, South Yarra et al.

Thats true..It being very hard to afford a nice place for people like me. Entry level salary without free family house to share.. I guess the best way is either working hard to earn more or get a rich wife~~

 

[Aaron_C]

Thats true..It being very hard to afford a nice place for people like me. Entry level salary without free family house to share.. I guess the best way is either working hard to earn more or get a rich wife~~

Don't work harder, work smarter

Best of luck with it, it's never easy to buy your first place. If you think you want something better, perhaps consider buying an investment property first as your affordability will go up because you get rental income. That's what I did and I'm in a much better position because of it.

 

[Melbournian]

maybe the west would be an option for you

buy land and build you might have to bump it up to 20-30K. 3 bed 2 bath 160sqm house on 300sqm land.

 

[bbmick]

I am a first home buyer...Before I get the 2nd property, I will live in the first one or I will have to rent again.

The reason I was thinking about Doveton is because the price there looks more affordable to me. Still struggling about a unit in Noble Park or house in Hampton park. Sigh. not much options for a limited budget~

Same reason Doveton was my first PPOR 26years ago.

Then moved on to Noble Park - wouldn't live there these days - I'm a bit more positive about Doveton, I liked it way back then actually - never had a problem. We were right on the edge near Eumemmerring though, so that may have helped? It's placed close to the Dandenong South Industrial area, Monash Fwy & the buses are frequent. I drive by every few months - it really has a lot of development going on there.

There's probably lots of places you could get something for 330K.

There's a few places right around the corner from where I live going for about that.
http://www.realestate.com.au/property-house-vic-blind+bight-108961351
http://www.realestate.com.au/property-house-vic-blind+bight-107770481

It's a tad further out than Doveton (another 20-30mins), but it's getting to be a sought after area, even though no public transport. It really depends where you work. I was driving into Mulgrave & Nunawading from here for about 10 years before I semi-retired. With the urban boundary now moved out towards our area, the prices will probably start going up quicker in the coming years.

 

[Melbournian]

have a read :- 3rd dec 2011

http://www.heraldsun.com.au/news/mo...-housing-squeeze/story-fn7x8me2-1226212769388

The Greater Dandenong council area is Melbourne's mortgage stress capital, with one in three households ploughing more than 30 per cent of their income into house repayments. The City of Casey is the worst affected in terms of numbers, with 9543 feeling the mortgage squeeze.

i have some stats too on default rates and doveton/dandenong is one of the main ones high on the list. sometimes good demographics help to push up prices too. going further up to wheelers and glen and mt waverley - things are different.

 

[Aaron_C]

Wheelers ain't cheap tho.....the lowest prices are ~$600k

 

[Melbournian]

maybe the west is an option then.

glen also isn't in the price range.

 

[hikeven]

Don't work harder, work smarter

Best of luck with it, it's never easy to buy your first place. If you think you want something better, perhaps consider buying an investment property first as your affordability will go up because you get rental income. That's what I did and I'm in a much better position because of it.

Thanks a lot~ To get first place as an IP. Do you mean getting an IP for rent out? More deposit is needed to make it positive right? I currently can get around $60K-70K...not sure whether it is enough or not..

 

[hikeven]

Wheelers ain't cheap tho.....the lowest prices are ~$600k

Thats true.. Wheelers has the same post code as Glen but little cheaper price...Lots ppl go for it.

 

[Aaron_C]

Thanks a lot~ To get first place as an IP. Do you mean getting an IP for rent out? More deposit is needed to make it positive right? I currently can get around $60K-70K...not sure whether it is enough or not..

Yes I mean use the property as an investment property from day 1 to get rental income.

With a deposit of $70k you have to consider stamp duty as well because that eats into it quite significantly. If servicing isn't a problem, and we assume 5.5% stamp duty, you can afford a property worth $650k but you would need an LVR of 95% (Which is very very high).

If you drop the LVR to 90%, you can afford a place worth $450k....

 

[hikeven]

maybe the west is an option then.

glen also isn't in the price range.

I tried to find some in Altona meadows which I think is a very nice suburb in the west.. zone 1, closed to city, nice neighbourhood. Unit is within the budget but house is getting pricy.

I went to my mate's new house in wyndham vale the other day. Affordable place with a small new shopping centre within walking distance. Nice place but hard to rent out coz there are too many new properties around. Btw, my mate enjoys seeing foxes chasing rabbits arond the farm next to his house quite a lot..lol...that makes me remember one posting here saying his mate's house in Ferntree Gully always got little animals in the backyard...haha

 

[hikeven]

Yes I mean use the property as an investment property from day 1 to get rental income.

With a deposit of $70k you have to consider stamp duty as well because that eats into it quite significantly. If servicing isn't a problem, and we assume 5.5% stamp duty, you can afford a property worth $650k but you would need an LVR of 95% (Which is very very high).

If you drop the LVR to 90%, you can afford a place worth $450k....

Yeah~ I talked to my broker and she reckons I can get a mortgage for 240K as first home buyer...as IP, I can get a lot more.. But the problem is repayment will be a big problem for me if it is more than $1600 per month unless I get someone to share. $330k is hard to buy in the place you can find some to share I reckon unless for an apartment...sigh~~I think I might be a bit conservative.

 

[Angel]

Hello hikevin

Best wishes for your future.

When I was in my first job after school, I bought a two bedroom house in a low-socio-ec area a few miles north of the Brisbane LGA. It was about 60% of the median Bris price. Everyone thought I was nuts, but it was so worth it.

I did buy jointly with the boyfriend (upgraded to Hubby a few years later). We were both on very low incomes, probably add the two together to make one accountant. When you buy your house, you can take in a boarder to help with the costs.

The lack of nightlife was no issue for us, being busy spending all our spare cash on the mortgage and improvements (dont over-capitalise like we did). We usually fell asleep at 8pm because we spent many weekends gardening, painting or laying concrete. After eight years this property was paid out and we went looking for the "real" home, where we still live.

By buying something small, easily affordable and which very kindly more than doubled value in the time we were there, we had a substantial deposit for the median-priced home we bought afterwards in a far more desirable suburb a lot closer to the CBD. You can buy that same place now for under $300K. It is a 40 minute express train ride to the CBD, 5 minutes walk to the primary school, shops, public pool and the station. The traffic and noisy neighbours were annoying but you get those everywhere. These days there is air-con and we can close all the windows.

I trust you will have the same positive experience we had.

 

[hikeven]

Hello hikevin

Best wishes for your future.

When I was in my first job after school, I bought a two bedroom house in a low-socio-ec area a few miles north of the Brisbane LGA. It was about 60% of the median Bris price. Everyone thought I was nuts, but it was so worth it.

I did buy jointly with the boyfriend (upgraded to Hubby a few years later). We were both on very low incomes, probably add the two together to make one accountant. When you buy your house, you can take in a boarder to help with the costs.

The lack of nightlife was no issue for us, being busy spending all our spare cash on the mortgage and improvements (dont over-capitalise like we did). We usually fell asleep at 8pm because we spent many weekends gardening, painting or laying concrete. After eight years this property was paid out and we went looking for the "real" home, where we still live.

By buying something small, easily affordable and which very kindly more than doubled value in the time we were there, we had a substantial deposit for the median-priced home we bought afterwards in a far more desirable suburb a lot closer to the CBD. You can buy that same place now for under $300K. It is a 40 minute express train ride to the CBD, 5 minutes walk to the primary school, shops, public pool and the station. The traffic and noisy neighbours were annoying but you get those everywhere. These days there is air-con and we can close all the windows.

I trust you will have the same positive experience we had.

Mang thanks Angel. This is inspiring. Hard work and life for several years for a easier life in the future is also 1 of my believes not like my friend..He just bought a fancy townhouse (small land) for $520K in Noble park early this year....If he is my brother, I probably will slap him in the face.. I guess I should forget about enjoying fancy house before I get rich...So adding value like you did is the right track~

 

[Melbournian]

i think with today's climate it is best to just sit back and have a strong thought on what suburbs, budget you have

what used to happen in the past may not necessarily happen again.

i really don't think doveton/dandenong would be a good area to get into. i'm not sure about brisbane surbubs but having been there on the ground to see the area and seeing dandenong - is really not the suburb i would want to invest it. Multiple queues in centrelink and it is the mortgage stress capital of melbourne.

i think if you sufficeint time - maybe get a home land package in the west(land and then you pay no stamp duty on the house). buy something where it settles in a year and you can plan your house as well as save.