Kew/Balwyn?

[bob246810]

Hi all, just wondering if anyone here has any thoughts/experience regarding the Kew/Balwyn area? I'm looking to buy an apartment here to live for a few years, before renting out.

I'm a first time buyer, with a budget around the $400K range. The suburb seems nice, plenty of transport, shopping, schools, etc. I'm a bit hesitant about all those new apartments, but there seems to be heaps of older 2bed apartments on leafy streets in my price range.

Does anyone have any opinions about this suburb? My plan is to live here for 2-3 years, before moving elsewhere (likely interstate due to work/career) and renting the property out.

 

[Aaron_C]

Both are solid areas but there are good areas within them too. For example, old Kew in Sackville Ward / Studley Park is considered the prime areas where you will pay top dollar for properties.

 

[Jake Milne]

Agree with AC. Whilst these suburbs are quite robust, are reasonably good performers, and do not suffer from volatility the thing to note is that both areas predominately consist of home owners with children. This means that the rental market here is a bit weaker; in turn, lower yields and longer vacancy periods.

 

[dubjohnston]

Both are nice areas near good schools (private and public) and so much more of a family area than a rental area. I personally don't know why people would live in an apartment in Balwyn (unless a small family, who can't afford a house, looking to get into the school zones). Kew is much more likely to have a renters market due to it being closer to the city and Richmond (good place to go out). Balwyn is mostly a dry zone.

There are pockets in both Kew and Balwyn that are a long walk from transport which is often important for renters.

IMO, the main reason for the high property (houses mainy) prices in Balywn and Kew are; i) Large block sizes ii) many grand homes iii) wealthier occupants who want access to the best schools for their kids. Some of the best private & public schools in Victoria within walking distance (Kew - Carey, Xavier, MLC, Trinity, Kew High. Balwyn - Balwyn High, Fintona, Camberwell Grammer).

I cant see a strong demand for apartments rental in Balwyn especially.

 

[Deltaberry]

Both are solid areas but there are good areas within them too. For example, old Kew in Sackville Ward / Studley Park is considered the prime areas where you will pay top dollar for properties.

Won't be buying at these places for $400k.

 

[Tigerboy]

I live in the area and think its one of the best areas of Melbourne to live. The schools, transport, restaurants and parks are great.

I think however you might struggle to find something for $400K.

Huss

 

[Jake Milne]

$400k, yeah, going to be tough... I bought a 2 bedroom in Kew about three weeks ago for $603,000.

 

[Melbournian]

I'm a first time buyer, with a budget around the $400K range..

highly unlikely - even clayton is asking 400K for a 1 bedders

 

[jclegg]

If you're set on the Eastern suburbs maybe go just a bit further out but stick to the train line and get something still 20mins to city by train. Maybe Surrey Hills or Mont Albert?

If you're not 100% set on the Eastern suburbs, my friend recently purchased a really nice 2br appt in Elsternwick close to the train, nice parks and cafes for just a smidge over $400K. Her unit would be a renters dream, large beds & kitchen, LUG, low body corp and small pets allowed. People want to live near the beach

 

[bob246810]

I can actually get something close to $500K. I've got a decent enough down payment that I don't have to get a huge loan. I've spotted a few 2bed apartments in the area in the upper end of the $400K range.

Do you think the Kew Junction precinct (where all the shops and Woolies are) would be a decent place for an apartment (to live for a while, then rent out in the future)? Seems to have a lot of trams/buses, which would be convenient for me too.

Or should I go further out - maybe Box Hill, Surrey Hills, etc? Prefer to stay in the somewhat-inner eastern suburbs as its closer for work/family.

 

[kurnol]

I'd be surprised if you found anything in surrey hills or Mont Albert for under 500k, 400m3 blocks of land go for $450K. You could find something at the top of your price range in Box Hill or Blackburn.