Maidstone or West Footscray

I'm new to the forum and have been looking for a 2BR Unit in West Footscray for $320 - $350k but there's not much stock on the market. I've just bought an IP in Elwood with decent yield (for that area anyway) but need yield closer to 5.0% for next venture. I saw a property below in Maidstone which looks interesting but seems to be in a cluster or other units.

I live on teh other side of town and don't know Maidstone that well. Can anyone familiar with the area offer a take on this part of town?

http://www.realestate.com.au/property-apartment-vic-maidstone-117222079
 
I think Maidstone is starting to become trendy and desirable and is well on the path to gentrifying as I believe a lot of the west is. It's not that far from the city, highpoint shopping centre, the Maribyrnong river which is a lovely walk. West Footscray or Tottenham stations aren't that far away and the West Footscray station has just had a major overhaul and is barely recognisable now. You're also close to tram lines too and there's also a few other amenities close by. I personally think that area has a lot going for it at the moment.
 
Thanks Kesse - they street view was my only concern as there seems to be an 'estate' of apartments. Does this affect CG ordinarily? Otherwise, everything else you've said confirms my thoughts on the area.
 
Both areas have already had a dramatic increase in value over the past few years.

Maidstone has nice areas and not-so-nice areas. As a general rule of thumb, the section of the suburb south of Ballarat Road is better than the section above. That's not to say there isn't nice areas in the north (the streets running next to Rosamond Road from what I've seen are nice). The property you are looking at is in a huge cluster of other townhouses and apartments, it's the newest section of the suburb to be developed. Tram stop is not far away, Highpoint is essentially at your doorstep, trains are a short drive (West Footscray station has a lot of parking to leave a car during the day, don't think Tottenham has any parking available?).

West Footscray is the better suburb of the two (more appealing in look, closer to train stations). Again, the suburb is divided by a main road (Sunshine Road) and the properties north of that road appear to be of higher value. The south area is surrounded by factories and other industrial properties, but from what I've seen values are still increasing. It has gentrified faster than Maidstone.

Hope this helps. Both areas are good to buy, probably some of the cheapest within that 10km radius of the city.
 
Thanks Tone 1 - I think the key is it is just about the most affordable suburb within a 10km radius of CBD that has both yield and long term CG
 
I'm also considering West Footscray but not sure if it's already increased too much for my likely (like I've already missed the boat!). Hard to know!
 
M or WF

I reckon WF has flown the coup in terms or bargain buys, hence my focus on Maidstone - from an IP perspective although I do think the new railway station and infrastructure in WF is a big attraction.
 
West Footscray is by far the better of the 2 suburbs and served by better public transport. West footscray is divided by sunshine rd, with the area north of this much more desirable.
Look at streets off essex street, these include elphinstone, blanford, agyle, napoleon and brunswick street to name a few. It is a beautiful part of the west with tree lined streets and there are new restaurants and eateries coming up in barkly street west footscray.
The problem with west footscray below sunshine rd is it is very industrial, especially near tottenham station. If you venture closer to yarravile, a suburb Kingsville is probably my pick of the west. Very very underrated, close to west footscray and yarraville and has beautiful homes and apartments
 
If you venture closer to yarravile, a suburb Kingsville is probably my pick of the west. Very very underrated, close to west footscray and yarraville and has beautiful homes and apartments

Kingsville's got good inner suburban type housing stock that should appeal to those who like doing up a Californian bungalow or timber workers cottage.

However it lacks the rest of the 'lifestyle package' that contributes to the appeal of other nearby inner suburbs such as Yarraville or even Footscray.

While it has shops they are on wide and busy roads. They are not numerous enough to constitute a recognised suburban centre or foster a sense of community.

Urban Spoon lists just 4 restaurants for Kingsville. This compares to around 7 in Maidstone, 9 for Spotswood, 40 for Yarraville and hundreds in Footscray. Even Braybrook has 20.

Public transport is limited, especially on weekends or after 7pm. Trains are not within handy walking distance and, unlike West Footscray or Braybrook, there are no direct buses to the city. Being so dependent on road transport exposes the area to increasing traffic congestion over time with no alternatives. This compares with anywhere between Footscray and Newport which has trains every 10 min weekdays/20 min weekends.

Kingsville's Walk Score is just 70, which is poor for an inner suburb (see http://www.walkscore.com/AU-VIC/Melbourne/Kingsville ).

In contrast Yarraville gets 77 and Footscray 78. It is even inferior to much cheaper Sunshine on 71. West Footscray is lower at 64 but benefits from the better public transport as discussed above.

Kingsville may appear cheap and is indeed good value if you love your period style home so much that you don't often leave it. But if you care about walkability, eating out or public transport (like lots of inner suburban types do) then it is and will remain a B-grade location. Although the south-east part nearest Yarraville might just rate a B+.
 
I reckon WF has flown the coup in terms or bargain buys, hence my focus on Maidstone - from an IP perspective although I do think the new railway station and infrastructure in WF is a big attraction.

While Maidstone does have a lower median price, I don't think you'll find too much of a price difference for properties (from what I've seen) between Ballarat Road, Churchill Avenue and Essex Street, so still keep your eye out for units in West Footscray.

In terms of a price boom in these suburbs, I think it's already well and truly happened. northern Maidstone/southern West Footscray are cheaper, but that's because they are the less desirable parts of the suburbs. This is where the bargains are but there are reasons why these sections are less desired. If you're keen to buy in these sections, I would prefer northern Maidstone for the simple reason that it is so close to Highpoint and has tram access.
 
Thanks Kesse - they street view was my only concern as there seems to be an 'estate' of apartments. Does this affect CG ordinarily? Otherwise, everything else you've said confirms my thoughts on the area.

No worries. It would depend on the demand for apartments in the area and what the demographics are. I would be concerned about supply vs demand issues but if the demand is there for med-high density dwellings and that will be supported into the future then it wouldn't stop me from investing. As long as the fundamentals are there, that's the main thing.
 
Reviving months old thread. I am researching Maidstone and Maribyrnong for a potential 2Br apartment or 3Br Townhouse purchase sometime in end-2015. I noticed the small patch of new estates (Crefden St, Maidstone), which is very close to Highpoint and has some greeneries within the pocket.

Same question as the OP, how would the stock around that area affect capital gain? A new development called 'The Grove Maidstone' is popping up there as well. I don't care about rental yield as this would be my PPOR (IP bought elsewhere), so CG is my only benefit in future should I move out.
 
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