Maribyrnong apartment PPOR?

[chunho01]

Hi all, I am considering buying an apartment as PPOR (currently renting) in Maribyrnong, either in Edgewater Estate area or Highpoint Shopping Centre surrounds.

For IP, I already bought a house with quite decent land in Sunshine West (towards the Avenue, Callaway Boulevard side) and is now looking for a nicer place for my own PPOR. In the aforementioned areas, I can only afford 2 Br apartments at best..

My question is: with the apartment towers springing up like crazy in Melburne CBD, how would that negatively impact me if I buy a 2 Br apartment in city fringes (Maribyrnong is still fairly close to city)?

 

[albanga]

These are really 2 different markets I belive.
Yes the CBD I believe is being over developed and it's only a matter of time before this has an affect on CBD apartment prices. A number of towers are due for completion by 2016 around southbank and Docklands. This continued development at some point is going to cause a large oversupply and people can expect prices to drop as developers attempt to offload all their stock at the same time.

Marybynong offers a different lifestyle and I do not believe it would be hit as hard if this were to happen. Whilst it is being quite heavily developed it does have development restrictions and not so much space.

 

[Redwood]

I am a fan of Maribrynong and Footscray - 6-7 km from CBD and you can get a apartment for $7k per sqm.

Yes there is a large supply of apartments at the same time I am seeing pretty good yields up and around 4.5-5%.

I have done a heap of analysis, and many are blinded by the demographic issue there (take a guess), but its a fantastic thriving area with great access to public transport and close proximity to the city without the crazy amount of foreign/non-resident invest you see in Docklands/ CBD. Remember most of my clients look for investment properties.

Edgewater has completed stock at pretty good value, with La Scala and The Boulevard still representing pretty good value.

For PPOR have you cosidered Braybrook? they are some awesome triple story townhouses completed and available, and I am a fan of town houses over apt generally.

In summary, the CBD will not impact Footscray in my opinion - different demographics/ markets

Hope that helps

Cheers Ivan

 

[willfong]

I have lived in Maribyrnong for 13 years and still loving it.
Edgewater is better location than right next to highpoint imho. 1 tram (82) and 2 bus (406 and 409) choices that takes 10 minutes to Footscray station and from Footscray its only 3 (2 if express) stops to southern cross or city loop. There are also some backstreets from edgewater that let you avoid the busy roads around highpoint when everyone is heading/leaving there.

 

[chunho01]

Thank you for the responses They pretty much reinforced my initial thoughts. Maribyrnong is a lovely place; it has Maribyrnong river, Highpoint, AND a city view.

Demographic and the 'Western suburb' stigma has held the prices at bay, but even so, I fear that I may have already missed the first few boats.

 

[archetypalone]

Great thread topic! Thanks!

I grew up in Aberfeldie, and am looking at a modest one bedroom apartment in that small pocket on the other side of the river (and between the tram tracks) in Maribyrnong.

To me, it's great value in that a quick walk over the Afton St footbridge and you are suddenly in a million dollar + suburb.

I'm wondering what kind of impact the planned development of the old ordinance factory would have on available stock/capital gains though in future.

Thoughts?

 

[jpcashflow]

Hi

Hi Guys,

Maribynong area has been a very popular as of late for both investors and PPOR owners. Units and apartments have been selling strong in the area.

Even areas such as Maidstone, East Keilor and Avondale heights have been doing well.

Allot of people who are buying in these areas generally grew up in Essendon, Niddrie and Mooneponds.

The area has allot of good things about it such as schools, anglers tavern, great walking track, close to the city, around the corner from Highpoint and its an active area.

 

[tone1]

I love Maribyrnong, you cannot go wrong. I'd look to the archetypalone is talking about, north of Highpoint on the border of Aberfeldie. There's a tram line very close by if CBD travel is important and the river area is beautiful. I have a friend who lives on the other side of the river (which is Aberfeldie) and wow, I'd live anywhere in that vicinity in a heartbeat.

Edgewater is fantastic as well. I guess the main plus to that area is that it is newer and closer to the Footscray train stations.

I'd stay away from the area directly west of Highpoint, it is filled with older townhouses/apartments, not particularly appealing, and I haven't noticed prices go up with the sheer amount of properties available.