Maribyrnong area any good?

Hi,

I'm looking into getting a 1 bedroom marina apartment at Maribyrnong at 370k+. Any opinions as to capital growth or rental yield possibilities in this area? I realise that there is a very big gap in terms of rental yields for different properties in this area. Would appreciate any input. Thanks.
 
Hi there.
I'll preface this by saying that I'm a newbie too, so I know nothing. We're looking for our first IP in vaguely this area as well.
And, by hanging around on here for (ahem) years now, I've learnt heaps. I think you're probably talking about a place in the Edgewater development, therefore new - and marketed (and probably overpriced?). So, no capital gains for some time. But, gee, gotta love the location.
cheers.
 
We haved lived in Maribyrnong for the past 6 years and love it there. Capital growth and yield obviously depend on the property itself, some good some bad. We bought a 7 year old 3br townhouse in Edgewater for 465k nearly 2 years ago and that one seems to be doing reasonably well. I would steer clear of the brand new stocks though as I agree that they usually come at a premium and less CG potential initially. Must say the Marina apt is very nice, right beside the lake and river, but for IP in the area in the high 300s price range I'll rather go for a small townhouse in nearby Waterford.
 
What's a premium 1 bd apartment going to rent for?

How does it compare to other premium locations?

There's no upgrade or value add potential so it all comes down to current and future rental yield.
 
Fantastic Location, very good area, although it is rather expensive now, (homes for around 7-800K+) so if you got in when edgewater first came around and got over the whole built on 'military land/ammo factory' then you have done very well.

Yes the apartments seem rather expensive, but so are they in keilor rd now, and nearby surrounds (still relatively cheap student housing on gordon st), for 400k you will struggle to find a rundown house, you'll need about 550-600k for that now in the area as subdivisions are everywhere.

As for growth, it don't look too crash hot for the apartments, i'd possibly rather look at north melb/carlton area, although there are very nice leisure facilities in maribyrnong.
 
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