Melbourne. Altona Meadows.
- Thread starter ermat
- Start date
I don't know much about the long term potential of this area I'll leave that to people more knowledgable than me,
However if it was me in your position:
I would be careful about getting too close to Central Square shopping centre or the shops near the corner of Queen and Victoria street. Might get some undesirable characters coming through...
Actually probably best avoid Queen Street altogether it's basically the main road.
I seriously considered this area about 5 years ago because of the price point (all I could afford) and proximity to Altona Beach.
Ruled it out due to family that doesn't drive and reliant on public transport, there are places near Laverton station on the northern side, most of those places are older, I wanted something newer
Good luck
However if it was me in your position:
I would be careful about getting too close to Central Square shopping centre or the shops near the corner of Queen and Victoria street. Might get some undesirable characters coming through...
Actually probably best avoid Queen Street altogether it's basically the main road.
I seriously considered this area about 5 years ago because of the price point (all I could afford) and proximity to Altona Beach.
Ruled it out due to family that doesn't drive and reliant on public transport, there are places near Laverton station on the northern side, most of those places are older, I wanted something newer
Good luck
Long term CG for Altona Meadows is 5.8%. Forecasted growth for the next 5-8 years is 2%.
If you're buying as a PPOR and you're happy living there then it's the right decision.
If the house is for investment purposes, or will be for investment there are much better suburbs for growth.
If you're buying as a PPOR and you're happy living there then it's the right decision.
If the house is for investment purposes, or will be for investment there are much better suburbs for growth.
I'd live in Altona but not Altona Meadows. It is a personal choice. BTW, I've lived in both Point Cook and Williamstown, so know the area reasonably well.
As for market conditions and longer term potential, I've said (and stand by it) that growth in real terms will remain flat for the foreseeable future and that the fundamentals for a broad based property boom just aren't there... hence, I personally don't see any need to rush into a purchase based on cyclical motivations.
A PPOR is as much a personal decision as it is a financial one.... because you are committing to living there! If the 'meadows' is an appealing & affordable option for you, then so be it.... it just isn't my cup of tea. These are my thoughts, because you asked....
As for market conditions and longer term potential, I've said (and stand by it) that growth in real terms will remain flat for the foreseeable future and that the fundamentals for a broad based property boom just aren't there... hence, I personally don't see any need to rush into a purchase based on cyclical motivations.
A PPOR is as much a personal decision as it is a financial one.... because you are committing to living there! If the 'meadows' is an appealing & affordable option for you, then so be it.... it just isn't my cup of tea. These are my thoughts, because you asked....
I've lived in Altona Meadows for 16 years now and have found it to be a convenient location and safe place to live. Access to public transport is very good - with buses running regularly and Laverton Station (which is in Zone One) just around the corner.
Altona Beach is a short drive away and there are numerous cycling paths running throughout Altona Meadows.
All of Melbourne is slowing at the moment, and many of the inner suburbs have dropped by over 20% from their peak in 2010.
If it helps (and it may or may not), I bought my block in Altona Meadows for $36,000 in 1997. Blocks our size are now selling for between $250,000 and $260,000 which is a return of approximately 13% p/a.
In terms of Altona Meadow's longer term potential, its never going to be an Altona or a Williamstown. However, the proximity to these suburbs is terrific. Access to the freeway is excellent and of all the surrounding suburbs (Point Cook and Altona), Altona Meadows has the most number of access points to the surrounding road systems which helps when there are traffic jams on the freeway and Point Cook.
You could buy your PPOR here, enjoy living here while you pay it down relatively quickly (compared to say buying in Altona for instance which is more expensive) and then either stay or sell up with a substantial deposit to buy elsewhere.
I can't see you loosing if you choose to settle in Altona Meadows. When we first came to the area I would have preferred to have lived in Altona too, but prices were higher than Altona Meadows (as they are now) and we couldn't afford to live there.
All the best with it.
Regards Jason.
This statement, like all generalisations is incorrect.
I think we need more information....
I'm thinking you must be in the range of 300-450 to be considering Altona Meadows.*
Given this is your PPOR , you want to make this as close as possible to something you are really happy in as other posters have mentioned.
This can depend on your priorities and where you are at in your life.*
If you are single in your early twenties and on the nightclub scene every weekend you may put your 350 on something different to if you are married with 3 kids.
When I was looking that time I made a list of all my not-negotiables, how many bedrooms, new or near new or needs renovation, close to train station/transport/freeway , *shops & services, close to beach or river, walking tracks, close to your work, backyard for dog, good schools, whatever they are.*
I also had a list of preferences that I wanted but not deal breakers.*
I priced the sort of thing I wanted in different parts of the city and i found something.*
But what I was looking for 5 years ago is very different to now, but as Jason mentioned you can sell for profit and move on, or talk to the brokers about interest only with offset loans and turn it into an IP if things change...
I'm thinking you must be in the range of 300-450 to be considering Altona Meadows.*
Given this is your PPOR , you want to make this as close as possible to something you are really happy in as other posters have mentioned.
This can depend on your priorities and where you are at in your life.*
If you are single in your early twenties and on the nightclub scene every weekend you may put your 350 on something different to if you are married with 3 kids.
When I was looking that time I made a list of all my not-negotiables, how many bedrooms, new or near new or needs renovation, close to train station/transport/freeway , *shops & services, close to beach or river, walking tracks, close to your work, backyard for dog, good schools, whatever they are.*
I also had a list of preferences that I wanted but not deal breakers.*
I priced the sort of thing I wanted in different parts of the city and i found something.*
But what I was looking for 5 years ago is very different to now, but as Jason mentioned you can sell for profit and move on, or talk to the brokers about interest only with offset loans and turn it into an IP if things change...
Agree. There are many suburbs that are heating up and have rebounded quite a bit. Those that are active know prices have moved. If you believe prices are still down and flat you may be too late in buying. I bought a development site in Reservoir 6 weeks ago. Still haven't settled. It's easily increased 5%. Not all suburbs have moved like this but there are many that have.
Oscar
Yes, $400-450 price range. PPOR. no intention of owning more than 1 property at this stage.
2 key points.
I need to be comfortable with the location.
Want maximum cap gain.
needs to be a sensible commute to my job in Sunshine.
You could try Yarraville, Seddon, Kingsville, Footscray West (perhaps), Newport.
I doubt you will pick up the quality of home you may be looking for in your price range, however, capital growth in these areas (particularly Yarraville) has been good over time. Perhaps a flat or apartment?
I've put a few examples below, some are above your price range, but you can see the quality of property you would get for more $!
Disclaimer - I have simply pulled these off realestate.com with no research. I do not know the areas inside out - as with all suburbs, there will be some more desirable pockets than others to target if wanting to live in these areas.
Regards Jason.
http://www.realestate.com.au/property-house-vic-yarraville-113482663
http://www.realestate.com.au/property-house-vic-yarraville-113515179
http://www.realestate.com.au/property-house-vic-yarraville-113314031
http://www.realestate.com.au/property-apartment-vic-yarraville-113394267
http://www.realestate.com.au/property-house-vic-seddon-113545859
http://www.realestate.com.au/property-house-vic-seddon-112972359
http://www.realestate.com.au/property-house-vic-kingsville-113297839
http://www.realestate.com.au/property-house-vic-kingsville-113547147
http://www.realestate.com.au/property-house-vic-kingsville-113521719
http://www.realestate.com.au/property-unit-vic-kingsville-113041039
http://www.realestate.com.au/property-house-vic-kingsville-111447035
Or consider Altona North. This is demographically different to the likes of Seddon and Newport but also much cheaper.
Its reputation is mixed but there is substantial shopping at Altona Gate and a resonable range of public and private schools. Significant development is planned for the southern part of Millers Rd. It's also not that far to the beach at Altona.
No train but it's closer to Sunshine with good bus connections to it (bus 471, 903). Only one more freeway exit from the city (Millers Rd) compared to Yarraville/Newport.
