melbourne - carlton, fitzroy or north melbourne

Looking for another IP and have been watching these 3 areas for a while and interested in other people opinions. Looking around the 1M range. I was originally instested in carlton but have seen some very nice modern 3BR townhouses recently in north melbourne and depreciation on a new place would definately help at the moment.

Other option I have been considering is 2 places in pascoe vale, but I think closer to CBD would be a better idea as I already have suburban type IP's
 
For $1m? You can probably just get a single level terrace in Carlton/Fitzroy. North Melbourne you can get a double storey terrace with a decent plot of land. Personally I think you can't go wrong with Carlton/Fitzroy but $1m won't get you the better stuff.
 
For $1m? You can probably just get a single level terrace in Carlton/Fitzroy. North Melbourne you can get a double storey terrace with a decent plot of land. Personally I think you can't go wrong with Carlton/Fitzroy but $1m won't get you the better stuff.


Hi Aaron

When you say Carlton/Fitzroy wont get you the better stuff at $1M, does this mean that the location will be inferior as well??

MTR:)
 
Yes that's right. The best parts of Carlton are the areas on Drummond Street near the CBD (one sold there last weekend for $2.93m, beautiful house but only 5.5m frontage) and also behind the Carlton Gardens on Carlton Street (crappy 200sqm house sold for $2.2m last year). The only places in Carlton that sell for $1m are the ones near the cemetery or are single storey.

As for Fitzroy, same principle. Best areas are those near Brunswick Street between the Carlton Gardens and the shops....and they command a huge price way in excess of $1m.
 
Fitzroy. You can get double storey depending on size and location.

243 Gore St, Fitzroy. Victorian era, renovated double storey. 88sqm. $1.01m sold last Saturday. But opposite some ugly looking factory and one block away from Collingwood.

23 Hodgston St, 92sqm Victorian era double storey, sold $970k two weekends ago. Just around the corner from the same ugly factory.

Carlton. Not many new double stories in Carlton. You could get some Victorian era double stories, but they usually have issues at ~$1m (eg semi main road, very small, next to childcare, comm flat area).

257 Rathdowne St. Around 82qm. Victorian era, renovated double storey $1.05m sold last Saturday.
There's the fully renovated high end stuff like 47 Drummond St, which sold for $2.93m as Aaron said. But much bigger land, 278sqm, which makes it cheaper than Rathdowne on a per sqm basis.

North Melbourne. More choices in terms of old and new double stories (probably more new than old). However same issue as Carlton. Won't be able to buy old double stories unless it has issues (semi main road, next to Victoria's largest 500 room backpacker hotel, comm flat area). Could however get new 50sqm double storey at ~$1m comfortably.

Eg, 36 Curzon St North Melbourne, $1.05m. New triple storey on around 50 sqm land, sold two weekends ago.
 
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Other option I have been considering is 2 places in pascoe vale, but I think closer to CBD would be a better idea as I already have suburban type IP's

Hi Chopstick

It depends what your goal is. For instance, if you need to beef up your yield this may not be the best plan for you, since the weekly rent on a $1mill property would need to be above $1000 per week to prop the mortgage up. Sometimes defining your end goal and then determining what suburbs and property types will get you there assists with removing some of the headaches associated with having "too much choice" and helps you make very targeted decisions. :)
 
what about kensington? about 3 minutes to the CBD. Macauley station is two train stops from the city.
price renge would get you in comfortably.
 
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