Melbourne inner west

Hi folks,

I'd be interested in everyone's opinion on whether the suburbs in the inner west of Melbourne would make a sound long-term investment. From what I can see, areas such as Footscray and Yarraville have already surged a fair bit in this recent boom, and so it is difficult to find suitable properties that isn't up for auction (being from Canberra, I can't attend these).

However, what are your thoughts about the suburbs surrounding these, such as Seddon, Kingsville, Spotswood, Newport etc? Logic tells me that properties this close to the CBD, in a city that is undergoing a massive population boom, have a good chance for capital growth in the next decade.

Are there any Lakemba-type exceptions to this rule, assuming the rule is in fact valid? E.g. any particular inner west suburbs that may take longer than a decade out to gentrify? My price range is around $500k and for that I'd like to buy an older free-standing house, put in a new kitchen and bathroom and rent it out and wait for the land to appreciate. Any suggestions or tips on properties? My other option is the inner north, but prices there have already 'popped'.

Thanks,
Mal
 
Are there any Lakemba-type exceptions to this rule, assuming the rule is in fact valid? E.g. any particular inner west suburbs that may take longer than a decade out to gentrify?

Try the other train line from Fooscray.

Braybrook, Maidstone and Sunshine are all low income areas with high migrant concentrations.

Or, further out, Albion, St Albans or even Laverton.
 
i have a place in newport, and a lot of renovations going on in this region, sub divisions etc.

I think it is nicer than footscray, not far from williamstown which has million dollar bay views, and you have easy access to the city over the westgate or up williamstown road to the docklands.

I will also note newport has renovations galore going on at the moment.

It was however rated one of the mortgage stress places in melbourne, which couldn indicate that people are stretching themselves to be in this area.....
 
Mal, at $500k you will struggle to find anything relatively decent in those suburbs for detached dwellings.

Altona North might be another option for you.
 
Yeah inner west is good value compared with the east. Seddon and Yarraville have already gone crazy but I see growth potential in Spotswood and Newport.
Spotswood is nicely postioned between Yarraville and Williamstown. Close to jump on the freeway 10mins into the city. There is also a proposal for an Audi and a Supermarket on Melbourne rd.
 
Also Kingsville is lovely has lots of period homes all being renovated. Is a bit of a walk to a station though, also I find not many people have heard of Kingsville so not many people search it for renting or buying.
 
:eek:

It definately needs some work! :eek: No it probably wouldn't be a 'bargain', I agree.

Also I'm a bit 'iffy' on the need for all those security grilles on the back windows. Oooh just had another look at the photos... that fence by the washing line is in a very bad way. Fences cost a whallop to replace (I know as we just had to get our back fence done).

Good luck if it's what you want though. :p
 
Also I'm a bit 'iffy' on the need for all those security grilles on the back windows. Oooh just had another look at the photos... that fence by the washing line is in a very bad way. Fences cost a whallop to replace (I know as we just had to get our back fence done).

Wouldnt the owners corp be responsible for the fence?
 
My parent's have a 3 b/r "knock-down" in Yarraville and it is expected to fetch low $500s! Blows me away, and it is very close to Westgate. In both Spotswood and Yarraville there are large pockets that adjoin industry, problems with traffic, and trucks.
 
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