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
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