Melbourne properties Hoppers Crossing and Sydenham

[IndexFund]

Im looking to buy a house early next year, am I am keen on two areas. Hopper Crossing and Sydenham.

Hoppers Crossing is closer to the city and has express trains running all the time, very close to the beach. It is also cheaper as the median house is around $220,000.

Sydenham is further away from the city, surrounded by cheaper suburbs and the median house price is higher which is around $260,000.

Sydenham is also more of a new estate.

My guess is Sydenham is rising or has already risen in price more than Hoppers Crossing.

The question is, will Hoppers Crossing go up in price soon as well?

I want to buy the property in order to live there for a while with hopes that it will appreciate quiet well too.

 

[BayView]

If the amenities at Hoppers are good; things like transport, commute times, potential for employment nearby, beaches, quality of houses, schools, shopping, parks etc, then long term you would think it would be a good prospect.

 

[THEHEATH]

Which beaches are we talking about here??? Werribee "beach"?

 

[IndexFund]

Which beaches are we talking about here??? Werribee "beach"?

lol

Well Williamstown beach aint too far ...

 

[THEHEATH]

Well I guess if you call "very close" a 20-25 minute drive....

 

[IndexFund]

Ok so which of the two would you go for for growth and better investment as well as "better" living?

 

[meggala]

I think hoppers is the choice for growth etc and it has everything establshed. to me sydneham is featureless and flat. and gets very hot and dusty in summer and doesn't have the great access to the city as hoppers. also if you like the beach you aren't far from the surf coast as well

 

[propertypower]

I think Hoppers Crossing has better growth prospects. Its got all the infrastructure required for consistent capital grwoth and is part of the growing "western corridor".

 

[IndexFund]

Thanks guys... I might just then have to buy a place at Hoppers early next year.

The problem is I only have 11 K deposit, and waiting to have at least 16 K saved up (5% deposit) that way my loan mortgage insurance goes down like 3 K...

 

[sash]

I own a property in Hoppers X. I bought it last year for 170K...it is hard to find properties under 190K now.

Given that the Melbourne property market price ripple is spreading...it has reached Laverton where prices have moved strongly. I suspect that by early next year you will not be able to buy under 200K in Hoppers X. I doubt interest rates will have much impact as this is increasingly a popular area due its proximity to the city (23-25km about 20-25 minutes non peak).

Have a look at prices on the Eastern side of Melbourne and it is hard to find properties under 260K.....the stigma of the West will start lifting as the Footscray/Altona/Yarraville/Kingsville crowd move further out due to affordability.

Also, I am noticing that new House and Land Packages (Wyndam Vale) start at around $250k+ (fully complete)....these are on small blocks. So it will also help pull the prices of property closer in.

Anyway my thoughts.

 

[IndexFund]

I own a property in Hoppers X. I bought it last year for 170K...it is hard to find properties under 190K now.

Given that the Melbourne property market price ripple is spreading...it has reached Laverton where prices have moved strongly. I suspect that by early next year you will not be able to buy under 200K in Hoppers X. I doubt interest rates will have much impact as this is increasingly a popular area due its proximity to the city (23-25km about 20-25 minutes non peak).

Have a look at prices on the Eastern side of Melbourne and it is hard to find properties under 260K.....the stigma of the West will start lifting as the Footscray/Altona/Yarraville/Kingsville crowd move further out due to affordability.

Also, I am noticing that new House and Land Packages (Wyndam Vale) start at around $250k+ (fully complete)....these are on small blocks. So it will also help pull the prices of property closer in.

Anyway my thoughts.

Actually what are your thoughts on Wyndham Vale? It looks nice and the house prices are similar to Hoppers Crossing... actually many looks even more appealing. I know the public transport is further away though...

 

[sash]

Yes Wyndam Vale is nicer because it is newer...I would do your own due diligence as to whether price of houses value up. Typically it is hard to price newer property. A lot of developers are offering 100% finance.;

Also, the infrastructure is already there in Hoppers X including schools and the land size is bigger (typically 550-600sqm). Land value is about 120K-130K so if you bought low end house at 190K-200K, the house is worth 70K-80K. Can't build for that...typically it will cost 140K-150K for a fully complete home.

Only my personal opinion..but talk to local agents and get their consensus also.

 

[want2bewealthy]

IMO, Hoppers Crossing is an good place to invest right now,

prices are still quite cheap and growth for the Melbourne area is expected to be huge within the next few years, not everyone can or wants to live in or near the city, most perople prefer the quieter lifestyle, the barbie in the back yard, playing with the kids after work in the yard, having a car park, etc etc.

there hasnt been any signifigant growth in the area for 3 years now so I believe long term, now is a good time to buy, however, there are better investment areas that show better long term growth for similar money.

 

[sash]

want2wealth,

Can you please let me know what other areas (other than Hoppers X)you can get better returns in Melbourne?

I am in the market for more property and have already two in the Western Surburbs (other one is in Werribee).

 

[want2bewealthy]

want2wealth,

Can you please let me know what other areas (other than Hoppers X)you can get better returns in Melbourne?

I am in the market for more property and have already two in the Western Surburbs (other one is in Werribee).

Hi there,

Im not going to try and tell you where to buy, besides, Im no expert on all areas, no one is! ;] what I can suggest you do is check out RP Data's excellent suburb reports, I find them on www.realestate.com.au its called "free suburb report" on the right hand side if Im not mistaken,
this really helps keep my investing easier and takes alot of guess work out of my decision, if the numbers are good, and I can see steady growth, it makes my decision much easier and the SANF factor is second to none ;]

Ofcourse you should also do some looking into the area in general and it helps if you at least a little familiar with the place too [Im still a little iffy about investing in somewhere Ive never even been to] but investing in property is all about numbers, if they are proven to be good, then there is no problem,

One example is the place I just purchased in Norlane, Vic.
My mind was telling me "no" because its a bit of a "dodgy" area, most others who have been there thought the same and advised against the area, the thing is though, Norlane has shown good, steady growth over the last 5 years and is undervalued IMO, In fact, it has the best record of everything I looked at in the general area and surrounds!
I never have to live there so why would, or should I care? the vacancy rates are very tight, no troubles renting it, the growth is good, the returns are great, Geelong is growing steadily, employment is on the rise, theres a massive water complex with 9 pools, diving boards, waterslides, a gym, a sauna, etc etc just around the corner, is that a good investment? for me? yes, definitely.

 

[sash]

want2wealthy

Have considered Corio and Norlane but did not look at it in further detail. Based on your observations looks like you are on to something....will have a closer look.

Thanks for the tip...I will do my own due diligence...I always do....but if the infrastructure there in a surburb it has the potential to change over time. Sometimes it is about getting in early...seeing potential where others see dodgy tenants and troubles.

Cheers

 

[IndexFund]

What about St Albans? The median price is 250 K for a house.

What is everyone thinking about it?

 

[joeygbh]

What about St Albans? The median price is 250 K for a house.

What is everyone thinking about it?

St Albans is ok, slow to catch up due to its reputation for gang violence and drugs just like west footscray a couple of years ago, but even now its hard to find suitable homes. Lots of older larger lots in St Albans (~800-1000m2) and lots of demand by developers because of that.

 

[IndexFund]

It seems that Sydenham is growing in house prices much quicker than Hoppers Crossing and apparently the Wtare Gardens shopping is expanding... I think I am going to opt for a property to live in Sydenham instead of Hoppers Crossing.