Melbourne Properties that may fit the following brief.

albanga

albanga

Hey All,
This is my first post on this forum. I have spent the last week reading over everyone's posts and i must say this is a fantastic community. Looking forward to learning so much from here :)

I am very new to real estate and at the moment just trying to educate myself. The reason for my post is i was hoping to get some feedback on potential areas where I may be able to make my first investment.

I have a brief of what I am looking for but not sure how to find it without the use of a forum/BA. It could be a case of using relesatate.com a little better but thought I would throw it out there.

So anyways the property I am looking for would be as follows:
Within 60km of the Melbourne CBD with PT access.
Block sizes over 600m2 + with the potential to develop at the rear.
Existing Dwelling positively or neutrally geared.
High to medium demand area.
Maximum spend 350k

This could be wishful thinking but worth asking. I am open to anywhere across Melbourne within the 60km brief :)
 
Hey thatbum, Frankston is definitely on the radar. There is a very good read on a post on this forum with mixed views on its future capital growth potential.

It's all speculation, but coming from Melbourne's West I have to give it the benefit of the doubt that it will come good seeing what has happened to the likes of Yarraville and Footscray. They ofcourse have the huge advantage of being on the CBD's doorstep but none the less, 15 years ago there is no way you would walk around those places at night! I am more meaning the Franston reputation.
 
Hi Albanga, I had an IP in St Albans that I sold for 340k, huge development potential, triple-fronted brick veneer house at the front, heaps of land at the back, 870m2.

If you're from Melbourne's West, for your budget, you would be familiar with the suburbs of St Albans, Ardeer, Albion, Sunshine West and Sunshine North, maybe even a good spot in Kealba but stay away from the Sunshine Kealba quarry which has been given approval by VCAT to be a landfill after the Supreme Court re-ordered VCAT to rehear the Barrro case. Not sure if the residents are appealing that VCAT decision.
 
albanga said:
Hey All,
This is my first post on this forum. I have spent the last week reading over everyone's posts and i must say this is a fantastic community. Looking forward to learning so much from here :)

I am very new to real estate and at the moment just trying to educate myself. The reason for my post is i was hoping to get some feedback on potential areas where I may be able to make my first investment.

I have a brief of what I am looking for but not sure how to find it without the use of a forum/BA. It could be a case of using relesatate.com a little better but thought I would throw it out there.

So anyways the property I am looking for would be as follows:
Within 60km of the Melbourne CBD with PT access.
Block sizes over 600m2 + with the potential to develop at the rear.
Existing Dwelling positively or neutrally geared.
High to medium demand area.
Maximum spend 350k

This could be wishful thinking but worth asking. I am open to anywhere across Melbourne within the 60km brief :)
Click to expand...

Within a 60km brief - thats a long way hey!

I think you should narrow it down to West or East of Melbourne. You can find H&L in Officer that will fit your brief and perhaps Cranbourne in the new estates. Stay away from Pakenham though. You can look at the Mernda. Doreen area which is 'north' then past caroline springs to bacchus marsh (west).

Cheers, Ivan
 
Wow! Thanks for all the great feedback so quickly.
BeanieGirl I was actually born and raised in Kealba and had no idea about the quarry. Sunshine is another location definitely on my radar due to close proximity to CBD, heaps of transport options and a lot of general facilities.

Like Frankston though it does come with that bad name affecting its capital growth.
 
albanga said:
Wow! Thanks for all the great feedback so quickly.
BeanieGirl I was actually born and raised in Kealba and had no idea about the quarry. Sunshine is another location definitely on my radar due to close proximity to CBD, heaps of transport options and a lot of general facilities.

Like Frankston though it does come with that bad name affecting its capital growth.
Click to expand...

1) You wont be buying anything with your criteria / budget in SunShine
2) What makes you think that Sunshine have a better name compared to Franggers

Anyhow, good luck
 
LoneWolf said:
1) You wont be buying anything with your criteria / budget in SunShine
2) What makes you think that Sunshine have a better name compared to Franggers

Anyhow, good luck
Click to expand...

Hey Lonewolf yeah the budget would need to be fairly stretched to get what I am looking for in Sunshine.
Sorry the point i was trying to make is that BOTH places do not have a great name and are often referred to as undesirable. Growing up in the west the term "Scumshine" was the norm and ofcourse Frankston with "Franggers" and what not.

I personally think both places do have a lot of appeal though, Sunshine has great access to the CBD, public transport, very multi-cultural, plenty of shopping, supermarkets, restaurants.etc.

Frankston has a lot of the same but replaced the CBD access with access to the peninsula.

Hey Y-Man i was referring to rental demand.
 
albanga said:
I personally think both places do have a lot of appeal though, Sunshine has great access to the CBD, public transport, very multi-cultural, plenty of shopping, supermarkets, restaurants.etc.
Click to expand...

Can't say I completely agree, but if you say so
 

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Definitely frankston. There's big blocks Pt access heaps of infrastructure and always growing, so much money has been poured into there, it's definitely be worth a good look.
 
There are 2 suburbs that might be worth exploring - Thomastown and Lalor, look for house with land you describe to build at the back. Take advantage of the paralysis in investors as they figure what the hell the budget was about, to attend the auctions and swoop down. Who knows, there may be fewer people at auctions immediately post-budget, so that could be your time to pounce!
 
According to the Valuer General's Office:

- barely 2% of homes in Melb are on subdivisible blocks

- close to 40% of blocks in Frankston/Seaford are potentially subdivisible

If it makes anyone sleep better, they can call the Valuer Generals office to confirm the above.

I'm totally biased as I own property in the above two suburbs.

My only caveat is that buyers not pay too much. Hunt around for value and you will be able to pick up brick houses on dual occ sites for barely $300,000 That works out at almost 25% less than the current REIV Frankston median ($380,000). Mispricings like this seldom last IMHO.

Much maligned North Frankston is another possibility - it's even cheaper over there. Bit by bit, the bogans are moving out and the developers moving in.
 
grand dad said:
According to the Valuer General's Office:

- barely 2% of homes in Melb are on subdivisible blocks

- close to 40% of blocks in Frankston/Seaford are potentially subdivisible

If it makes anyone sleep better, they can call the Valuer Generals office to confirm the above.

I'm totally biased as I own property in the above two suburbs.

My only caveat is that buyers not pay too much. Hunt around for value and you will be able to pick up brick houses on dual occ sites for barely $300,000 That works out at almost 25% less than the current REIV Frankston median ($380,000). Mispricings like this seldom last IMHO.

Much maligned North Frankston is another possibility - it's even cheaper over there. Bit by bit, the bogans are moving out and the developers moving in.
Click to expand...

I went theough frankston north the other week. Seeing a guy drinking on the street wasnt a good start. I wondered if i was going to make it out alive. Frankston nth really needs to be redeveloped and it also depends on what area you buy in f/nth too. Cant just pick anywhere...
 
Here is the sort of thing I was referring to. Potentially this could be a 3 unit site if one makes a convincing application. In all likelihood, however, its best used as a dual occ site.

http://www.domain.com.au/property/for-sale/house/vic/frankston/?adid=2011186449

750sqm and selling for around $270,000. I am not sure if the agent is playing some kind of game in pricing it so low. Just the same, may be worth calling.

You need around 3m side access if you want to retain the existing building. Not sure if that can be done in this case. Also, the house is weatherboard - might be worth keeping for a few years and demolishing. You could easily place two 4 bedroom houses on a site of this size. Remember, Frankston is a beachside suburb; new four bedroom houses will no doubt fetch a premium in a few years.

As an aside, Frankston City Council has been very generous of late and there are many instances of blocks under 600sqm being rezoned dual occ. From what I observe, the older and crappier the house, the more likely the chances of it being rezoned upwards.
 
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