Melbourne suburb, below $350K, good cap growth and rental

Hi I find that generally suburd with reasonably good rental yield, such as Pt Cook, does not enjoy much capital growth.

With a budget of say $350K, can someone recommend a place with good capital growth and a rental yield of say 4%.

I am considering Glenroy, Pascoe Vale, Bundoora for houses/units, Footscray for units for that price range. What about Williams Landing, it appears that the land there are selling very well.
 
anywhere within 10km of city has done fairly well.

I will be putting my 1 bedroom unit on the market at some stage in 2010, its located in Newport, hoping to get around $250,000 completed renovated.
 
Hi I find that generally suburd with reasonably good rental yield, such as Pt Cook, does not enjoy much capital growth.

With a budget of say $350K, can someone recommend a place with good capital growth and a rental yield of say 4%.

I am considering Glenroy, Pascoe Vale, Bundoora for houses/units, Footscray for units for that price range. What about Williams Landing, it appears that the land there are selling very well.

How's the yield in Pt Cook? i think it's pretty easy to rent there. Had a friend who applied and got it straight away. Had a dog too (not a maltese - one of those big ones)
 
I beg to differ re Pt Cook.
I have 1 IP there bought late 2007, re-financed early this year to pull equity - it has gone up ~24% in that time-frame.
Yield isn't too bad either - 5.9% (gross).


Cheers,
Lee.
 
Point Cook - you mean that suburb that needs pumps to keep the sea from swamping it? Who the hell would want to live/rent there?
 
Point Cook - you mean that suburb that needs pumps to keep the sea from swamping it? Who the hell would want to live/rent there?

Aazar, was that comment really necessary? If you don't want to live/rent there, that's your prerogative. No need to so openly disregard those that do. It had no bearing on what the OP was actually asking. I'm sure your mother taught you at least some manners.

To the OP, what about Glenroy? Not sure if there are still some Gems under $350k, but work a look. Think it's 11km from the city, good Public Transport and decent facilities.

Cheers
AV
 
Yes it was necessary so that the Original Poster is aware of the pitfalls of the area.

Is there anything wrong with letting him know that a prolonged power black out can destroy his house when the pumps fail and the sea starts to come in? Or that there may be structural problems with the high salt content of the land? I sure hope your parents taught you how to list and analyse the facts first, cause mine certainly did
 
Have you considered places like Deer Park. ?

Some excellent opportunities there especially if you are looking to buy then develop in the future.

Some great blocks of land for sale with old houses on it in that price range.
 
Point Cook - you mean that suburb that needs pumps to keep the sea from swamping it? Who the hell would want to live/rent there?

There are PLENTY of forums that cover this issue with PC on this site, I am sure the OP will do more DD that just your comment alone.

My annoyance was more in the second half of your comment (quoted above). To answer your question, allot of people. Please try and have some respect,
and don't be so down right rude and condesending.
 
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Yes it was necessary so that the Original Poster is aware of the pitfalls of the area.

Is there anything wrong with letting him know that a prolonged power black out can destroy his house when the pumps fail and the sea starts to come in? Or that there may be structural problems with the high salt content of the land? I sure hope your parents taught you how to list and analyse the facts first, cause mine certainly did

interesting i didn't know that. would that mean the council fees would be higher?
 
Re Deer Park, lots of O/S investors taking advantage of the new estates - so must be something going on there worth a look.

Cheers
AV
 
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My research begs to differ.

Anyway, enough of this nonsense.

Re Deer Park, lots of O/S investors taking advantage of the new estates - so must be something going on there worth a look.

Cheers
AV

I'm more talking about the older areas.. some great large peices of land just ripe for development.

Close to the freeway.. not far from the city.. new train station opening.. lots happening!
 
I'm more talking about the older areas.. some great large peices of land just ripe for development.

Close to the freeway.. not far from the city.. new train station opening.. lots happening!

Hi Extatic,

What do you know about the deer park bypass? Has that assisted its property prices at all?
 
Hi Extatic,

What do you know about the deer park bypass? Has that assisted its property prices at all?

I think it should have. My PM told me that it is easy to rent out IPs in Deer Park due to the bypass. She also told me rental demand is high in Point Cook as many people want to live there. There is no reason to doubt her words as she has first hand experience with renters.
 
Aazar....I am curious to know about the pumps...because I am sure the insurance companies would load the premiums in Point Cook if that was the case.

Can I please see the evidence that this is happening ?

Aazar, was that comment really necessary? If you don't want to live/rent there, that's your prerogative. No need to so openly disregard those that do. It had no bearing on what the OP was actually asking. I'm sure your mother taught you at least some manners.

To the OP, what about Glenroy? Not sure if there are still some Gems under $350k, but work a look. Think it's 11km from the city, good Public Transport and decent facilities.

Cheers
AV
 
Oh, rental income is first class there. You can easily get a staggering $300 per week for many of these first class 4 bedroom houses. Sometimes they even go for $350. Most importantly, first class people make for a first class suburb.

Just heard from my folks one of our workers are trying to buy a second house there as his homestay business is flourishing to no ends. Said he probably won't need to work for the rest of his life once he gets this second house going, which I was a bit surprised to hear. Certainly seems like a gold mine there. If my money weren't all tied up I'd buy a few of these.
 
Aazar....I am curious to know about the pumps...because I am sure the insurance companies would load the premiums in Point Cook if that was the case.

Can I please see the evidence that this is happening ?

I live nearby to Point Cook. Certainly no pumps required to keep the seawater out! There was reference to that being the case for Sanctuary Lakes due to the man made lakes - but I think the information has been somewhat misconstrued.

Regards Jason.
 
Holland will never be settled. Too much danger from inundation.

Does anyone else wonder if in 50 years time Adelaide will be surrounded by desert. I'd be selling now! lol
 
I think that Heidelberg presents some great value. It's close to town 10 - 12 kms, it's got high rental demand, there's good transport and shopping and I believe if you look hard enough you might even be able to find something in your price range. There's also the added bonus of many properties in the area with dual occupancy potential. In fact, it seems the only down side is that I don't own a property there! Good luck with your search.
 
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