What areas in melbourne still have potential ?
Melbourne Suburbs
- Thread starter younginvestor
- Start date
Hi,
My partner and myself have spent a lot of time investigating area's in Melbourne that still have potential. Based on our research we recently purchased in Fawkner.
Fawkner is still affordable, is within the 12 km radius from the CBD and is ripe for growth. I have heard that Pascoe Vale and the surrounding suburbs also hold some potential.
As I am fairly new to Property Investing, like you, I would be interested in feedback from others more in the know!
Regards
Lesley
My partner and myself have spent a lot of time investigating area's in Melbourne that still have potential. Based on our research we recently purchased in Fawkner.
Fawkner is still affordable, is within the 12 km radius from the CBD and is ripe for growth. I have heard that Pascoe Vale and the surrounding suburbs also hold some potential.
As I am fairly new to Property Investing, like you, I would be interested in feedback from others more in the know!
Regards
Lesley
For Melbourne it is the catch up suburbs turn. Again my forte has been the western suburbs. A recent newspaper article indicated the best growth suburbs over the last few months in percentage terms. 6 out of the 10 were Western suburbs with Altona on top with a 50% increase (I think, from memory).
What has happened is that the rest of Melbourne had being increasing and a number of Western suburbs have been sleeping. Well now it is their turn as the West loses their stigma of working class and is still affordable housing.
I have seen massive prices increasing in Williamstown, Newport, Yarraville, Footscray and now it is the secondary suburbs turn out west.
My choice of growth ( and income return of 5-7%))suburbs over the next couple of years are-
Sunshine and Ardeer- right on the Western Ring Road
Altona- a seaside suburb that is slowly shaking off it's Western suburb and smelly petrol refinerary tag.
Hey a seaside house for $200-250k. It's own local shopping centre and close to Melbourne, 20 minutues by freeway.
Altona North- ditto
Altona Meadows- some bargains at $200-240k returning 5.5%-6% rental return. And finally running out of vacant land. right next to the upgraded Geelong Freeway.
Hey and just a little bit further out Hoppers Crossing and Werribee. Not as high captial growth but rental returns of 6-8% available. If capital growth is going to be hard to come by at least there is income.
Williamstown has had it's run and is too highly priced (but I thought that 2 years ago)
Anyway that is my penny's worth . Only the future will see if I am correct.(or is it wishful thinking.
What has happened is that the rest of Melbourne had being increasing and a number of Western suburbs have been sleeping. Well now it is their turn as the West loses their stigma of working class and is still affordable housing.
I have seen massive prices increasing in Williamstown, Newport, Yarraville, Footscray and now it is the secondary suburbs turn out west.
My choice of growth ( and income return of 5-7%))suburbs over the next couple of years are-
Sunshine and Ardeer- right on the Western Ring Road
Altona- a seaside suburb that is slowly shaking off it's Western suburb and smelly petrol refinerary tag.
Hey a seaside house for $200-250k. It's own local shopping centre and close to Melbourne, 20 minutues by freeway.
Altona North- ditto
Altona Meadows- some bargains at $200-240k returning 5.5%-6% rental return. And finally running out of vacant land. right next to the upgraded Geelong Freeway.
Hey and just a little bit further out Hoppers Crossing and Werribee. Not as high captial growth but rental returns of 6-8% available. If capital growth is going to be hard to come by at least there is income.
Williamstown has had it's run and is too highly priced (but I thought that 2 years ago)
Anyway that is my penny's worth . Only the future will see if I am correct.(or is it wishful thinking.
Melbourne market
I would suggest to be very careful looking at short term growth figures. I agree that some western and northern suburbs are worth reviewing, however be careful with sunshine and further out. What tends to happen in a strong market is that outer areas also increase, however as the market slows down those outer areas drop further.
It is important when reviwing suburbs that you look at the growth over a period or say 10 years.
Hoppers Crossing listed as growing by 8 % in the last 12 months increased by 1.4 percent between 1990 and 2000.
Keep in mind that the average growth in Melbourne over that last 12 months was 19 percent.
If what you are trying to buy is more positive cashflow property thats fine however do not expect these short term figures to continue at these rates.
Areas such as footscay, Esseden and suburbs within that arc are excellent. I personally still love Port Melbourne, depite the high prices I still believe if you can purchase something with water view you will do well in the long term.
Nigel Kibel
The Investment Institute
I would suggest to be very careful looking at short term growth figures. I agree that some western and northern suburbs are worth reviewing, however be careful with sunshine and further out. What tends to happen in a strong market is that outer areas also increase, however as the market slows down those outer areas drop further.
It is important when reviwing suburbs that you look at the growth over a period or say 10 years.
Hoppers Crossing listed as growing by 8 % in the last 12 months increased by 1.4 percent between 1990 and 2000.
Keep in mind that the average growth in Melbourne over that last 12 months was 19 percent.
If what you are trying to buy is more positive cashflow property thats fine however do not expect these short term figures to continue at these rates.
Areas such as footscay, Esseden and suburbs within that arc are excellent. I personally still love Port Melbourne, depite the high prices I still believe if you can purchase something with water view you will do well in the long term.
Nigel Kibel
The Investment Institute
Hmmm... Fawkner:
As a newbie investor (yet to make a purchase) I have been someone reserved in suggesting any places as good, bad, or indifferent. Partly because I have not yet surveyed enough of the market to know how Fawkner stacks up against it.
Fawkner is largely a tract fenced roughly on the west side by the Hume Hwy, the East Side is bounded by Merri Creek, the north side bounded by either Mahoneys Road or the Western Ring Road, and the south side is, well, a little vague (perhaps the continuation of Boundary Road is a reasonable spot). Street Directory probably shows this.
Fawkner is a suburb whose housing stock is mainly late 40's and early 50's (ie. lots of 50's Yellow Brick), a mix of Brick Veener and Weatherboard (prob more BV than WB), with newer pockets in places. My PPOR is in the Summerbank Estate which was once an old school and dates from '95, so substantially newer. When we bought in Fawkner we were living with my wife's parents in Glenroy (more about Glenroy shortly) and Fawkner was close by, thereby we felt we still had access to the same level of facilities. Whilst PPOR decisions are usually based on different factors to IP decisions, I still recall that one of Fawkner's (and Glenroy's) attractions are that it is close to the city.
If we consider Coburg & Brunswick still as inner-city then Fawkner is essentially the next major suburb north of Coburg. At least one "attraction" of housing stock in Fawkner is land size. Considering it is only 12-14 kms from the city, housing blocks are what would be considered "suburban size" (600-800 sq. m) not "terrace size" as a lot of Coburg stock is.
Whilst Fawkner is close to the city, one must also realise that Northern Suburbs housing does not extend very far (comparatively speaking) compared to South East. Approx 10 kms north of Fawkner is Craigieburn, which is a suburbann pocket in essentially a semi-rural area. Beyond that, its open country... Compare that to South East, and you are still in Suburbia 40 kms from the CBD.
It has recently been my opinion that in the next 10 years Fawkner will gain more and more promise because of its proximity to the city, its reasonable pricing, and good land content. I would suspect a lot of renovation potential in Fawkner due to a. the quality of the housing stock and b. average age of owner-occupiers in Fawkner is quite high and property upkeep seems to be more difficult for them. There is a strong ethnic presence here (Italian/Maltese) but quite a good multicultural feel.
Facilities-wise, Fawkner is serviced by the Gowrie railway station on the western side, it is 0.5-2 km away from the Western Ring Road (leading west to Citylink, Geelong etc) and East to Greensborough. The Hume Hwy (Sydney Road) provides one easy way of accessing the city (Tram service available about 4 kms south at Coburg), or quick access northbound.
Fawkner is close to major shopping centres (Broadmeadows about 7 kms, Northland about 10 kms - guesses), Kmart/Coles about 2 kms away (Campbellfield Plaza), at least one state primary school and one private primary school (that I know of), Kindergartens, Maternal Health Care Centres, Library, Swimming Pool & Gym (Jukes Road). Fawkner also have a very active but relatively small shopping strip in Bonwick Street. The Merri Creek Bike Track is on the northern fringe of Fawkner. It possesses a number of small parks plus the Merri Creek Nature Reserve which is substantial.
Fawkner does have some pockets of industrial activity. The southern region is older than the northern region and in my opinion does not have the same "feel" to it (ie. not as nice). Fawkner is typical suburbia and is not an overly "green" suburb.
Fawkner at present is very much *not* for the cafe latte crowd, it is likely to be suitable to chose who desire close proximity to the city, or happen to work in some of the industrial areas to the north (Campbellfield, Broadmeadows, etc). It is certainly not at the stage yet where it is starting to undergo significant "gentrification" by any stretch (which I tend to think of applying to more period residences a'la Coburg and Williamstown).
As for other areas, Campbellfield to the north is predominantly industrial and very little residential to my knowledge. Thomastown to the east is a mix of industrial and residential but services (from my perspective) tend to be a little light.
Glenroy to Fawkner's east is another "good" suburb possessing many of Glenroy's characteristics. Of similar vintage to Fawkner it has similar levels of facilities. Pascoe Vale and Pascoe Vale South are quite pricey and has some very nice (and expensive) pockets.
As a newbie investor (yet to make a purchase) I have been someone reserved in suggesting any places as good, bad, or indifferent. Partly because I have not yet surveyed enough of the market to know how Fawkner stacks up against it.
Fawkner is largely a tract fenced roughly on the west side by the Hume Hwy, the East Side is bounded by Merri Creek, the north side bounded by either Mahoneys Road or the Western Ring Road, and the south side is, well, a little vague (perhaps the continuation of Boundary Road is a reasonable spot). Street Directory probably shows this.
Fawkner is a suburb whose housing stock is mainly late 40's and early 50's (ie. lots of 50's Yellow Brick), a mix of Brick Veener and Weatherboard (prob more BV than WB), with newer pockets in places. My PPOR is in the Summerbank Estate which was once an old school and dates from '95, so substantially newer. When we bought in Fawkner we were living with my wife's parents in Glenroy (more about Glenroy shortly) and Fawkner was close by, thereby we felt we still had access to the same level of facilities. Whilst PPOR decisions are usually based on different factors to IP decisions, I still recall that one of Fawkner's (and Glenroy's) attractions are that it is close to the city.
If we consider Coburg & Brunswick still as inner-city then Fawkner is essentially the next major suburb north of Coburg. At least one "attraction" of housing stock in Fawkner is land size. Considering it is only 12-14 kms from the city, housing blocks are what would be considered "suburban size" (600-800 sq. m) not "terrace size" as a lot of Coburg stock is.
Whilst Fawkner is close to the city, one must also realise that Northern Suburbs housing does not extend very far (comparatively speaking) compared to South East. Approx 10 kms north of Fawkner is Craigieburn, which is a suburbann pocket in essentially a semi-rural area. Beyond that, its open country... Compare that to South East, and you are still in Suburbia 40 kms from the CBD.
It has recently been my opinion that in the next 10 years Fawkner will gain more and more promise because of its proximity to the city, its reasonable pricing, and good land content. I would suspect a lot of renovation potential in Fawkner due to a. the quality of the housing stock and b. average age of owner-occupiers in Fawkner is quite high and property upkeep seems to be more difficult for them. There is a strong ethnic presence here (Italian/Maltese) but quite a good multicultural feel.
Facilities-wise, Fawkner is serviced by the Gowrie railway station on the western side, it is 0.5-2 km away from the Western Ring Road (leading west to Citylink, Geelong etc) and East to Greensborough. The Hume Hwy (Sydney Road) provides one easy way of accessing the city (Tram service available about 4 kms south at Coburg), or quick access northbound.
Fawkner is close to major shopping centres (Broadmeadows about 7 kms, Northland about 10 kms - guesses), Kmart/Coles about 2 kms away (Campbellfield Plaza), at least one state primary school and one private primary school (that I know of), Kindergartens, Maternal Health Care Centres, Library, Swimming Pool & Gym (Jukes Road). Fawkner also have a very active but relatively small shopping strip in Bonwick Street. The Merri Creek Bike Track is on the northern fringe of Fawkner. It possesses a number of small parks plus the Merri Creek Nature Reserve which is substantial.
Fawkner does have some pockets of industrial activity. The southern region is older than the northern region and in my opinion does not have the same "feel" to it (ie. not as nice). Fawkner is typical suburbia and is not an overly "green" suburb.
Fawkner at present is very much *not* for the cafe latte crowd, it is likely to be suitable to chose who desire close proximity to the city, or happen to work in some of the industrial areas to the north (Campbellfield, Broadmeadows, etc). It is certainly not at the stage yet where it is starting to undergo significant "gentrification" by any stretch (which I tend to think of applying to more period residences a'la Coburg and Williamstown).
As for other areas, Campbellfield to the north is predominantly industrial and very little residential to my knowledge. Thomastown to the east is a mix of industrial and residential but services (from my perspective) tend to be a little light.
Glenroy to Fawkner's east is another "good" suburb possessing many of Glenroy's characteristics. Of similar vintage to Fawkner it has similar levels of facilities. Pascoe Vale and Pascoe Vale South are quite pricey and has some very nice (and expensive) pockets.
Maribyrnong - pronunciation: marra-ber-nong (said without pauses).
From what I've read, Maribyrnong is the poorer cousin to Ascot Vale. Maribyrnong was semi-industrial, having the munitions factory and various other industrial pockets. These are slowly giving way to residential developments. Prices, however, still seem quite high. The old munitions factory has now given way to a new housing estate (Edgewater), with blocks priced around $350K for 450sqm. There is also another area nearby (I think something to do with Defense Industries) that has also undergone significant housing. It's not a cheap area. Most of this development has happened in the last couple of years and it will be interesting if these prices hold longer term.
View of the Maribyrnong River are really what command high prices in this area. Some areas are flood-prone I believe (or possibly subject to spring-tide overflows from Maribyrnong - can't remember). Biggest pity is that some of the nicest most picturesque spots (overlooking the river) are often industrial areas (like some spots along Maribyrnong Road past Rosamond road).
Public transport is reasonable to good with tram running along Maribyrnong Road, not sure about train station. Absolutely massive shopping centre at Highpoint on Rosamond Road, with bulky-goods type stores across the road (eg. Harvey Norman, Officeworks, furniture outlets etc).
Vehicle Traffic to me seems a little dodgy in this area, like many inner-city areas the roads are too narrow, and adding more residents will simply increase congestion in the future.
From what I've read, Maribyrnong is the poorer cousin to Ascot Vale. Maribyrnong was semi-industrial, having the munitions factory and various other industrial pockets. These are slowly giving way to residential developments. Prices, however, still seem quite high. The old munitions factory has now given way to a new housing estate (Edgewater), with blocks priced around $350K for 450sqm. There is also another area nearby (I think something to do with Defense Industries) that has also undergone significant housing. It's not a cheap area. Most of this development has happened in the last couple of years and it will be interesting if these prices hold longer term.
View of the Maribyrnong River are really what command high prices in this area. Some areas are flood-prone I believe (or possibly subject to spring-tide overflows from Maribyrnong - can't remember). Biggest pity is that some of the nicest most picturesque spots (overlooking the river) are often industrial areas (like some spots along Maribyrnong Road past Rosamond road).
Public transport is reasonable to good with tram running along Maribyrnong Road, not sure about train station. Absolutely massive shopping centre at Highpoint on Rosamond Road, with bulky-goods type stores across the road (eg. Harvey Norman, Officeworks, furniture outlets etc).
Vehicle Traffic to me seems a little dodgy in this area, like many inner-city areas the roads are too narrow, and adding more residents will simply increase congestion in the future.
Hi nkibel- Yes I do agree that over long term these suburbs wont return the same rate as inner and middle suburbs. But then I suppose I am looking at grass roots investing. the new investor and those investors looking for affordable $160-200k properties with a reasonable rental rate. (and the potential to renovate)
The middle and inner suburbs are now too expensive and rental returns low with a danger of not filling with tenants.
I have observed the Western Suburbs over the last 30 odd years(kept figures for Williasmtown off and on since 1970's) and boy do I wish I had invested in Williamstown and Yarraville then just like I wished I had invested in Altona only a short 2-3 years ago when houses were readily available for $100-120k.
I suppose what I am saying is that the Western Suburbs is slowly losing it's stigma of "Western Suburbs" . There are years to go before it will disappear. In comparision to the rest of Melbourne the outskirts of the West is only 15-20 k's from Melbourne Central where as out the east you are looking at the outskirts as being 30-40 k's.
The latest book on house prices have been released by the goverment dept. and gives a good guide over the last 10 years. This if anything supports my view tha the West has been cheap for too long.
Once upon a time Williamstown (now not a good West Suburb to use as todays's comparision) was frowned upon. I grew up there and it had and still has many good natural facilities. Now it is trendy ville
price 1964 $10k
price 1983 $50k
price today $550k
I suggest that Altona will soon be targeted just like Yarraville and Footscray now are. it has a beach and no through traffic, railway station, buses and shopping centres not too far away
Lets take Werribee- I agree growth is not going to be great but it has been left out of the current great boom. In 1988 the prices were higher than Williamstown. then has stalled for the last 10 years.
However based on my own properties in the area
a/ 1996- 90k, 2000- 120k 2002- 160k
Also b/ 2000 120k 2002 $170k with rental rates of 6.6%
And wow Kevmeister certainly knows his suburbs. Couldnt agree more with Maribyrnong. Your described it thru my own eyes.
Anyway we all have our pets subject (suburbs)- Maybe is is a soft sell for the area. ( I am but a small time property investor)
The middle and inner suburbs are now too expensive and rental returns low with a danger of not filling with tenants.
I have observed the Western Suburbs over the last 30 odd years(kept figures for Williasmtown off and on since 1970's) and boy do I wish I had invested in Williamstown and Yarraville then just like I wished I had invested in Altona only a short 2-3 years ago when houses were readily available for $100-120k.
I suppose what I am saying is that the Western Suburbs is slowly losing it's stigma of "Western Suburbs" . There are years to go before it will disappear. In comparision to the rest of Melbourne the outskirts of the West is only 15-20 k's from Melbourne Central where as out the east you are looking at the outskirts as being 30-40 k's.
The latest book on house prices have been released by the goverment dept. and gives a good guide over the last 10 years. This if anything supports my view tha the West has been cheap for too long.
Once upon a time Williamstown (now not a good West Suburb to use as todays's comparision) was frowned upon. I grew up there and it had and still has many good natural facilities. Now it is trendy ville
price 1964 $10k
price 1983 $50k
price today $550k
I suggest that Altona will soon be targeted just like Yarraville and Footscray now are. it has a beach and no through traffic, railway station, buses and shopping centres not too far away
Lets take Werribee- I agree growth is not going to be great but it has been left out of the current great boom. In 1988 the prices were higher than Williamstown. then has stalled for the last 10 years.
However based on my own properties in the area
a/ 1996- 90k, 2000- 120k 2002- 160k
Also b/ 2000 120k 2002 $170k with rental rates of 6.6%
And wow Kevmeister certainly knows his suburbs. Couldnt agree more with Maribyrnong. Your described it thru my own eyes.
Anyway we all have our pets subject (suburbs)- Maybe is is a soft sell for the area. ( I am but a small time property investor)
All areas of Melbourne have potential. You just have to know where and how to look for it.
I'm no expert but I do believe that (to quote someone smarter than me) "the opportunity of
a lifetime comes around once a week."
Just keep your eyes open and your ear to the ground. I also believe that those who have the
capital to invest will see most clearly the potential of any given deal; so save your dough
because it will come in handy when that deal comes your way.
andy
Nigel:
Yes, almost 300 posts (hadn't looked recently, to be honest), but I've only been active since September. You've gotta give me a little time to learn!
But, seriously, Rolf can attest that I have started on the road by arranging a LOC facility against equity in our house (still getting finalised) - on ya Rolf. Then we can get serious about looking for a property. It may well be in Fawkner - don't really know...
I do feel like the market has cooled off substantially, so I don't feel as rushed to jump in at present.
Don't know if you'd call this analysis paralysis or not, but on the one hand I know I can't research every suburb in Melbourne, and I should concentrate on only a handful, but on the other hand I'm worried about which handful I should pick. Doh!
Yes, almost 300 posts (hadn't looked recently, to be honest), but I've only been active since September. You've gotta give me a little time to learn!
But, seriously, Rolf can attest that I have started on the road by arranging a LOC facility against equity in our house (still getting finalised) - on ya Rolf. Then we can get serious about looking for a property. It may well be in Fawkner - don't really know...
I do feel like the market has cooled off substantially, so I don't feel as rushed to jump in at present.
Don't know if you'd call this analysis paralysis or not, but on the one hand I know I can't research every suburb in Melbourne, and I should concentrate on only a handful, but on the other hand I'm worried about which handful I should pick. Doh!
IMHO it is much easier to look in your own back yard to start. If you get real picky the elderly gentleman who does the early morning ritual of appearing in his front garden in his y-fronts to have a cough, spit and scratch will do great things for values.....there used to be someone like that down the road from me
passing of time did fix that problem. If you look for those sorts of things you may look forever.bundy
Some thoughts
Western Suburbs:
As I live in the Western suburbs, I am close to what's going on but probably a bit biased also. Personally, if I wanted growth, I wouldn't buy any further out than Footscray/West Footscray. The suburbs further out have grown but I believe it is just a ripple effect and will not continue if the market flattens for a bit. I would rather buy a unit in Yarraville than a house in Werribee for growth. If on the other hand you're looking for rental return, further out such as Altona - Werribee might have just the place you're looking for.
Maribyrnong:
We have been looking for a place to rent ourselves recently and have noticed HEAPS of new or near new townhouses etc for rent in this area. Rental managers tell us that the Docklands are pulling renters out of this market because they can get a lot more for the same money there. So I would be concerned if I had signed up for a new unit. The only exception might be if it was unique (i.e. the horizon development with city views near Highpoint) Even so, I think you would have to expect reduced yields in the short to medium term, but then that is happening in most places.
I think the market is flattening out in most places. Personally, I am looking for deals where I make my money when I buy so I don't have to rely on growth at the moment.
Western Suburbs:
As I live in the Western suburbs, I am close to what's going on but probably a bit biased also. Personally, if I wanted growth, I wouldn't buy any further out than Footscray/West Footscray. The suburbs further out have grown but I believe it is just a ripple effect and will not continue if the market flattens for a bit. I would rather buy a unit in Yarraville than a house in Werribee for growth. If on the other hand you're looking for rental return, further out such as Altona - Werribee might have just the place you're looking for.
Maribyrnong:
We have been looking for a place to rent ourselves recently and have noticed HEAPS of new or near new townhouses etc for rent in this area. Rental managers tell us that the Docklands are pulling renters out of this market because they can get a lot more for the same money there. So I would be concerned if I had signed up for a new unit. The only exception might be if it was unique (i.e. the horizon development with city views near Highpoint) Even so, I think you would have to expect reduced yields in the short to medium term, but then that is happening in most places.
I think the market is flattening out in most places. Personally, I am looking for deals where I make my money when I buy so I don't have to rely on growth at the moment.
Fawkner!!
Well that was some responce re: Fawkner - very impressive Kevin and Thankyou very much.
I have been reading many posts and lots of growth figures, which brings me to another question - well, a couple actually!!
Is it not wiser to invest prior to a suburb reaching its growth surge and growth peak, rather than investing in high growth area's after the growth surge has begun? Does that really require ESP to work out?
Just asking - still new to this and learning EVERYDAY!!
Lesley
Well that was some responce re: Fawkner - very impressive Kevin and Thankyou very much.
I have been reading many posts and lots of growth figures, which brings me to another question - well, a couple actually!!
Is it not wiser to invest prior to a suburb reaching its growth surge and growth peak, rather than investing in high growth area's after the growth surge has begun? Does that really require ESP to work out?
Just asking - still new to this and learning EVERYDAY!!
Lesley
Footsray is the only suburb I know that has an evening soup kitchen. I often stop there with my mug and wife for our first course prior to dining at the Bulldogs social club across the car park.
After dinner we have a fine choice of illegal drugs as a chaser delivered by friendly dealers from the halfway house in Gordon Street.
Late evening entertainment of police pursuits and dumpster diving in the Vinnies bins by the local wildlife tops off a typical day.
So please do not consider buying real estate in Footscray as I am buying most of it as a public service.
Cheers
After dinner we have a fine choice of illegal drugs as a chaser delivered by friendly dealers from the halfway house in Gordon Street.
Late evening entertainment of police pursuits and dumpster diving in the Vinnies bins by the local wildlife tops off a typical day.
So please do not consider buying real estate in Footscray as I am buying most of it as a public service.
Cheers
Hi Lesley
"Is it not wiser to invest prior to a suburb reaching its growth surge and growth peak, rather than investing in high growth area's after the growth surge has begun? Does that really require ESP to work out?"
Some suburbs have had consistantly good growth over decades. No crystal ball is required to enjoy this growth over the medium to long term. They may not grow much in the short term if you buy at the peak but longer term they are a pretty safe bet. If you can get hold of growth stats for the past 10-20 yeasr you will soon see which ones those are.
The is entirely different to catching a wave of growth in the short term. The growth in the next twelve months may be in areas that have been overlooked for the past decade. If you can predict and catch such a wave then you can make significant short term gains. Of course over the next decade they may not increase much but does that matter? Especially if you used that equity to invest in some long term solid growth properties.
Just a few thoughts)
"Is it not wiser to invest prior to a suburb reaching its growth surge and growth peak, rather than investing in high growth area's after the growth surge has begun? Does that really require ESP to work out?"
Some suburbs have had consistantly good growth over decades. No crystal ball is required to enjoy this growth over the medium to long term. They may not grow much in the short term if you buy at the peak but longer term they are a pretty safe bet. If you can get hold of growth stats for the past 10-20 yeasr you will soon see which ones those are.
The is entirely different to catching a wave of growth in the short term. The growth in the next twelve months may be in areas that have been overlooked for the past decade. If you can predict and catch such a wave then you can make significant short term gains. Of course over the next decade they may not increase much but does that matter? Especially if you used that equity to invest in some long term solid growth properties.
Just a few thoughts
)Melbouren Suburbs
What if you can pick the next suburbs to have a "sustained" growth surge.
It seems likely to me, that Melbourne has sprawled just about as far as it can, in some directions - which leaves the remaining directions RIPE - given time, to develope in the same manner.
OK - forget Footscray for now - but in time, it may clean up just like St Kilda has. I lived in St Kilda many years ago and no one would touch the place because it was the haven of Street People, Prostitutes and drugies. Go there now and try to buy at a reasonable price!!
Just some thourghts
Lesley
What if you can pick the next suburbs to have a "sustained" growth surge.
It seems likely to me, that Melbourne has sprawled just about as far as it can, in some directions - which leaves the remaining directions RIPE - given time, to develope in the same manner.
OK - forget Footscray for now - but in time, it may clean up just like St Kilda has. I lived in St Kilda many years ago and no one would touch the place because it was the haven of Street People, Prostitutes and drugies. Go there now and try to buy at a reasonable price!!
Just some thourghts
Lesley
