Melbourne Suburbs

[gailh]

Yes, don't be too hard on Footscray. It does have problems, but one or two trendy bars/cafes have started to open. And yes, remember St. Kilda. In fact, there are still drugs and boarding houses in St. Kilda. They coexist with the yuppies.

Footscray has period housing a couple of kms from the CBD for entry level of about $200,000. If it doesn't gentrify, then it will be about the only suburb with those characteristics in the whole of Australia that hasn't!

Read in this morning's paper that Sunshine is tipped to boom. Frankly, I'd rather buy in Footscray. Sunshine is far crappier in my view, further out and not a hell of a lot cheaper anyway. Well, that's just my two cents worth.

Gail

 

[foxysilvers]

RE Footscray
OK Sorry guys I will fess up, I did tell a fib in my previous post............my motive for buying up in Footscray is not a public service.
I bought and sold property in Footscray in the early '80's and came back a few years ago to flip a few and ended up living in one of my reno's.
I love the place and will not bother working more than 5k from my house for the next 10 years.( Hope I live that long )
Footscray has got more potential for rapid growth in my opinion than any other suburb in Melbourne.............sure some problems but the existing infrastructure and location are brilliant.
I hope Teddy Whitten forgives me for taking Footscrays name in vain.
Cheers

 

[younginvestor]

The western suburbs seem to always get most of the attention when talking about boom suburbs. Maybe its because I have grown up on the "eastside" but I think east will always maintain strong growth. Looking such suburbs as Box Hill, Blackburn, Surrey Hills, Vermont, Burwood. They have done well with the increased infrastructure eg the extended tram line to box hill, the new freeway, and the proposed tram line to vermont south.

All these suburbs are less than 20km from the city, with easy acces. So what are people's views on the east?

 

[Andrew]

To be honest I think the ship has already sailed on Footscray. Long term growth should be
good IMHO but for anyone looking for the next boom suburb should look elsewhere.

Properties in Footscray now sell for a median price of $301,000 (source) how long will it be
before the median is $600,000? 10 years would seem reasonable which would give an annual
growth of just over 7%. Not exactly earth shattering.

I guess medians don't mean much to the individual investor. There certainly are many
run down houses in Footscray for the fixer upper crowd to add value.

My tip for the next boom suburb: Carnegie. Good public transport, schools, shops. Close to
universities, CBD. Relatively low growth compared to nearby suburbs. Median price is
$438K but look nextdoor at Caulfield (median $576K.)

Applying the same test (how long before houses double in value) my crystal ball is a
little foggy but I do have a strong feeling that Carnegie's median will be $900K before
Footscray's is $600K.

Note: preliminary research only, there may be something startingly wrong with Carnegie
that I have overlooked.

andy

 

[darren b]

If you pay your rent on time in Footscray, you get a door knock from the police to ask why and were did you get it from.

 

[Novski]

Hi Guys,

What do you think of Richmond?? As close to the CBD as you can get, it is surrounded by suburbs who's prices are all higher - Kew, Hawthorn, South Yarra, East Melbourne. Sure the streets are a bit narrowish, many without naturestrips, but some good potential still seems to exists to own your own land in the 400k range - not cheap, but if you compare it to surrounding suburbs, it is, i think. Many of the houses are also very run down and i'm not sure why Richmond is 'lagging'...

What do people think??

Novski

 

[New Dad Soon]

There are a couple of largish new developments happening in Richmond, that, once sold will skew the growth figures yet again in the short term.

TIP. looking for growth? look at the figures BEHIND the figures

but if you compare it to surrounding suburbs

You could say the same about Prahran?????

 

[D.T.]

hehe this thread is funny. I work for Telstra's Directory Assistance so I've heard of all these suburbs (and their pronounciation), even to the point where I know which ones are near which (and i've never been to melbourne nor looked at a map).

Feels good to read this thread and realise why good sounding voices asking for businesses in Camberwell and yobbo sounding ppl asking for residential listings in Footscray / West Heidelberg.

Sorry to take this thread off topic. I'll be leaving now.

 

[younginvestor]

I've been looking at units in chelsea, what are others thoughts on chelsea?



Costa

 

[sharon]

positive cash flow ????

Hello every one,

I wonder about the % you mention in your posts. is this income come from net rental income or from estimated capital gain.
can anyone explain please ?