Has anyone got the nuts to invest in Noble Park?
It's only 24km from Melbourne CBD. Not a bad location train station etc...
???
It's only 24km from Melbourne CBD. Not a bad location train station etc...
???
Noble Park
- Thread starter Righteous Toss
- Start date
Not for me. Some good parts, some bad parts. I dont see the benefit of wasting time finding out whats good and bad. I have no intention of ever living there. There are similar opportunities bayside and I know the area. Good gains now are a result of the ripple effect. Why invest in Noble Park when you can invest in Seaford?
...because Seaford's already had it's run. 12 to 18 months ago you could get into Seaford for between $250k and 280k. Now it's 350k-400k for even the average places in the right locations.
It's time to look at new areas....IMHO, Noble Park isn't it, but at least someone is thinking outside the box. For the record, Sunshine is looking far more viable these days.
Oh, and Seaford isn't all sunshine and sparkle - buy on the wrong side of the freeway and your capital growth is far worse than the other side.....
It's time to look at new areas....IMHO, Noble Park isn't it, but at least someone is thinking outside the box. For the record, Sunshine is looking far more viable these days.
Oh, and Seaford isn't all sunshine and sparkle - buy on the wrong side of the freeway and your capital growth is far worse than the other side.....
Seaford is knackered like most of that area atm. I went to an "auction" 2 weeks ago and there was 3 people there, me, the owners bro and some other lookers. Needless to say it was PI on a vb. 270k would buy it, just like the "old" days of 2 years ago. That market has tanked bigtime, unless you know something I dont. Vendors have to bend over to sell in this market. It is a buyers market if ever there was one. The market went up 20% the last 18 months and now its down 20+%. Im no D+G'er just someone who goes to opens.
pieman
I disagree that Seaford is 'knackered'... Yes capital growth has stalled (-0.7% in the June quarter - or $2,500) but it's annual growth (June 07 to June 08) is still a healthy 13%.
As always, only time will tell what will happen and nobody has a crystal ball, but I happen to believe that the market will kick off again this spring, and you will see good growth across the board once again.
Returning to the original point - would I Buy in Noble Park? It's growth in the last quarter is -4.8%. In other words, it has failed to 'weather the storm' as well as, say, Seaford. This is bad news indeed in my book for the future. But Noble Park's biggest roadblock, is it's residents; or at least it's public perception thereof, which is just as bad as, say, Frankston North or Doveton. Until that belief wears off, Noble Park is a no-go area in my book, which is a pity as the houses are good, the blocks are OK, the area has amenities and isn't too far out. It's a shame how otherwise great suburbs can be 'ruined' in reputation by a generation of it's residents!
As always, only time will tell what will happen and nobody has a crystal ball, but I happen to believe that the market will kick off again this spring, and you will see good growth across the board once again.
Returning to the original point - would I Buy in Noble Park? It's growth in the last quarter is -4.8%. In other words, it has failed to 'weather the storm' as well as, say, Seaford. This is bad news indeed in my book for the future. But Noble Park's biggest roadblock, is it's residents; or at least it's public perception thereof, which is just as bad as, say, Frankston North or Doveton. Until that belief wears off, Noble Park is a no-go area in my book, which is a pity as the houses are good, the blocks are OK, the area has amenities and isn't too far out. It's a shame how otherwise great suburbs can be 'ruined' in reputation by a generation of it's residents!
This could be the hidden jewel that everyone keeps missing.
My In-Laws live in Kenneth st, and have done since the estate was first opened. They like it, and I've been there a thousand times. I wouldn't live there, but I might consider investing there.
There are some undesirables there for sure, but also a lot of normal people with not a lot of dollars.
We looked there briefly when we bought our last IP, but Noble Park had just gone through a bit of a boom so we had missed the boat a bit and the prices were out of our comfort zone, and the rent yields were cr@p.
I reckon it will be one of those "overflow" suburbs that will have better areas go up around it, and people will move on to Noble Park for it's affordability, but near the amenities.
If the rent yields improve it would be a good option for longer term I reckon.
Especially if the bigger blocks get rezoned for higher density housing.
Really?! Is this how Seaford has performed lately? My sister-in-law bought in January this year in Seaford, new unit (2 bed 1 bath 1 car) in a small development, on the wrong side of the freeway, south of Seaford Road.
From memory I think she paid 275k, off the plan. Did she overpay big time?
I don't know what it's like, but if you believe in getting the best location for the money then other purchases might have been better value if you can tolerate an older place.
Eg that amount will get a 2br unit in Chelsea eg http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=105151715 That's walking distance to the beach, train and shops and closer to the city than Seaford.
But rents in Chelsea aren't that high, the area's full of age pensioners (with limited capacity to pay) and the depreciation schedule (if any) of the typical 1970s unit isn't going to compare with the OTP purchase.
In relation to Seaford's performance, Seaford is one of those areas where the average for the suburb means almost nothing. It's so diverse. You've got bayside places, nice older homes just inland from the rail (but still near everything), a whole heap of cheap units west of Kananook Station, and houses east of there that abut Franga North.
As for Noble Park, if you don't have a lot of money then a 1960s/70s 2br villa unit will set you back maybe $150-180k. It will be close enough to local shops and rail. The area doesn't have the best of names, but you could do a lot lot worse and the lifestyle of a villa/townhouse is far superior to a flat.
If I was to quibble, I'd prefer a good 1br unit in a bayside or further in suburb than a 2br in Dandenong or Noble Park. For that sort of price you might get a 1 bedder in Sunshine, Footscray, Preston or Frankston. There are exceptions but at that price level you'd have to be careful to avoid buying a place with a lot of undesirable things you can't change (eg large block of units, no privacy, no courtyards, cars 1m from front window etc). 1br villas in quality areas are rare but are much to be preferred over 1br flats - if you see one that's well priced buy it!
Peter
If you're looking at the Noble Park area, you'd be better off finding a bargain in Noble Park North
Hey guys I wondering if anyone can help me with some advice! I am thinking of purchasing a property in Noble Park for 380k the agent is telling me I can get anywhere between $350-$380 p/w is this a solid investment?? The property is the one below it is brand new and will be completed in 3 months according to the agent... Any advice would be greatly appreciated...
http://www.domain.com.au/Property/For-Sale/House/VIC/Noble-Park/?adid=2009901558
Personally I think Noble Park is currently undervalued considering it being so close to CBD (only 25ks) and neighboring Dandenong which is the heart of Melbourne’s growing south east corridor. The State Government’s $290 million funded Revitalising Central Dandenong initiative is rejuvenating the city centre and creating a fresh new future for central Dandenong. This is the largest urban renewal project in Victoria since the Melbourne Docklands.
Your thoughts would be greatly appreciated. Thanks..
http://www.domain.com.au/Property/For-Sale/House/VIC/Noble-Park/?adid=2009901558
Personally I think Noble Park is currently undervalued considering it being so close to CBD (only 25ks) and neighboring Dandenong which is the heart of Melbourne’s growing south east corridor. The State Government’s $290 million funded Revitalising Central Dandenong initiative is rejuvenating the city centre and creating a fresh new future for central Dandenong. This is the largest urban renewal project in Victoria since the Melbourne Docklands.
Your thoughts would be greatly appreciated. Thanks..
Haha, pun intended!?!?
Personally - I don't think you are right - i know a guy who has 2 properties in Noble park which he is trying to offload for like more than a year.
Dandenong unfortunately has crime issues and is ranked close with doveton as the no.1 foreclosure capital of victoria. As much as the government wants to rejuvenate dandenong as well invest into it, i highly doubt dandenong would be an area of growth. Demographic wise many are on social welfare and there suggests many people looking to buy into the area would be budget or lower end buyers. harsh statements but ultimately - if you want capital gains - i wouldn't go into that area. That being said, some pockets where certain ethnic groups buy into which are close to hindu temples etc attract certain buyer types.
