North Melbourne - Under $250k

[West Coast-PI]

The northern outskirts of Melbourne from Glenroy through to Bundoora as you travel west - east ....along an imaginary arc...~8-12km from the CBD have made good growth this year (esp' Heildelberg West).

I have been monitoring the Reservoir/Fawkner/Gelnroy region since late 2006. These regions have burst through the $250k bracket, however, you can still get the odd property under this price bracket.

How do people feel about this area? I am looking for a 600sqm+ block and long term capital growth & would be much appreciative of any feedback as I am interested in people's comments.
Cheers.

 

[saibaba]

Oak Park

Is it worth buying off the plan two bed room unit closer to Oak Park station. Asking price is around 335k mark. Rental expected is around 300 per week.

Please advice .

 

[Peter Parker]

Is it worth buying off the plan two bed room unit closer to Oak Park station. Asking price is around 335k mark. Rental expected is around 300 per week.
Please advice .

Oak Park is good for CBD access but otherwise it's a dead spot. It's miles to the nearest big shopping centre and Glenroy isn't exactly inspiring.

That amount should get you a house in the area (or somewhere like Coburg, Preston or Reservoir) with many more options such as renovating and/or subdividing. A house in Oak Park is also going to appeal to families which should be an advantage given the schools at Essendon.

But if you wanted to stick with a unit, surely that amount could get something in Moonee Ponds or Essendon, which are better areas.

Note that developers build because they can get cheap land (not necessarily well-located) and they reckon there's enough suckers who will buy. Since people who live in units are sacrificing space for convenience, they'll be looking for an excellent location, and I suspect that location is more important with units than with houses (especially if you're going to be asking house-sized rents like $300pw).

Peter

 

[Quantum Leap]

I have often thought that Glenroy needs some further attention / research. I don't know the area too well, however I was surprised by the proximity to the CBD (2nd or 3rd freeway exit on the Tullamarine Fwy if I recall correctly). If I was looking for that type of property, I would look at the long term prospects of Glenroy...

Rgs

QL