North melbourne ?

[eyespy]

North melbourne suburbs ?

I'm interested in getting an ip in north melbourne, around 400k with development potential. Have read posters recommend thomastown, glenroy, lalor.
How is the market going for these areas ? I've seen there is a lot of activity there but price growth hasn't really changed much in last few years. Am I correct in this ?
So local melbournites, how do you see the market for this area ? Still a few yrs of growth left or peak ?
Also, how do people buy at auctions when you are interstate ?
Thanks in advance !

 

[pickle pickle]

Thomastown is having an industrial boom at the moment. Plenty of industrial development going on. Heard that commercial price per metre there is approaching inner city areas like South Melbourne.

As for residential area, the above could help as there will be plenty of jobs near-by. If you can get a development site for $400k in Thomastown that isn't too close to the freeway or rail line you are doing well. Whether prices will increase more than the market I'm not sure as in my experience industrial development in an area hasn't really led to a residential boom.

Lalor is the next suburb up from Thomastown so same principles apply as above. However Thomastown is closer to the city and where the industry is being built so Thomastown is a better option at the price

Don't know much about Glenroy. It's between Pascoe Vale and Broadmedows isn't it?

 

[evan1875]

There seem to be mixed views on North Melbourne.

As someone who has resided there for a year I think the suburb is fantastic. It is walking distance to the CBD, tram line runs through, it's a rail line convergence suburb, stones throw to the Tulla, has wide streetscapes, interesting industrial feel with warehouse conversion apartments everywhere, cool cafes. Quite a calm and spacious feel to it, it just doesn't feel anywhere near as dense as some other 'headline' inner suburbs.

I've had one eye on it for a few years now as an investment and I've noticed the latest version of APM (May) has a very interesting article about the proposed CBD extension along the corridor that extends up to Kensington. North Melbs would be front and centre in the proposal. It's worth having a read as there may be either positive or negative flow on effects for investors depending on what type of stock you pick up. Check it out here...http://www.melbourne.vic.gov.au/BuildingandPlanning/FutureGrowth/StructurePlans/ArdenMacaulay/Documents/Arden_Macaulay_Structure_Plan_2012.pdf

On the flip side I recently asked Michael Yardney at his seminar what he toughght about North Melbourne, as he resides in Melbourne. He was quite reserved about the prospect of investing there, citing that he has never heard anyone say North Melbs is a great place to live. So I'm quite confused

I think OP meant northern suburbs.

 

[long haul]

Yep silly me, deleted as I do not wish to hijack the thread.

 

[GreyGhost]

Thomastown is having an industrial boom at the moment. Plenty of industrial development going on. Heard that commercial price per metre there is approaching inner city areas like South Melbourne.

As for residential area, the above could help as there will be plenty of jobs near-by. If you can get a development site for $400k in Thomastown that isn't too close to the freeway or rail line you are doing well. Whether prices will increase more than the market I'm not sure as in my experience industrial development in an area hasn't really led to a residential boom.

Lalor is the next suburb up from Thomastown so same principles apply as above. However Thomastown is closer to the city and where the industry is being built so Thomastown is a better option at the price

Don't know much about Glenroy. It's between Pascoe Vale and Broadmedows isn't it?

I agree there on the above comments.
Plus Thomastown is not very accessible to the city.
I would avoid that corridor.

Money better spent in Glenroy or Sunshine

 

[elsLan]

I agree there on the above comments.
Plus Thomastown is not very accessible to the city.
I would avoid that corridor.

Money better spent in Glenroy or Sunshine

Thomastown has the ring road that goes directly into the city via citylink. As does high street or via st George's rd.
It has both trains and buses.
Its a good growth corridor and still affordable for large parcels of land.

Glenroy you're fighting with developers who drive prices quite high.
Broadmeadows has large new migrant and lower socio economic class.... Houses are generally poor in design and upkeep.
Just my opinion.

Reservoir is a good option. 25 min max to city

But as an Ip you would have better returns on a property in inner glenroy (pascoe vale end) than the Hadfield/jacana end. Thomastown and lalor would be on par for return with Thomastown being a little closer to city so slightly more favourable.

 

[jpcashflow]

Hi

Hi...

The areas you are looking at have potential. You say development potential.. what is your exact goal?

Thomastown is growing, in terms of its industrial boom but buying something in the 400K with development opportunity is going to be tough.

If you are looking at developing in the future best to give a council and see what their requirements are...!! this will ensure you target the right property with the right block.

 

[MTR]

Thomastown - land has increased considerably over the last 12 months. Also, zoning has changed, and in many pockets where you could once build 4 townhouses, you can now only build 3. This is huge, I suggest you also contact Council regarding the zoning changes.

MTR

 

[eyespy]

Thanks for all the helpful info so far. Where do you see the market for these suburbs at present ? Still rising and how many years to go or you think it's near it's peak ?
I plan to buy and landbank, and with yields being poor want to make sure am not buying at a peak and have to hold too long with no growth.

 

[MTR]

Thanks for all the helpful info so far. Where do you see the market for these suburbs at present ? Still rising and how many years to go or you think it's near it's peak ?
I plan to buy and landbank, and with yields being poor want to make sure am not buying at a peak and have to hold too long with no growth.

What's your budget??

 

[eyespy]

Prefer to stay under $450k.

 

[pickle pickle]

To make a decent profit on any subdivision I believe you'll need to hold onto the property for a while.

However Thomastown, Lalor and Broadmedows do have potential and especially Broadmedows you can get a property with development potential for under $450k.