Outer Suburbs/Towns Victoria

[MelbEngineer]

What do people think of these suburbs/towns for an investment?:

• Wonthaggi - This town has had very strong growth in the past few years.
• Pakenham - One of the most outer suburbs.
• Castlemaine - Gold mining town
• Maldon - mining town
• Morwell
• Inverloch
• Shoreham
• Dromana

 

[oc1]

Inverloch is a great investment towards my relaxation

 

[chrispy]

MelbEng

You have picked the more "trendy" rural areas in Castlemaine and Inverloch.

Castlemaine, to me, is overpriced as is Inverloch, although both places are nice. Wonthaggi, I believe will go up in the short term as it is very close to the proposed Water Treatment plant and the subsequent need for rental accommodation. The proposal claims it will provide employment for a further 1,000 people.

Chris

 

[Peter 14.7]

MelbEng

You have picked the more "trendy" rural areas in Castlemaine and Inverloch.

Chris

And Maldon is tourist town first and foremost. Cannot comment on IP value.

I just bought two IPS in Melton. Obviously I like that area.

Peter 14.7

 

[our obsession]

Historical Growth Patterns..

I have some historical growth patterns of the places you have selected as interest:

Castlemaine: Median House Price 1994: $74,875........Median House Price 2004: $210,000....Change of: 180%

Dromana: MHP 1994: $98,750........2004: $290,000.........194%

Inverloch: 1994: $83,000.............2004: $290,750..........250%

Maldon: 1994: $71,200.................2004: $192,500..........170%

Morwell: 1994: $56,000................2004: $109,250...........95%

Pakenham: 1994: $96,000.............2004: $222,825...........132%

Shoreham: 1994: $132,000............2004: $442,500...........235%

Wonthaggi: 1994: $75,000............2004: $191,000...........155%

These statistics are courtesy of Victorian Valuer-General, and I don't have any IP's in these areas, (I do have some in Bendigo..1994: $84,000.....2004: $200,000.....138%)

Just putting them up for people to have a little further information to add to their investment knowledge-stuff

 

[MelbEngineer]

Thanks for the tips Chrispy and Our_Obsession.

So Morwell is rather cheap still.

Wonthaggi is looking even better if the water plant is built there.

 

[Harris]

And Maldon is tourist town first and foremost. Cannot comment on IP value.

I just bought two IPS in Melton. Obviously I like that area.

Peter 14.7

Congratulations Peter

Interested to hear about your reasons for investing in Melton.. considering it seems to have almost an endless supply of land and the prices have been quite static for a couple of years.

I know that the entry price points are quite low with hlaf decent rental yield.

Thanks

Harris

 

[HandyAndy888]

I'm looking at Morwell,

It seems to have all the goodies for now much money...

This will be IP no. 5!!!! Whoohooo!

 

[MelbEngineer]

I'll add a few more towns to the list:

Torquay
Ocean's Grove
Anglesea
Lorne
Appollo Bay
Warrnambool

And one QLD town:
Townsville

Also this is an interesting article on boom towns, in case anyone missed it:

http://au.todaytonight.yahoo.com/art...-10-boom-towns

Was discussed here:

http://www.somersoft.com/forums/showthread.php?t=31242&highlight=boom+towns

 

[our obsession]

Historical Growth Patterns..

I love these towns and this city, even if nobody wants to invest in them; they are worth a visit just to see and do. (Try Great Ocean Road traveller )

However very strong 10 year growth:

Sweet Anglesea: Median House Price 1994: $120,000.....2004: MHP: $382,500....Change of: 219%

Amazing Apollo Bay: 1994: $114,000.............2004: $335,000...........194%

Lovely Lorne: 1994: $193,000.....................2004: $679,000...252%

Omnipotent Ocean Grove: 1994: $105,000....2004: $320,000...205

Thrashing Torquay: 1994: $128,000..........2004: $365,000....185%

Wild Wonderful Warrnambool: 1994: $100,000....2004: $245,000...145%

(Source: Courtesy Victorian Valuer-General)