Quesiton on Richmond

Hi all, im just wondering if i could get some advice pls. I have been looking at investing in a single unit in footscray or footscray west, with a price range of $350-380,000, as i used to live in the area and know it well, and can see good strong capital growth in the coming years. I also am interested in Richmond, and can see 1 bedroom apartments for around the $340,000 mark with a really good location.
Do you think in terms of long term growth, Footscray is a better option? Or will Richmond pick up again in the future also?
Many thanks in advance
 
Lots of new OTP apartments getting built in various parts of Richmond, especially up around Vic Gardens (Burnley and Victoria st). Further east again the channel 9 site on Bendigo st got sold and will get developed as well (maybe townhouses or apartments).

Richmond has absolutely boomed recently. In the good locations there at 2 bdr apartments priced in the 700s.
 
I read some advice on here once that I thought was really good (ok, I've read lots of good advice on here :D, but this was pertinent to the question, I think):
Do whatever you didn't do last time. If you've already bought in Richmond, stick to the west for this one ... if you own in the west, buy in Richmond. If it's your first IP and you have a PPOR in Richmond, buy in the west ... something about spreading those eggs between baskets.
FWIW, I think almost anywhere within that 7-10km ring is going to do well. It comes down to individual properties and what you can and do buy. Maybe you can get a better buy in the west for your money than you can in Richmond - and still do well? Or maybe you can keep your eyes peeled in both areas and see what comes up.
(sorry, just re-read this and it's a bit rambling ... hope it makes some sense :))
 
If you can manage to secure a 1BR for $340-$380K in Richmond go for it. I guess it IS possible, but mostly in the really run down old blocks that are in Burnley rather than prime locations and make sure you check the body corp. When I was looking I noticed that the body corp fees were low because the owners were really only paying insurance on the buildings. What's going to happen when it needs repainting etc?
 
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