Richmond, Vic
- Thread starter Lilli
- Start date
PPOR is very different to IP and I think you should buy emotionally rather than detached.
I think prices across Melbourne have softened (don't know Richmond personally as I look at north/north west) but will stay flat for another 6-12 months.
It is much more of a buyers market so I would say to take your time and look for the right house
Cheers
Ben
I think prices across Melbourne have softened (don't know Richmond personally as I look at north/north west) but will stay flat for another 6-12 months.
It is much more of a buyers market so I would say to take your time and look for the right house
Cheers
Ben
Hi Lilli,
To give you a focussed answer, can you provide more information:
- Why would you like to live in Richmond?
- What is important to you?
- What is not important to you?
- What is your price range?
- What is your family situation?
- What is your income situation?
Richmond prices have softened a lot with many unrenovated, older look properties sitting around a while without sale (until vendor agrees to sell cheaper). Chic, modern look properties in better pockets still sell, but at lower price than late 2007.
To give you a focussed answer, can you provide more information:
- Why would you like to live in Richmond?
- What is important to you?
- What is not important to you?
- What is your price range?
- What is your family situation?
- What is your income situation?
Richmond prices have softened a lot with many unrenovated, older look properties sitting around a while without sale (until vendor agrees to sell cheaper). Chic, modern look properties in better pockets still sell, but at lower price than late 2007.
In answer to your questions.....
My husband and I want to live closer to the city, and I like the area as it has lots of shops and restaurants without having to go into the city itself. Public transport is important, and also reasonable access to the freeway or stkilda road (in other words we would want to be the more southern parts of Richmond than on the edge of Abbotsford). Our price range is around the $750k however we are in the midst of selling so this price could be higher / lower). We are looking at having kids in the next year or two so we want something family friendly. Our combined income before tax is approx $160k however we have an IP also.
My husband and I want to live closer to the city, and I like the area as it has lots of shops and restaurants without having to go into the city itself. Public transport is important, and also reasonable access to the freeway or stkilda road (in other words we would want to be the more southern parts of Richmond than on the edge of Abbotsford). Our price range is around the $750k however we are in the midst of selling so this price could be higher / lower). We are looking at having kids in the next year or two so we want something family friendly. Our combined income before tax is approx $160k however we have an IP also.
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Hi Lilli,
I have a few IPs in Richmond.
The market has definately come off the boil from 6 months ago. I would say now was a good time to buy here.
Some areas are better than others, but it really depends what you want. e.g. the area north of Highett st (between burnley and Church) is considered more entry-level and while I wouldn't go too close to Victoria Street, this area has properties with much more space and wider streets.
Richmond Hill is traditionally the 'best' area, but I find it a bit more cramped.
Maybe if you answer Kenster's questions we can help you a bit more.
Cheers
I have a few IPs in Richmond.
The market has definately come off the boil from 6 months ago. I would say now was a good time to buy here.
Some areas are better than others, but it really depends what you want. e.g. the area north of Highett st (between burnley and Church) is considered more entry-level and while I wouldn't go too close to Victoria Street, this area has properties with much more space and wider streets.
Richmond Hill is traditionally the 'best' area, but I find it a bit more cramped.
Maybe if you answer Kenster's questions we can help you a bit more.
Cheers
I'd say look for a 2-3 bedroom victorian within the block bordered by Bridge, Swan, Burnley, and Church Streets.
Maybe a 2 br with scope to add an upper level when the kids come along?
This depends how we define "Best".
Richmond Hill tends to get good price at sale, yet is very cramped.
As for spaces, the Burnley area (south of Swan street) has more space, some leafy street, train line, proximity to the river & golf course, proximity to Hawthorn and its facilities.
As for schools, residents in the Bendigo street areas can send their children to the excellent Hawthorn West PS and Melbourne Girls (both public schools). They also get the park and river lifestyle.
As for proximity to the city, people to lives behind the Epsom hospital can walk to the MCG, city, Melbourne park & river.
As for development potential, there are some bigger blocks in tree lined streets around the Buckingham / Kent / Somerset / Highett streets area.
My choice? The Burnley pocket. Better value for money.
Lilli,
Richmond is good for DINK's lifestyle but can be frustrated for families for many reasons.
For example, Most restaurants / cafes have not enough space for prams. No boy public high school in the area. Limited open space. Limited street parking. Small houses with limited off street parking. Few children play areas. Bad road traffic congestion. The SE freeway is tolled. Limited number of budget facilities (shops, supermarkets, hardware stores, petrol stations...).
It costs money to overcome these limitations.
I find this cost is undesirable especially when you step into the family phase of your life. Raising children often means lower income and higher cost.
I would look into other areas instead.
I live in Hawthorn West (west of Power st), just over the river from Richmond. IMHO it's a better area for families than Richmond. Great parks, less public housing (not a politically correct opinioin I know), less crowded and still has a huge number of shops, cafes & resturants including cheap options due to the presence of Swinburne uni students in the area.
$750k may get you an unrenovated single fronted victorian, or a reasonable 3br unit or t/h. A fully renovated family house in Hawthorn West on a 1/4 acre is going to cost ~$2+mill though, and that's if you can find one on the market.
So you need to decide on what you are going to compromise on
1) size of land
2) position
3) back yard space
4) condition of house
5) streescape
6) price
etc.... something has to give.
Don't give up though, I moved in from the 'burbs 2 years ago and absolutely love it.
$750k may get you an unrenovated single fronted victorian, or a reasonable 3br unit or t/h. A fully renovated family house in Hawthorn West on a 1/4 acre is going to cost ~$2+mill though, and that's if you can find one on the market.
So you need to decide on what you are going to compromise on
1) size of land
2) position
3) back yard space
4) condition of house
5) streescape
6) price
etc.... something has to give.
Don't give up though, I moved in from the 'burbs 2 years ago and absolutely love it.
Choosing a place to live is a long term commitment that requires consideration for today's need, as well as foreseeing and catering for future changes.
As Twitch pointed out, there is a compromise amongst many factors should you want to live close to the city with your 750k. I'd prefer to see you have all while still have some cash left for play.
Below is a link we discussed:
http://www.somersoft.com/forums/showthread.php?t=43227
I purchased a OTP plan 2 bed-room apartment (ground floor, quite small) in Richmond, late 2006 for $380K, it was finally complete in May 2008. Was valued at $510K last month and rents for $450 p/w.
Stawell ST?
Unfortunately not, but I walk past it a bit. A guy at work bought a unit there OTP and was twice offered significantly more than he paid before the place was even finished. The last offer he got was last year and it was for almost $200,000 more than what he paid. He didn't sell though and ended up settling.
Tools
Tools
Yeah, the 2-bedroom apartment are quite big and if you got one in the front to blocks facing stawell street you can get city views (protected by zoning laws too). No pool or gym which keeps BC down and some have big storage cages in underground CP.
Will ne interesting to see the condition of them in say 10-15 years.
There was an auction there today for a 2-beda, double storey but, will find out the price hopefully if it sold.
A 2-bedroom, double storey sold for $655K at auction on saturday (stawell st), the owner paid 495K OTP, only settled in June.
Not bad for a lazy 160K
Not bad for a lazy 160K
A 2-bedroom, double storey sold for $655K at auction on saturday (stawell st), the owner paid 495K OTP, only settled in June.
Good properties are still going for a song in Richmond
And this was essentially a total rebuild as it had severe structural problems and hardly rentable. Sold for $605k
And this property I loved but how's the price
Nice areas of the world, but I am biased because I own in Windsor.
This one is actually in Windsor not Prahran, but sold yesterday for $885,000.
Can people tell these buyers that there is a global credit crunch on, consumer optimism is at 17 year lows, interest rates are sky high and that paying these prices doesn't allow us investors on picking up bargains
