St Kilda East, VIC

E

ernie

Hello all,

Finally hoping to get my first IP (yay!) and am looking at apartments in St Kilda East. Rented a 1-bedder in the area about 10 years back and loved the area, which is why I am looking around there for an IP. Would appreciate any feedback on the area in terms of investment potential, what to look for, etc. All replies welcome as it is my first go and I have much to learn :)

Thanks,

e
 
My 2c

Ernie
Im not in the habit of posting negatives but I will recount a story for you. My partner has just had to move to Melbourne for work and while we were researching where to live, St Kilda was high on the list.

Funky place, love the cafe's, the beach and the whole vibe of the area, rentals were affordable, BUT after spending some nights there we were readily and quickly turned off. Im happy to chat to anyone, including the prostitues plying their trade.

Walking around the area, especially off Ackland St at night was scary, and I can categorically state that I dont want my girlfriend walking around at night. Its too dangerous. Even the prossies said that it gets very "iffy here at times"

daytime fantastic, nighttime, a worry. Then chatting to many a Melbourne local in pubs gave me the overall impression that its an area to be concerned about..

dont know about you, but I want my tennants to go "wow" gotta have this place, not "i Like the place, do you think we'll be safe?"

But as the title says, thats just my 2c worth.

Luvvit
 
Lived in StKilda East, liked it years years years ago, close enough to buy cakes, far enough to avoid the street walkers
 
Trogdor said:
St Kilda and St Kilda East are worlds apart.

The latter is a lot 'calmer'!!
Click to expand...

Agree.
StK East basically has the character of Prahran/Windsor (basically the "other side" of Dandenong rd).

Ernie, if you rented there and liked it - I'd say go for it. Hasn't changed that much in 10 years. As to what to look for: Look for what you did as a renter back then. What appealed to you as a renter, and what features you wanted, would probably not be different avergae renter out there (unless you have some strange personal preferences!)


Cheers,

The Y-man
 
As a visitor to Melbourne for the Grand Prix this year we stayed on Grey St., St Kilda and felt decidedly un-safe at night walking back around the area. The bit closer and surrounding Accland is great... just that walk home past the clubs spilling people out and the ladys of the night and other characters etc.

Just my experience...
 
I love St Kilda & east St Kilda. I understand how areas could make visitors feel "uncomfortable" but i never have been. 15-20 yrs ago fitzroy st was a lot rougher than now. Funny; i always think of it as somewhat gentrified from the old days.
Anyhow, definitely St Kilda East remains a good prospect for CG as well as rental demand. Quieter but still close enough to the action. I would say definitely get a 2 bedder if your budget extends.
 
As other people have pointed out, St Kilda East is a world away from Grey St in St Kilda.

I bought my first apartment 8 months ago on Alma road and think it's a great area. Walk to Windsor station (then 4 stops into the city), chapel st, alma park, local milkbar that makes good coffees and Fitness First down the road if you're that way inclined. The Carlisle st shops are an eclectic mix of cafes, fashion and bargain shops. Ride my bike into the city along the yarra. In the car, jump on dandenong road, queens rd and you're on kingsway in the city in no time.

having lived in Fitzroy for many years, I'm suprised how much I'm enjoying the 'other' side of town.
 
As a valuer who has lived in St Kilda East for the past four years i would have no qualms whatsoever in investing in the area. From both a personal and professional point of view it ticks all the boxes - strong rental demand, good transport linkages, heaps of retail amenity, leafy streets with plenty of nice architecture, vibrant nightlife, fashion and cafe culture and don't forget proximity to the beach.

As we've seen in the posts no one has said a bad word about St Kilda East, only St Kilda and even then, the comments have been subjective. While i personally enjoy the leafy streets and relatively peripheral pace in St Kilda East, the data still shows that plenty of people are prepared to rent and buy in Central St Kilda proper....
 
anyone have some current views on the st kilda east area?

I was looking to buy a 2 bedroom apartment around prahran, armadale, and glen iris.

I ended up buying this place in st kilda east.

I found that the 2 beders in armadale are now up around the $540 mark with a balacony.

If anyone wants to pm what they think its worth i'd be keen to know.

I think I bought at the bottom end of the market for a 2 bedrooom unit in the area. Should rent for around $360 a week id imagine.

its 390 inkermen street st kilda east, acces via marne street though which is at the bottom of landsowne.
 

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G’day Ken,

I’m looking in St Kilda, Elwood, Brighton, Prahran area for an old 2bed as well. There was an insanely good apartment that went for 522k on Lindsay St Elwood, I think it went undervalue and whoever got it scored, it was an executor’s auction so yeah. So looks like 520 - 550k is spot on for premium apartments. I’m kind of looking at the lower end 480 – 500k and have seen a fair bit of good stock.

Your apartment looks good floor plan wise, I like the ones with a hallway entrance so its not just like you enter straight into the living room. Looks like there’s reno potential there as well for you. That’s pretty much my criteria, hallway, balcony, reno potential.

RE St Kilda east, I prefer Prahran. Kind of has the same indy vibe, but chapel st > Acland st
 
Nice place, keneth! How much did you pick it up for? I haven't been following prices in the area but it would be hard to go too far wrong if you're planning to hold. A quick spruce up (10k?) would go a long way to improving your yield & rentability.
 
$460k was the damage i liked the layout, and position was good enough. i couldnt find anything with a balcony or the seperate type kitchen that this one has.

i found the 2 bedroom units without hall ways sell for around the $450k mark when they are done up a little bit.

The area not too busy... close enough to the action, with not being in it, which i liked. i felt i could add some value with a decent renovation when the time is right.

i dont think i got a bargain, nothing goes cheap these days! but i dont think i paid too much in comparison to whats floating around at the moment.

I just wanted something that an owner occupier might want to buy further down the track. and it ticked a few of those boxes.
 
St Kilda East

From where I sit (next suburb down) it's going from strength to strength as a desirable (hip) suburb. In fact, it reminds me a lot of how St Kilda (proper) used to be in the 80s: a good mix of independent stores, groovy cafes, Jews and hobos. As St Kilda becomes more and more like Chadstone, the action is moving to St Kilda East.
 
melbmeg said:
From where I sit (next suburb down) it's going from strength to strength as a desirable (hip) suburb. In fact, it reminds me a lot of how St Kilda (proper) used to be in the 80s: a good mix of independent stores, groovy cafes, Jews and hobos. As St Kilda becomes more and more like Chadstone, the action is moving to St Kilda East.
Click to expand...

Yep agreed. Ripponlea is also starting to hot up. Ripponlea village shops are slowly being renovated. All it needs is some decent cafes.
Of course i'm biased as i have a large block on Hotham Street that i plan to develop in the next few years.
 
any thoughts on st kilda east?

I have noticed the market has 109 properties for sale... and it is a bit patchy....

some 2 bedroom apartments are selling for low $400's some mid $400's and some even low $600's... It's hard market to get a grasp on other than most are getting passed in and being sold privately.
 
melbmeg said:
From where I sit (next suburb down) it's going from strength to strength as a desirable (hip) suburb. In fact, it reminds me a lot of how St Kilda (proper) used to be in the 80s: a good mix of independent stores, groovy cafes, Jews and hobos. As St Kilda becomes more and more like Chadstone, the action is moving to St Kilda East.
Click to expand...

i dont own anything in st kilda east but i believe it will be a booming investment long term, i would not buy now but if u time the market properly it would be ideal.

i had lunch a couple of weeks ago in st kilda east on a sunday and it was just pumping, lots of the shops and cafe's etc are crossing the highway to be where the action is in st kilda east.
 
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