Anyone from Melbourne like to comment on the areas above in terms of amenity and popularity, and potential long term growth.
Thoughts on Melbourne: Coburg, Preston, Footscray, Maidstone
- Thread starter Tulamalula
- Start date
Not really, Coburg and Preston are next to each other; same with Footscray and Maidstone .. and all in Melbourne 
Believe me, I have looked at Tasmania too! One night I had an obsession with Detroit Michigan and took a lovely online tour of some ghetto areas with $100 houses and discovered some seriously deluded people thinking they could pay $200 for a property, sit on the land for ten years and sell for a squillion. So seriously, any comments? I have had an opportunity come up in Melbourne, exploring all options.
BTW, have I ever mentioned SA, NT, or ACT? No!
BTW, have I ever mentioned SA, NT, or ACT? No!
I have a client in Coburg I visit regularly and the area seems pretty scummy to me. Very industrial, lower socioeconmic.
You just did
Tula, you've got to see this house in Carina in Hendren Street for 499K, land 607 sqm!
Just came onto the market. Not only could there be sub-division potential as it is walking distance to Carina North shops (butcher, bakery, newsagency). Directly behind it is Mayfield Avenue. On the left of Hendren St is Brisbane Avenue, Sydney Ave, Melbourne Ave and Hobart Ave and on the bottom left is Adelaide Ave! It even has a Mayfield Primary School!!!!
The house is nowhere near the flood zone but still raised (clever)
and it just needs a cosmetic reno! North facing too!
This house is made for you! Not kidding!
http://www.realestate.com.au/property-house-qld-carina-116247727
Just came onto the market. Not only could there be sub-division potential as it is walking distance to Carina North shops (butcher, bakery, newsagency). Directly behind it is Mayfield Avenue. On the left of Hendren St is Brisbane Avenue, Sydney Ave, Melbourne Ave and Hobart Ave and on the bottom left is Adelaide Ave! It even has a Mayfield Primary School!!!!
The house is nowhere near the flood zone but still raised (clever)
and it just needs a cosmetic reno! North facing too!
This house is made for you! Not kidding!
http://www.realestate.com.au/property-house-qld-carina-116247727
My rank is 1.Preston, 2.Footscray, 3.Coburg, 4.Maidstone
Preston & Coburg is close & quite similar whilts Footscray & Maidstone is other pair. There are good/bad area in each suburb so it is hard to comment on such wide context
However, my radar focus on Kensington/Fleminton ATM.
Thats OK but I would suggest this property instead
http://www.realestate.com.au/property-villa-nsw-st+marys-116012143
It is on the corner of Sydney and Canberra St, but is a short distance to Brisbane St, Adelaide St, Perth St, bit of a walk to Hobart St but who cares about that. And its all encompassed by Australia St at the end so you can be sure you have made an astute investment that covers all the major capitals.
Tula, at 107 Orana Street Carina nearby Hendren St, there is an approved 3 X 3 bedroom/1 bathroom site on 607 sqm, even further away from the Carina North shops. They're selling the land alone for 540K with the approvals.
http://www.realestate.com.au/property-house-qld-carina-115635187
http://www.realestate.com.au/property-house-qld-carina-115635187
You have to very, very careful with Kensington/Flemington, esdarch. The East-West link is the monstrosity cutting right into these 2 suburbs. Have a friend who bought an apt in a new apt block in Kensington. The East West link is 14 metres away from her balcony. Apartments in her block are now selling for less than half the original price.
Dave M - not after a unit,
B Girl, that Carina one looks promising, don't want just land, need to rent a house out til I decide what to do.
There wouldn't be any dev potential on that first one would there? only 607sqm, not that I am really looking for development opportunities now, just want to buy a blasted IP and be done with it!
B Girl, that Carina one looks promising, don't want just land, need to rent a house out til I decide what to do.
There wouldn't be any dev potential on that first one would there? only 607sqm, not that I am really looking for development opportunities now, just want to buy a blasted IP and be done with it!
areas to invest
I would think that most of the areas you have mentioned are good. Just stay away from small new apartments. Go for a single fronted or a larger older apartment that will represent better value and provide you with better capital growth.
I personally prefer Brisbane at present because I still feel it is undervalued
I would think that most of the areas you have mentioned are good. Just stay away from small new apartments. Go for a single fronted or a larger older apartment that will represent better value and provide you with better capital growth.
I personally prefer Brisbane at present because I still feel it is undervalued
I'm still buying Brisbane, just looking for second IP location now. No units, only house and land, though in Melbourne, a small terrace, californian bungalow type place, ripe for a reno. I don't want to touch the Brisbane property, wherever that is, but the Melbourne one I will get stuck into straight away as I have an opportunity to get renos done on the cheap, (but not nasty).
107 Orana Street Carina near the house on 51 Hendren St is 607sqm too. 107 Orana Street have got approvals for 3 X 3 bedroom/1 bathroom on 607 sqm.
The house at 51 Hendren Street Carina. The width is 17.7m, even longer than the one at Orana St which was only 15.1m wide. And 51 Hendren is even closer to the shops than 107 Orana.
I would go 1) Preston, 2) Maidstone 3) Coburg 4) Footscray. I dont' find Preston to be full of Middle eastern demographics at all. In fact it is more Italians and Greeks and Asians. Preston has a substantial commercial destrict just look at Preston central's restaurants along high st and Northland to the east. It is 9kms from CBD, surrounded by more expensive suburbs like Thornbury, Northcote, Heidelberg. Even Reservoir further north is fetching high prices. Preston West I have been told fetches the premium, Preston east near Northland shopping centre and Albert St. fetch slightly less. I bought a IP in Preston last Oct and Californian Bungalows I looked at in good nick were going for around $700k+ at auctions, some this year fetched $800k. Old rundown weatherboards on less than 500sqm land went for $500k.
We bought in Coburg last August after living in Brunswick for a period and we really love it. Yes it has fantastic lebanese bakeries, asian supermarkets and delis. If you like more than a steak or a meat pie there are great turkish, indian, pakistani, chinese restaurants and a few good pubs to boot. There are some lovely streets, nice houses on big blocks. Quite a few small developments going on. It is very close to Citylink and only 8kms from the city.
Like any suburb, it has its less desirable parts. Coburg North is quite industrial and I wouldn't want to be north of Bell St but Coburg itself is great. There is a new high school coming, a hospital upgrade, new zoning laws promoting medium density and it's a stones throw from Brunswick / West and a lot of folks priced out of Brunswick (like us) seem to be heading this way so I am confident it will be a good longterm investment.
Like any suburb, it has its less desirable parts. Coburg North is quite industrial and I wouldn't want to be north of Bell St but Coburg itself is great. There is a new high school coming, a hospital upgrade, new zoning laws promoting medium density and it's a stones throw from Brunswick / West and a lot of folks priced out of Brunswick (like us) seem to be heading this way so I am confident it will be a good longterm investment.
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