Thoughts on outer Eastern - VIC

[allsuccess]

Hi everyone,
What are your thoughts on following outer eastern suburbs for capital growth in the next 5 years? Aiming at 500-550K house price.

Ringwood, Ringwood East, Heathmont

Things to avoid
- near power lines/housing commission areas
- New house and land packages (Won't be able to get anything for 550K anyway)

Here are the pros/Considerations
- Massive developments going on (e.g. Railway station, Eastland, Ringwood Swimming pool)
- public school/private schools
- Easy access to city via public transport
- I live in the area and see lot of subdivisions, new constructions. Don't believe (going by growth in the past few years) that it will push the price down.

 

[The Y-man]

Went shopping end of last year in the area - was already very hot.
Agents were pretty much universally expecting $<advertised> + 10%~15%

The Y-man

 

[allsuccess]

Yep, big jump from last year to this year.

 

[Redwood]

Huge potential with Eastlink already there and Costco moving into the area. Many developer have purchased land and applied for large scale apartments.

Find the right property at the right price, there are a heap of opportunities, and there are a few 'rough' areas around.

Asian population is starting to move from Box Hill to Mitcham and with numbers will head down Whitehourse Rd to Ringwood area which means $$$$$.

Cheers, Ivan

 

[Dbz_Vic]

I was looking at Ringwood last year and like others said prices have moved too much and the numbers don't work for me anymore. I personally feel that for this kind of money it could be better spent investing elsewhere. I should add it depends on what your strategy is too. The eastlink toll charges was also a turnoff for me. But as a PPOR I would definitely consider it.

 

[allsuccess]

I was looking at Ringwood last year and like others said prices have moved too much and the numbers don't work for me anymore. I personally feel that for this kind of money it could be better spent investing elsewhere. I should add it depends on what your strategy is too. The eastlink toll charges was also a turnoff for me. But as a PPOR I would definitely consider it.

This is for an IP (I actually live in Ringwood as well). I almost feel if I have missed the boat.

There are couple of sales;

http://www.realestate.com.au/property-house-vic-ringwood-116319431 (only 2 BR so rent is not good).

http://www.realestate.com.au/property-house-vic-ringwood-116253879
(This will require lot of work. Also, the look of the house is not that appealing).

 

[Spades]

Unzip your fly :

http://m.heraldsun.com.au/leader/ea...price-at-auction/story-fngnvlxu-1226847073485

Cheers Spades.

Ps.O/S $44b starting to spread there wings and inflate prices.Not hard to pick where there targeting.

 

[gronk007]

We have two IPs in Heathmont... Both had change of tenants for different reasons, only needed one open for the unit, no open for the house, a private appointment was all it took for 20 minutes one night so the demand is certainly there...

We are OS for the next 3 years, hope The Station/Bus Interchange, Westfield and the like do Ringwood proud!!!

We have lots of friends who missed their entry point into the area are have looked/are looking at Croydon, Croydon Heights and Mooroolbark... it just keeps pushing further and further East

 

[allsuccess]

Croydon South and Bayswater North has nice pockets too.

 

[gronk007]

Hows the new Costco site going?

Where did all the skateboarders go now that somethings there

 

[allsuccess]

Hows the new Costco site going?

Where did all the skateboarders go now that somethings there

Costco looks good. No more skateboarders. I think the whole area will look great once all the development is done. Library building is gone. I've also heard that few shops just outside of Ringwood station has received notice to vacate.

Lot of work going into Ringwood Aquatic Centre as well.

 

[Lil Skater]

Ringwood will be great once Eastland is finished. Costco is already open.

All the above areas mentioned are in high demand and tend to rent quite easily.

 

[Coota9]

I work at Eastland and development is big,700 million with a completion date of late 2016

 

[gronk007]

Ringwood Bus/Train interchange has been kicked around for a while, especially under a Bailleau government, it feels like a few of these projects are stalling.