Under $300k in VIC?!

[The Y-man]

Does Melbourne have a different definition of units? Perhaps like 'villas' in Qld?

Yes,

In Melb, a "unit" often refers to a villa unit (or "homette" in SA)
Anything multistorey is an "apartment" ("flats" in other parts of the coutnry)
"Townhouse" often refers to multistorey "units" - eg each unit is double storey and there are several of them.

Cheers,

The Y-man

 

[The Y-man]

Yes, but that doesn't mean his neighbours upstairs don't have a nominal share of the land the whole building sits on, via the body corp 'units'.

Some ground floor apartments in melbourne have the adjoining courtyard on title - which gives them a small but nevertheless useful land component.

Cheers,

The Y-man

 

[sash]

Try the Western suburbs....they are travelling well at 5-10% growth per annum.

The suburbs which you could good houses at reasonable prices are:

Werribee (27 klms) for 170k-250k for typical a 3-4 bed home on 500-700sqm block

Hoppers Crossing (23 klms) for 200k-260k for typical 3-4 bed home on 500-700sqm block

Melton (35 klms) for 170-220 typical 3-4 bed home on 500-700 sqm block.

Stay away from the brand new stuff in these suburbs.

 

[IndexFund]

I am about to buy my first property: newish 3 bedroom, double storey house with over 600 sqm land, double garage etc in Sydenham for just under 300 K.
Apparently the vendor is kicking himself already as he had offers over 300 K for this property after he signed the contract...

Sydenham is going up very quickly though.

 

[Property Meister]

hey everyone,

I know that the criteria that i set out basiaclly limits it to suburbs that have reasonably established growth, I am not looking at subrubs that have had no or little growth as then the future is undecided, or subuarbs that have shot up as I may ahve missed the boat,

but I guess it would have to be inside 30km from the city, this basically opens up so many possible subrubs...

I am just trying to choose or filter out the best ones for me????

eg do Ichoose somewhere reasonably close to where I live, ie not 1 hours drive so I dont have to spend an eternity reasearching and driving

eg. do I choose somewhere somewhere that I am reasonbly familiar, I am in the eastern suburbs, however ,frankston interests me, however, i haven;t been there in 15 years!!

also, I am trying to take the emotion out of it, some houses that I have looked for under $300k, I think are yuck.... and no I am not being fussy or snobbish, I am in no position to be, what do you think when you think a property is yuck??

 

[suburbangirl]

I'm an advocate for suburbs surrounding Sunshine, some of which still offer really big blocks with 1950's - 1970's housing for under $300K (high 200's) particularly Ardeer.

Lookup realestate.com.au for Albion, Ardeer, West Sunshine.

14km to the city, close to Sunshine shops/cinemas/library/pool, short drive to Highpoint & Williamstown - highly underrated imho!!!

But don't take my word for it - have a looksee for yourself!

 

[Player]

Hi Michael, I haven't had time to research into this area. Do you happen to live close by this suburb? Is there a clear sign of gentrification yet? I think there are quite a few potentials heading that way (as you mentioned Glenroy has gone up heaps), and gentrification is usually the spark.

Hi Feihong,

No, I don't live close to Broadmeadows, however I helped purchase for our brother-in-law recently and I have been familiar with the shopping precinct for a while, as I used to drive by there.

Many refer to it as an outer suburb, yet it is only 16 km from the CBD. Gentrification has not happened to the point of what Yarraville and surrounds went thru, but then again, Broadmeadows does not have period properties. I consider that the fundamentals as an investment stack up and with such proximity to the city and the amenity that it has, the value is good.

The purchase for my brother-in-law involved 650 sq m with a 3 BR concrete (tenant proof) house with reno'd kitchen and central heating. It is within 1 km of town centre, and 300 m from another train station and at the Glenroy end of the suburb. All this for 229,000. Will rent for 230-240 p/wk. City of Hume is pro-development, so future value adding potential is there.

Have a visit and drive around some streets, houses outside the 1 km radius I refer to are even cheaper. There is development already going in many of the streets near our purchase, good signs as far as I'm concerned.

 

[sparky23]

Hi Akumuslair

Look for house and land packages or a block of land and project home in areas where it will cost you less to build than the cost to buy something similar. For example about half an hour south of my place I can buy land for $90,000 and build a turnkey 2 storey for approc $200,000 and would expect end value around $400,000 excluding CG.

 

[Property Meister]

thanks sparky..

I get the sense you are referring to PPOR???

Im looking for an IP

 

[extradry]

I would suggest the western part of Melb like Melton, Werribee as I'm a big fan. It's cheap and the potential for growth is there. Sure the growth in the past might not be as good as the other areas but if it's one of the fastest growing area in Vic, i don't see anything wrong with that. That would just mean the government has to improve on the infrastructures and facilities in those area to accommodate the growing number of population there.

 

[Bayside]

I just purchased my first house on the fringe of Frankston North, it's on a 715sqm regular shaped flat block. The house is a bit ugly but its got three bedrooms and a double garage...
2.5km from the beach, Seaford Hotel at the end of the street and now the St Kilda footy club are moving in and doing a $11 million redevelopment 400 metres down the road at Belveder Park Seaford!!! oh, cost me $220k

 

[Bayside]

And 36km down East link to City and new Frankston Bypass looks set to go ahead!

 

[units4me]

Why not a well located house in a strong regional city. Your growth/yield will be much better than the suburbs mentioned in your range, and you will have good redevelopment potential.

 

[crunchtime]

I would suggest the western part of Melb like Melton, Werribee as I'm a big fan. It's cheap and the potential for growth is there. Sure the growth in the past might not be as good as the other areas but if it's one of the fastest growing area in Vic, i don't see anything wrong with that. That would just mean the government has to improve on the infrastructures and facilities in those area to accommodate the growing number of population there.

Well said and speaking of Werribee, I know of 12 x brand new Townhouse/Land available (3bed, 2bath, double car garage. $260K to $295K)

All freshly built (steel framed, not wooden) with long structural guarantees. Some of the townhouses have tenants already so there is already rental return. You have a couple of options as an incentive on purchase from the developer...

#1 - Rental return of 8% guaranteed for the 1st year
or
#2 - Developer pays the stamp duty - $11,351

Take your pick!

Inspections are available. I have all other details.

If you're interested, feel free to shoot me a PM.

 

[investwest]

Laverton/parts of altona meadows

Laverton, last zone 1 in the western suburbs, less than 20's from the city, big blocks, 600 or more, sits inbetween massive growth area, five minute drive from Altona beach.

 

[LynnH]

IMHO, buying OTP is, in most cases, pure speculation - NO-ONE can guarantee that there will be capital gains at any stage in the future. And if there is CG to be had, the developer can invoke their 'sunset clause' (and there's one of those in every OTP contract) and .....

If you are contemplating OTP purchases, make sure you do your DD very, very, very carefully.

Cheers
LynnH

 

[Peter Parker]

Well said and speaking of Werribee, I know of 12 x brand new Townhouse/Land available (3bed, 2bath, double car garage. $260K to $295K)

You'd be nuts to buy a small unit (or even worse, an expensive townhouse like the above) in a cheapish suburb when houses on their own blocks cost the same or less.

If you buy well the house might be on a subdividable block, be built in the last 20 years (for depreciation) and be fairly cheap (for stamp duty savings and high yield).

Units do make good sense in inner or bayside suburbs where seperate houses are double their price and a unit is an economical entry into a 'good' area. But elsewhere why buy a unit (new or otherwise) when houses are no dearer?

 

[wildfire]

try lalor??

 

[Property Meister]

I know im a bit cross posting so im sorry.... only if it offends people

im basically looking for others opinion to the original question in todays climate...

im currently looking for something budget can go a bit higher say $350k.

ive been looking at box hill, south yarra, I am happy with the safer suburbs,
south yarra I like, since it should always be trendy, and for this price range it'll defintely be entry level....obviously an apartment, a town house or unit might be nearer $400-$450k which might be a bit pricey for me...

I don't think you can go wrong with SY but just the demographics of Young professionals who if the economy gets worse might increase vacancies which might lead to lower yields and then lower prices...

I was also thinking brunswick, coburg, but have a gut feeling and from what I have seen SY might be safer, oh yeah, and I will be defintely be going for an established and slightly older property not one of those OTP or just built type cheaper apartments.. even in nice areas such as SY

I don't want to go too far out from the City, and yes I am aware that you might get higher yields out there with higher potential of CG but on the downside there is a higher risk of lower/no CG.

eg shoebox apartments, and a lot of those new developments

 

[Sconti]

I'd be looking at Frankston if I was starting out under $300k