Yep, Yarraville is really nice. Very cosmopolitan. Good place to live I think. Not too sure if it cuts it as great investment area. Sometimes a bit smelly and polluted.
What areas in Melbourne are good value at the moment?
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I do not know how the new school will make a difference but its old site on springvale road could be interesting.
Tricia, as one of the private school kids who grew up in Kew, I think you will find many would prefer to live in the same area they grew up or closer to the city not further away from it. Those suburbs you mention are so far from reality of what younger professional from private schools are looking for. They will choose apartments or townhouses in Richmond or Collingwood then the old 1/4 acre block in the "boonies". The inner west or north are much more desirable to live as they are close to town and have a great vibe.
Friend just bought a reasonable 2br house on 500sqm in Oakleigh for $510k as a PPOR.
That's seems like a pretty good buy.
I wouldn't be buying above the median in any suburb as an investment. PPOR different if you can afford it without highly leveraging it.
I believe prices are still well inflated and may come back to early 2000 levels. They've come close to tripling in the last 14 years.
That in my opinion is a bubble if you view pricing history over the last 100 or so years. If you go on 40 years history as a guide, you're asking for trouble.
That's seems like a pretty good buy.
I wouldn't be buying above the median in any suburb as an investment. PPOR different if you can afford it without highly leveraging it.
I believe prices are still well inflated and may come back to early 2000 levels. They've come close to tripling in the last 14 years.
That in my opinion is a bubble if you view pricing history over the last 100 or so years. If you go on 40 years history as a guide, you're asking for trouble.
One of the houses I have is in a suburb with a median house price (According to RE.com.au) of $1.3m - but mine is much more than double that on a conservative bank value. Yet this is a fantastic property with above-average lot size and development potential right next to the CBD. I would say your logic is flawed unless you are talking about a suburb where every single house is the same.
What are you saying? Bubble if you view 100 years.
Bubble if you view 40 years.
Confused
If you already own that property Aaron at low LVR or debt free, great.
To be more transparent, my logic is that I would rather buy a house for 450k that may drop to 250k in a downturn, than a 2mill house that may drop to 1mill.
My belief is that property prices are already overvalued significantly as they have tripled since the mid to late 90's, and there will be significantly better buying opportunities in the latter stages of this decade.
If you go back from 1880- 1950, median housing dropped in value. Since 1950 they have gone on their upward trend. It took over 20 years for asset values to begin appreciating in value again afer the great depression.
My logic is that I've read enough to not be naive to think this will not occur again and therefore tread cautiously for the next 5-10 years and then evaluate prices.
It's only an opinion based on opinions, so I would as we always say do your DD and work out your own risk profile.
To be more transparent, my logic is that I would rather buy a house for 450k that may drop to 250k in a downturn, than a 2mill house that may drop to 1mill.
My belief is that property prices are already overvalued significantly as they have tripled since the mid to late 90's, and there will be significantly better buying opportunities in the latter stages of this decade.
If you go back from 1880- 1950, median housing dropped in value. Since 1950 they have gone on their upward trend. It took over 20 years for asset values to begin appreciating in value again afer the great depression.
My logic is that I've read enough to not be naive to think this will not occur again and therefore tread cautiously for the next 5-10 years and then evaluate prices.
It's only an opinion based on opinions, so I would as we always say do your DD and work out your own risk profile.
DB. Bubble's are great. They influence the economy, innovation, personal wealth, lifestyle and opportunity. They gave us the IT boom, Industrial Revolution and many other industries and careers were formed on their growth.
One could argue that due to the rate of growth in property over the last 60 years in Australia, a real estate bubble has developed which will eventually deflate.
The question is when not if.
Read "The Great depression ahead" and "Aftershock" and make up your own mind. Also try the "The Black Swan". They all give an insight into what is not yet thought of as mainstream psychology.
A freeway in the backyard vs a lake and sanctuary
I believe it has to do with transport (more on the south side from memory) and possibly a historical flowover from when the northern end of Nunawading was the big refugee housing area.
I personally think N.Blackburn much better value - but prices have evened out a lot recently.
The Y-man
Id think about inner city- see this article
http://www.businessday.com.au/busin...desirable-office-location-20120311-1usip.html
Id follow the businesses- they are usually right. There is always a demand where businesses want to be.
http://www.businessday.com.au/busin...desirable-office-location-20120311-1usip.html
Id follow the businesses- they are usually right. There is always a demand where businesses want to be.
What are peoples thoughts on the Hawthorn suburb atm in terms of overpriced etc?
Currently looking at purchasing an apartment as IP and leaning towards hawthorn for location/proximity to public transport/city, area vibrancy
i.e.
http://www.realestate.com.au/property-apartment-vic-hawthorn-109900946
Currently looking at purchasing an apartment as IP and leaning towards hawthorn for location/proximity to public transport/city, area vibrancy
i.e.
http://www.realestate.com.au/property-apartment-vic-hawthorn-109900946
Pakenham - Fallingwater Estate??
Hi,
Just wondering if anyone has views on Fallingwater Estate in Pakenham. Looking at an IP - brand new - construction to be completed in 3 months - 4 x 2 on about a 450 sq.m block. Price Ive been quoted is 359k - Need to make a decision in the next few days (can walk away if required for no penalty). Rental return between 320 and 350 a week.
Thoughts?
Hi,
Just wondering if anyone has views on Fallingwater Estate in Pakenham. Looking at an IP - brand new - construction to be completed in 3 months - 4 x 2 on about a 450 sq.m block. Price Ive been quoted is 359k - Need to make a decision in the next few days (can walk away if required for no penalty). Rental return between 320 and 350 a week.
Thoughts?
Give it a miss.
It's nothing special.
You can buy much better elsewhere.
The price is too high and the land area is small.
The quoted rent also appears a bit high - and possibly too high for a cheap/outer area.
Check vacancy rates - these tend to be higher for new estates than established areas.
Depreciation will be good for tax but capital growth will likely be less than for an established property in the same area that's on bigger land and nearer amenities.
Look at established homes within 1km of Pakenham Station/shops and compare the land size and value for money of those.
Or for something newer, something near the Cardinia Rd station (to open next month). Cardinia Rd also has existing and planned shops nearby so should be convenient for tenants.
Good value now. City as a whole is at bottom of market, though some parts are turning pretty quickly from what I can see.
At that price range, stick with flats/units in this area. People in this demographics like those.
What you showed is good.
don't walk, RUN!!
Thanks Deltaberry! Inspecting a few this weekend along with areas in North Melbourne
Thanks Deltaberry! Inspecting a few this weekend along with areas in North Melbourne
I thought you were looking at Hawthorn?
Any way same thing with North Melbourne in my very personal opinion.
I suspect the flats will be a better entry price with better use of space achieving comparable rental returns with lower body corporate costs, compared to many of the new apartments/townhouses.
Not to mention being on the fringe of the city new apartments/townhouses will have to compete with prime site CBD apartments.
