What is wrong with Kensington & Flemington, Melbourne?

[Blair]

I've recently been browsing realestate.com.au looking at properties to rent and buy. I've noticed that you seem to get a much larger property in Kensington and Flemington (e.g. a 3 bedroom townhouse) for around the same price (or even less) as a very small apartment in other areas close to the city.

Do you think this area is undervalued or am I missing something? Is there something wrong with these areas?

 

[Wunderbar]

They're in the West. That's the short and simple answer.

 

[Belu]

Have a look where the actual properties are as well - some of them might be near the commission flats, and there you have your answer.

 

[Invest]

Walk around the area and get a feel for it. Its mainly full of people from 3rd world countries living in commision housing... sorry if it sounds racist.

However I actually would not mind living there as its right near the city and has a lot of potential.

 

[Giddyup]

Walk around the area and get a feel for it. Its mainly full of people from 3rd world countries living in commision housing... sorry if it sounds racist.

That might be true for Flemington, but that not the case for Kensington. I just moved out from a rental their 4 months ago. Although you do get a bit of foot traffic from people moving from Flemington to Footscray.

Some of the propertied in the Kensington Banks development are built very poorly and would never buy one, however there is some quality there.

I dont think it is such a good buy tho. Recently saw a 2 br town house sell for $580k, you would be lucky to get $400/wk rent for it (it was currently rented for $350). Hardly a great investment. The vacancies are very low in the area, so at least it wont be vacant for too long.

 

[Belu]

I know someone who lives in Kensington Banks and loves it. They pay about $450-500/week for a 4 bedroom townhouse. I would imagine they would be worth $700k? 3-4% gross isnt too exciting.

 

[Tuppence]

Walk around the area and get a feel for it. Its mainly full of people from 3rd world countries living in commision housing... sorry if it sounds racist.

I'm sorry, but that certainly does sound racist... and is untrue. Flemington and Kensington do have their share of refugees, that's true - as do other places with commission housing, such as Carlton, Richmond and Port Melbourne.
Kensington and Flemington also have a thriving middle-to-upper-income latte-set who live in pretty, renovated period houses on tree-lined streets.
I think it's unfair (and pretty ordinary, to be honest) to label a place based on it being home to some people of another colour or culture.
(not going to comment on the returns, or otherwise, except to say, as I've said on here before, that I would not buy in Kensington Banks. Have heard some horror stories about the build quality there. The rest of the area, like everywhere else, has its good and not so good spots)

 

[buzzlightyear]

Wow, some of the generalisations based on uninformed, incorrect and old biases. These are not the responses that I would expect from informed SS'ers. Blair I trust you will discard those and make a more enlightened decision.

There was another thread about Kensington here, which I made a response to.

Not sure about overpriced, it depends on what your baseline is for pricing. The areas I mentioned above are not cheap, but they are not the same price range as Sth Mel, Richmond for example.

 

[imonmyway]

Great suburbs to buy in if you can afford it, and if your visiting flemington stop in at laksa king opposite the train station for a feed, you will return.

 

[Invest]

I'm sorry, but that certainly does sound racist... and is untrue. Flemington and Kensington do have their share of refugees, that's true - as do other places with commission housing, such as Carlton, Richmond and Port Melbourne.
Kensington and Flemington also have a thriving middle-to-upper-income latte-set who live in pretty, renovated period houses on tree-lined streets.
I think it's unfair (and pretty ordinary, to be honest) to label a place based on it being home to some people of another colour or culture.
(not going to comment on the returns, or otherwise, except to say, as I've said on here before, that I would not buy in Kensington Banks. Have heard some horror stories about the build quality there. The rest of the area, like everywhere else, has its good and not so good spots)

Didnt police have problems with Somali teenagers running amok there a year ago?

I have friends who lived in the commision housing in Kensington and every time we drove past or went into their flat, we met Afghani people, Vietnamese, Combodian, African and some shady Aussie (can I say bogans junkies)? Wow my post is completely politically incorrect and racist based on my real life observations.

Then again, St Kilda, Balaclava and Glen Iris has many Jews living there... is that racist too?

PS how exactly is it unfair to say that Jewish folks like to live around St Kilda while Lebanese and Arabic people prefer Broady and Coburg? Seriosuly.

 

[MC1]

I'm sorry, but that certainly does sound racist... and is untrue. Flemington and Kensington do have their share of refugees, that's true - as do other places with commission housing, such as Carlton, Richmond and Port Melbourne.
Kensington and Flemington also have a thriving middle-to-upper-income latte-set who live in pretty, renovated period houses on tree-lined streets.
I think it's unfair (and pretty ordinary, to be honest) to label a place based on it being home to some people of another colour or culture.
(not going to comment on the returns, or otherwise, except to say, as I've said on here before, that I would not buy in Kensington Banks. Have heard some horror stories about the build quality there. The rest of the area, like everywhere else, has its good and not so good spots)

good post. Agreed

 

[propertyVIC]

Both good suburbs I'd be happy to invest in, while staying away from Kensington Banks and being directly across road from housing commission.

Friend who is a professional with professional husband recently bought there - million bucks for a single-fronted four-bedroom terrace. Apart from the commission flats, it's less and less a working class area.

Historically, Kensington was cheap both because of being in the west and because the abbatoirs or cattle sales yards or something used to be there and stinky. Not there any more.

 

[Blair]

If the only issue is nearby government housing I think Kensington & Flemington are too close to the city not to transition and become a little pricier. Plenty of excellent suburbs have government housing because they place government housing close to public transport, schools and other facilities on purpose right?

 

[Melbournian]

true - south melbourne - housing commission but just a stone's throw away you got terraces and townhouses going for above 1.2 million

 

[zed_kid]

true - south melbourne - housing commission but just a stone's throw away you got terraces and townhouses going for above 1.2 million

Pfffft forget that. Housing commission flats in Prahran are just a stones throw away from south yarra and Toorak, I’m not even going to quote the prices there

 

[Wunderbar]

True, people don't seem to care about housing commission proximity anymore. If you bought property next to housing commission flats (even right opposite) 5-10 years ago you would be absolutely creaming it as the discount has now reduced to almost 0%.

 

[buzzlightyear]

Pfffft forget that. Housing commission flats in Prahran are just a stones throw away from south yarra and Toorak, I’m not even going to quote the prices there

I see your Prahran housing commision flat and raise you to the one on Victoria Avenue Albert Park, (just near Beaconsfield Parade). Prime waterfront. Properties on Beaconsfied Pde are typically of $2-3 million.

I recall once going to see a really nice renovated single fronted Victorian home in Danks St (just around the corner). From the lovely updated, paved and rendered courtyard you had prime position to the see.......the Housing commission tower.

 

[zed_kid]

I see your Prahran housing commision flat and raise you to the one on Victoria Avenue Albert Park, (just near Beaconsfield Parade). Prime waterfront. Properties on Beaconsfied Pde are typically of $2-3 million.

I recall once going to see a really nice renovated single fronted Victorian home in Danks St (just around the corner). From the lovely updated, paved and rendered courtyard you had prime position to the see.......the Housing commission tower.

Ahh touché sir. But are you talking about the huge commission towers? The low rise flats in Albert Park and Port Melbourne are not ‘that’ bad...

 

[Fifth]

Pfffft forget that. Housing commission flats in Prahran are just a stones throw away from south yarra and Toorak, I’m not even going to quote the prices there

Not even a stone's throw away from South Yarra. The flats on the South Yarra side of Malvern Rd are, of course, in South Yarra.

 

[poordeveloper]

Not even a stone's throw away from South Yarra. The flats on the South Yarra side of Malvern Rd are, of course, in South Yarra.

And they are huge too. Lived in a place on one of the streets behind for approximately 5 years. Multiple house break-ins and countless car break-ins (once stolen). We actually stopped locking the car after a while in the hope they'd spare the windows.