Good morning members,
My girlfriend and I are looking to buy our second IP this melb property cycle.
I have been doing some research and I would appreciate any input from members on this:
Budget:
$530K Max
Objective:
Buy house with development potential - down the track, buy and hold for the moment. Potential 3 unit site, so 600-700+sqm
My parents sold their house on the Oak Park side of Glenroy - 907sqm. Prior to GFC was worth $840K, sold in Jan for $675.. Now similar sites are going for low 7's again. Sale was due to mum's health issues and they downsized to Trinity Beach in Cairns... (Cheap Holidays couple times a year for us now haha)...
2 doors down put 5 TH on the site, 2 doubles & 3 singles.
I would have loved to buy that off them for the $650 they offered it to me for. I could have serviced the loan but didnt have the deposit at the time..
Anyway, to the point..
Locations:
1. Albion, sunshine:
There have been big rail infrastructure spending in Footscray and now the Sunshine station rail goes under the road, which was previously a major issue. Tottenham (which is essentially a freight yard) now has walls built blocking it off and they are developing a lot of small apartments there for young professionals etc due to accessibility to city via rail. Footscray had a boom a while back and for the price tag you do not get much land. I would rather buy as close to Brunswick in Coburg if I were chasing a place like that...
So the better side of Albion has all of the access, land and amenities close and developers have snapped up a few over the last year or so.
+++ Im not sure what the plans are with the next station - Ardeer.
Albion is in that corridor and close to Maidstone etc..
2. Reservoir:
Preston is solid, as is Northcote.. Reservoir has had a lot of development work done on it. Area I like is the Edwards lake side down to Regent station, not the commission side of high st. Blocks around 700-900sqm.
3. Seaford/Frankston
I know there has been a lot of talk about Franga on the forum of late.. So sticking to Seaford, I see Bonbeach, Chelsea, Mordi etc are pricey.. Seaford is the next stop down.
I know they are going for $450-$500K range for decent site close to station etc with dev potential.
I am intrigued, where in Melbourne in 15 years time will you find a house on 600+ sqm of land 600m from the beach for $500K?
Given proposed population growth expected in Melb (3000 postcode growing at 1,500 per week - quickest in all of Aus), surely this must have LONG TERM flow on effect, as affordability trickles to other seaside suburbs there must come a time when the value proposition weighs up and Seaford does look more attractive.
On Seaford in general can someone please give me their thoughts, outlook etc and or counteract my thoughts.....
I know Grand_Dad has spoken about his lower value end of Frang and CG outlook there, and I believe in buying value wherever I look, but I do still wish to buy in a decent locality in Seaford, Frang.
Please forgive my structuring of this post. All of your thoughts and input is appreciated.
Many thanks in advance.
Dave
My girlfriend and I are looking to buy our second IP this melb property cycle.
I have been doing some research and I would appreciate any input from members on this:
Budget:
$530K Max
Objective:
Buy house with development potential - down the track, buy and hold for the moment. Potential 3 unit site, so 600-700+sqm
My parents sold their house on the Oak Park side of Glenroy - 907sqm. Prior to GFC was worth $840K, sold in Jan for $675.. Now similar sites are going for low 7's again. Sale was due to mum's health issues and they downsized to Trinity Beach in Cairns... (Cheap Holidays couple times a year for us now haha)...
2 doors down put 5 TH on the site, 2 doubles & 3 singles.
I would have loved to buy that off them for the $650 they offered it to me for. I could have serviced the loan but didnt have the deposit at the time..
Anyway, to the point..
Locations:
1. Albion, sunshine:
There have been big rail infrastructure spending in Footscray and now the Sunshine station rail goes under the road, which was previously a major issue. Tottenham (which is essentially a freight yard) now has walls built blocking it off and they are developing a lot of small apartments there for young professionals etc due to accessibility to city via rail. Footscray had a boom a while back and for the price tag you do not get much land. I would rather buy as close to Brunswick in Coburg if I were chasing a place like that...
So the better side of Albion has all of the access, land and amenities close and developers have snapped up a few over the last year or so.
+++ Im not sure what the plans are with the next station - Ardeer.
Albion is in that corridor and close to Maidstone etc..
2. Reservoir:
Preston is solid, as is Northcote.. Reservoir has had a lot of development work done on it. Area I like is the Edwards lake side down to Regent station, not the commission side of high st. Blocks around 700-900sqm.
3. Seaford/Frankston
I know there has been a lot of talk about Franga on the forum of late.. So sticking to Seaford, I see Bonbeach, Chelsea, Mordi etc are pricey.. Seaford is the next stop down.
I know they are going for $450-$500K range for decent site close to station etc with dev potential.
I am intrigued, where in Melbourne in 15 years time will you find a house on 600+ sqm of land 600m from the beach for $500K?
Given proposed population growth expected in Melb (3000 postcode growing at 1,500 per week - quickest in all of Aus), surely this must have LONG TERM flow on effect, as affordability trickles to other seaside suburbs there must come a time when the value proposition weighs up and Seaford does look more attractive.
On Seaford in general can someone please give me their thoughts, outlook etc and or counteract my thoughts.....
I know Grand_Dad has spoken about his lower value end of Frang and CG outlook there, and I believe in buying value wherever I look, but I do still wish to buy in a decent locality in Seaford, Frang.
Please forgive my structuring of this post. All of your thoughts and input is appreciated.
Many thanks in advance.
Dave