Next IP

Z

zed_kid

Hi guys. Im on the hunt for my next IP, looking to buy around July – September 2013. I already have IPs in South Yarra, Toorak, Prahran so Im looking to diversify to north or south melb, or further out east. Anyway my question is which inner suburbs have the LEAST amount of development at the moment? Im working overseas so cant really do a cruise and see for myself.

Im looking for a 2bedroom apartment max 500k. What suburbs should I be looking at? Carlton, Richmond, Armadale, St Kilda? Anyway all comments are welcome.

Cheers
 
Least amount of development. Do you mean small scale development - or multi storey apartment blocks?

Would you want lots of development - as this indicates that more people would be moving into the area?
 
Parkville

As inner city as you can get with the least development in the central pocket.

More developments could indicate the suburb is becomming trashier especially if they're poor quality rubbish, like the CBD.
 
Zed, what are you looking for this property to do for you? Whats your investment strategy and does this proposed IP fit into it?
 
Thanks guys. Ive already subscribed to the Jake Milne thread.

I definitely want less new development as I am after scarcity. Also looking for older style, art deco apartments.

Thanks for the tip Delta, Parkville is definitely on the short list now.
 
Rixter said:
Zed, what are you looking for this property to do for you? Whats your investment strategy and does this proposed IP fit into it?
Click to expand...

My strategy is CG. Either natural or manufactured or even better if both. Also looking for something close to CF neutral with 20% deposit.
 
Elwood, williamstown

Richmond is stuffed - over developed

Armadale - the towers are coming! Was driving through after work the other day and some houses had signs out front reading ' stop the towers' or something to that effect.

I guess the towers are a fact of life now, they even have one in sandy
 
zed_kid said:
Thanks guys. Ive already subscribed to the Jake Milne thread.

I definitely want less new development as I am after scarcity. Also looking for older style, art deco apartments. Thanks for the tip Delta, Parkville is definitely on the short list now.
Click to expand...

How about StKilda West/Middle Park? Not sure about median for small blocks of art deco in the latter for affordability though...
Excellent lifestyle/entertainment precinct, short travel to the city, trendy area people aspire to... blah blah.
Check it out as best you can from where you are and ask a BA for their advice.
 
Its funny how the non melbournenians rubbished it straight away. Obviously don’t know the suburb profile.

Im targeting 460-470k for this one, we’ll see how motivated the seller is. Its basically a 1brm apartment so im not too keen on it
 
I haven't 'rubbish' it because its melbourne, I just don't think there is a lot of scope to get CG on a 70sqm unit whether that be St Kilda or Double Bay.
 
zed_kid said:
Its funny how the non melbournenians rubbished it straight away. Obviously don’t know the suburb profile.

Im targeting 460-470k for this one, we’ll see how motivated the seller is. Its basically a 1brm apartment so im not too keen on it
Click to expand...

I'm a Melbournian and I'll rubbish it. Well, half-rubbish it.

I've lived in St Kilda West and it is indeed a beautiful suburb, no need to sell me on that point.

Personally, I'm not a huge fan of 60s blocks as they have that art deco revival tendency of looking less like their pre-war ancestors and more like a low rise commission block, especially when the block is a large one. That said, you're not going to get a 2 bedroom genuine art deco in a primo neighbourhood for your price range so one shouldn't be too picky.

The size itself isn't so bad for an apartment in Melbourne, just the old-timey habit of building a decent sized kitchen and whatnot and running out of space before they got to the second bedroom.

Of course, a balcony or courtyard would be nice... Once again, can't be too picky.
 
Sorry Zed; that property is a definite no as it falls short in too many areas.

It seems you've chosen your areas wisely already. So rather than pick a different suburb, why not try diversifying your asset type?

Perhaps look at 2 bed Villa Units in areas like Hawthorn, Camberwell & Kew or waterfront areas like Brighton and Williamstown.

The idea behind that is to take advantage of the baby boomer down size rush.

Thoughts?
 
Hey guys I thought I’d revisit this again. I’m not too keen on Hawthorn, Cambo or Kew. I do however like Elwood and Willi too. Was even toying with the idea of a small 2bed Victorian in Williams town, obviously will be more of a CG then a CF purchase. Ive got 20% tied up in a 750k property that I don’t really want to sell but know that I can do more with the money sitting there… hmm
 
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