All Topics / Help Needed! / Best Suburb In Melbourne

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  • Profile photo of RobAdeRobAde
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    @robade
    Join Date: 2003
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    Hi all, I am sure this is a matter of opinion but I am interested in hearing in peoples opinion.

    If you had $400K to spend on an property in Melbourne, you will be living in the property but also want an area which will not only give you some sort of quality of life as well as possible capital gains (10 years+). Where would people be putting their money?

    Thanks

    Rob

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    Profile photo of UnknownSoldierUnknownSoldier
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    im bias as i live there now :) but id def say footscray… once a drug ridden messy suburb is now cleaning up nice and getting trendy like yarraville e.t.c… in the 5k radius to the city it has the lowest median house price by a landslide (look at the eastern side, brighton, elwood, toorak!!) its 5mins max drive to the cbd, and its neighbouring suburb is the melbourne docklands, needless to say if i was going to invest id be going for footscray but thats my opinion.

    Profile photo of freeman cooperfreeman cooper
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    @freeman-cooper
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    Hi Rob,

    Looking at history and taking into acount the population increase and the shortage of new land in inner Melbourne, I would say suburbs like Collingwood, Thornbury, Fairfield.
    I have a friend that has 40 properties in these suburbs.

    Regards
    Frank

    Profile photo of Nigel KibelNigel Kibel
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    I think it depends on what you are after. If you were wanting to buy a two bedroom apartment I love Elwood, its next to the beach, has a great environment and performs well for capital growth. Two weeks ago I brough a two bedroom apartment in a strret with the beach at one end at the shops at the other for $330,000. It is good value at present. Interest rate rises have brought prices back a little. A great place to buy.

    Nigel Kibel

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    Profile photo of lifeXlifeX
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    @lifex
    Join Date: 2004
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    consider bayside suburbs.

    They have Great lifestyle.

    With only $400k you might have to go out a bit from the city centre.

    Mornington, you could get a 3-4 bedroom house on a big block with $400k and be within 1 block of the beach. Great fishing, great cafe culture, close access to wineries and all the benefits of the mornington peninsula. It is an up and coming trendy area too.

    New freeway due to be completed next year will also boost the access to the rest of Melbourne.


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    Profile photo of Alistair PerryAlistair Perry
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    I’m with LifeX (although I’m biased because I live in Bayside). There are some great secong choice suburbs such as Highett, Hampton East and Cheltenham where you can still get hopuses around the $400K mark. If you go further away from the City you get more properties in this price range.

    Regards
    Alistair

    Profile photo of foundationfoundation
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    @foundation
    Join Date: 2005
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    East Brunswick, as close as possible to Merri Ck, so you have access to plenty of open space, unlimited bycicle/walking tracks etc. A short tram-ride to the city, walkable if you find yourself [confused2] and broke. If you’re lucky you might pick up a 3br unloved ‘period home’ in your range…

    My 2c,
    F.[cowboy2]

    Profile photo of blogsblogs
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    Again I might be biased but I’ll put in other vote for the Footscray/Marribyrnong area. I live in the Edge Water estate and think its heaven-just meteres from the water, running tracks, lots of parks, quiet and all 8 kms from the CBD, $400k wont get you anything-will need at least $450 for a 2 bedroom appartment, but I think the potential is unbelievable. Still laugh to myself at where I used to live-GlenWaverley in comparrison to Edgewater!!!

    Profile photo of siraitkensiraitken
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    Biased aswell, but here goes.

    I live wheelers hill, just near glen waverley.

    Glen waverley has been growing rapidly. Houses in the past few years have been moving constantly up. Due to a few factors i believe.
    – Safe railway network, 35-40min to flinder st. Many buses aswell depart from the station.
    – Very good highschool continually doing well and recieve some of the highest government funding (Glen Waverley and Brentwood). Glen Waverley’s high school zoning attracts high amount of families wanting to live in the zone inorder to get into the school. The highschool attracts lots of asian students with significant amounts of money willing to pay any price for the kids to get into that school. This seriously does happen.
    – Reletavily new massive hotel/cinema/restaurant complex (century city/novotel)
    – Recently upgraded “the glen” shopping centre.
    – Near monash freeway. 15min to eastern freeway.
    – 5 minute drive to Monash University (clayton campus).
    – 10min drive to Homesglen Institute of Tafe (Warrigal rd campus), 5min for Waverley rd campus)
    – Reputable council (monash)
    – Very safe community (in my opinion)

    As i said earlier though, i live in Wheelers Hill just next to glen waverley, i believe glen waverley though has greater prospects and a broader market due to its transport/shops features.

    Hope this helps,
    Dave

    Profile photo of blogsblogs
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    Hi Siraitken,

    I agree with some of your points as I lived in Glen Waverley for about 6 years and know the area well. I dont agree with the travel times though-Springvale road is an absolute nightmare and is basically logjammed 24/7. I really didnt like the area-to me it was a mass of surburbia-just house after house, with 6 lanes of constant traffic and therefore pollution. To buy there is very expensive and IMHO is way over priced for what you get-I mean I dont understand the attraction? Especially when I compare it to EdgeWater-you should take a trip there one day and have a look. It is truly a beautiful place-I feel so lucky to be living there. And when I combine the beauty and tranquility of where I live in combination to the fact Im 8ks out of the CBD I have to pich myself and sit with amazement at people paying huge amounts to live in places like Glenwaverley. The way I see it is it will only be a matter of time before people realise they are getting shafted in the east and look at the alternatives in the inner west-Im just thankful Ive got in early!!![laughing]

    Profile photo of siraitkensiraitken
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    Thanks for the reply blogs

    Those traffic figures are times in non-peak traffic and i believe are realistic. For peak periods double them. I agree the traffic is bad in peak hours, mainly before and after school.

    I haven’t been to Edge Water. I have heard a lot of people talk about the up and coming western suburbs. I rarely travel to the west side so I a can’t really give an opinion.

    Glen Waverley and surrounding suburbs has seen significant growth recently so maybe they are overpriced, who knows?

    If anyone else has an opinoin in regards to this area, please post it.

    Cheers,
    Dave

    Profile photo of blogsblogs
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    No probs,

    Well when people are prepared to pay us $300k for a 2 bedroom unit we purchased in 2000 for $115k then yeah I think the prices are massively over priced, especially considering how far out from the CBD it is. Crazy people……[biggrin]

    Profile photo of lifeXlifeX
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    @lifex
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    i think glen waverley is well poised to take advantage of the immigrating population. School zone is a big factor.

    Frankston Highschool zoned houses too. Get a huge house here for $400,000


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    Profile photo of lifeXlifeX
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    i think glen waverley is well poised to take advantage of the immigrating population. School zone is a big factor.

    Frankston Highschool zoned houses too. Get a huge house here for $400,000


    Live, Learn and Grow

    Lifexperience

    Profile photo of ctaingctaing
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    For my 2c worth – McKinnon area; I was priced out of investment property much due to its great public school.

    Comparing 2004 and 2005 VCE performances of schools, McKinnon SC is way ahead of that of Frankston HS (great facilities though) and actually knocked Glen Waverly SC off its perch two years in a row.

    CT

    Profile photo of lifeXlifeX
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    very interesting ctaing


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    Profile photo of fivetalentsfivetalents
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    Hi,
    We are looking at buying around Burwood/Box Hill South at the moment. If you’re into developing you could pick up a old house on a subdiviable block that you could build a house on the back or completely develop later on if you wanted to. Box Hill south has reasonable size blocks and there are lots of examples of what could be done if you drive around the area. Especially the parts of Burwood and Box Hill that border Camberwell, Glen Iris and Surrey Hills as they have all had good growth over the last 12 months.

    Therese

    Profile photo of shake-the-diseaseshake-the-disease
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    Originally posted by fivetalents:

    Hi,
    We are looking at buying around Burwood/Box Hill South at the moment. If you’re into developing you could pick up a old house on a subdiviable block that you could build a house on the back or completely develop later on if you wanted to. Box Hill south has reasonable size blocks and there are lots of examples of what could be done if you drive around the area. Especially the parts of Burwood and Box Hill that border Camberwell, Glen Iris and Surrey Hills as they have all had good growth over the last 12 months.

    Therese

    That’s good advice, I too believe the “wave” that is going on in Richmond -> Hawthorn -> Camberwell -> Surrey Hills is about to hit Burwood and Box Hill South.

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