Hi All,
Does anybody have an opinion on such suburbs as Berwick and Cranbourne. I’m looking for the investement property and was suggested to look at this suburbs, but not sure about that. Any ideas or suggesteions?
Thanks in advance
I come from Berwick. I have been closley watching the market for a number of years. I don’t know alot about Cranbourne, except that there is a substantial amount of land subdivision going on. Same goes for Berwick, South Side.
Prices in Berwick has doubled since 4 years ago. My opinion is that you need to do a bit of research as the Casey Shire is huge and there is massive developments going on. They expect in years to come that the city of Casey will be as big as Canberra!!! Read this, don’t quote me.
There is less room for expansion on the north side as land has become alot scarce as the north side backs onto a green belt area, township called Harkaway. Basically there is covenants/restrictions on land here.[8D]Thank you Finnie. Couple of properties (actually units) I was shown are located in the Hillsmead estate in Berwick.
I’m a bit new to this. Do you know what is the best way to do more research apart of checking average/median prices and etc?G’day Maiya,
From a potential capital gains point of view, Berwick and Cranbourne could be quite tasty – especially Berwick.
If you bought in Cranbourne 10 years ago you would be absolutely laughing now, as you would be if you bought in Berwick 4 or 5 years ago…
From a yield point of view, both are not so good.
We are talking negative gearing big time in these suburbs.If you do not have the funds/income to cover the shortfall between interest repayments/rates/other outgoings/etc, then perhaps it might be a good idea to look somewhere else.
If you are after capital gain – then look into this area a little more.
Hope this helps,
BDM
Hi
Don’t know much about Berwick/Cranbourne areas, but have just bought a property in Frankston Melb. this seems to be one of the boom areas at the moment. Properties are being sold sight un seen to Investors and they are hitting the market big time there…A new marina is being built there and the shop locals are saying it will be the next St. Kilda…..prices have gone up 34% this year and are expected to keep going…so here’s hoping. Rental returns are a bit low at the moment, but I’m looking for capital growth..so don’t mind and can make the short fall at the moment…good luck with adventures!
Thank you all for information. People who already looked into Berwick or who are from there, do you know the approximate price for brand new (already built) 3 bedroom unit. I understand that it depends on the location, but if I can get some ideas, will do my investigation further.
Thank you all for information. People who already looked into Berwick or who are from there, do you know the approximate price for brand new (already built) 3 bedroom unit. I understand that it depends on the location, but if I can get some ideas, will do my investigation further.I can tell you prices on the North side of Berwick. A number of townhouse types being constructed. Pricing can vary from $300K to $400K. The closer the townhouse is in proximity to the Berwick Village Township the higher the price.
Officer and Beaconsfield suburb next door also units going up there, range from $250K to $300K. These suburbs are moving in price, due to freeway extension of Hallam Bypass. No of retails shops also currently being built.
[8D]Hi Maiya-s[
]A word of caution regarding the possibility of interest rate rises.You need a good yeild to offset the cost of these rises. Factor in a rate increase of at least 1% and see if you can still afford the investment.Check the rental amount with Real Estate agents prior to purchase.
As most properties in Melbourne are approaching the top of the growth phase it is difficult to justify buying for capitol growth with very low yeilds at the moment with intrest rates forcast to rise as reported by Bis Shrapnel.Regards
Bryce Inglis
[email protected]
http://www.ipal.com.au
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