What r your thoughts on Flemmington, Melbourne. My husband and l are looking to buy a Victorian terrace that needs work, but we are concerned that if we put in the work will this area of Melbourne increase in value? Its a bit like looking into a crystal ball, l know, but you all seem so wise, so what do you think?[blink][blink][blink]
Well its a hell of a lot nicer area than Carlton and look at the prices there!! IMHO I dont think you can go wrong in the Flemington/Maribyrnong area-I have already bought a few places there and made a nice profit on one sold just a month or two ago.
Hi Hot Property Investor,
I’m from Qld so don’t know the area however as with any property purchase its very important that you have a strategy in place first before signing on the dotted line. What are your ultimate goals, how does this property fit into your portfolio? Who will do the reno work and at what cost? If you need help with this then have a look at http://www.propertydivas.com.au.
I’d suggest you first do a RPdata search (or similar) and find out what property has sold for in a 1klm radius and then hit the road and drive by each place. Try to find one similar to what your property would be like renovated, then work backwards taking into acount reno costs and the price they are asking. Make sure there’s enough profit in it for you. We always aim for $1 profit for every dollar spent but thats not always possible if you pay contractors.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Gday hotpropertyinvestor!
Im from melbourne, and in my opinion flemington is a great location, has all the ticks in the boxes, close to city, heaps of trams and trains, close to all the big sporting venues, plenty of good restaurants. Wouldnt hesitate if you get the opportunity!
Good luck![suave]
i live there and can tell u its a great area and imo very underpriced right now, of course im no expert or nostradamus (spell check!) but i dont see how it can be this cheap for long.. its a bike ride to the city, great quiet location.. only negative would be the average house size would be fairly small
Close to city yes but cheap no. My mate bought the 2×1 terrace he was living in with his partner off the landlord. Its a small single fronted narrow place with small courtyard, no garage much similar to the stuff in Paddington and Balmain which us Sydsiders are used to. Paid $420 or $440k I think but was only paying $290 p/wk in rent. Was a walk to the tram and pubs nearby and only short distance into town. But with the negative carry, you’d be maxed out after one of these.
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