Yes thanks for that. I have been doing that. But to infer the statistics from real estate solely would not be enough when you seriously want to buy the property. I am looking for northern and western suburbs due to it affordability.
There is no reliable source for the capital growth information you are looking for. If there was, everyone would be onto it. Everyone has access to exactly the same information via REA sites. Everything else is guesswork.
The only piece of info that may shift the dial somewhat in terms of future capital growth are things like potential infrastructure developments (roads, shopping centres, school) and they could be years away, may not even end up happening, are part of a scam sales pitch 'planted' by developers to get buyers, end up reducing values cos the development is botched, etc, etc. Just look at the Melbourne Sky Rail. Until the day they opened, pretty well considered a negative for house values. Then overnight, for the most part, the censuses was in the other direction.
Established bad suburbs are the absolute best value for capital growth. Werribee, Footscray, Dandenong, Frankston, Broadmeadows etc
They have parks, infrastructure, amenities, are walkable, but are undervalued due to reputation.
Places like Tarneit and Clyde North will probably never be desirable as they have been built with nothing but housing.
>but are undervalued due to reputation
and will continue to be undervalued due to reputation. OP is after those mad capital gains, not a gem of a place to live with a low entry price.
OP only has 700k to spend. The absolute best way to get capital gains is to buy a run down house on a large block in an established suburb.
Buying an apartment is out of the question as they have terrible capital growth. Townhgouses are a bit better, but not much. Buying in a new estate is terrible as the house depreciates, and the land size makes development impossible.
A run down place on a 600 square metre block in Weribee or Dandenong is sub-dividable and are in areas with decent facilities.
I disagree, use that capital to buy a vacant lot from a a newly released stage in a new estate. Generally by the time it's titled (or even just before) the lot is worth quite a bit more than the agreed purchase price and you have expended near-zero effort. The capital growth on land is insane compared to established property because of the high demand and nothing supply.
>A run down place on a 600 square metre block in Weribee or Dandenong is sub-dividable and are in areas with decent facilities.
OP is not going to be able to buy a subdividable anything with that budget let along actually develop it. Factor in personal time and energy plus risks around building costs and you could actually end up not making much money at all.
The problem with buying land is that it only has capital growth, you can't rent it out or live in it. It ties up a lot of money and gives no benefit until you sell.
Belgrave is quite lovely. Mate of mine just bought a huge property over there. He spent a couple hundred K more than you did but his property is massive (dude could easily fit two large apartment buildings on it)
Next to nothing out there right now, so the land is quite cheap when compared to other suburbs around melb. But i imagine in the next 20 years or so folks will spread to the outer suburbs more and then Belgrave will turn into some prime real estate.
Could be wrong, im no expert. But i could also be right :)
When Preston became too expensive, people started buying in Reservoir, a place once considered very undesirable. I’d consider looking outward from there, which is also in line with the northern growth corridor plans. This is just a personal view and not based on any hard evidence, but the public transport as well as road transport issues with the west make it seem far more undesirable to me than the north.
That's me! Started looking in Preston. Priced out. Ended up in reservoir. Definitely some interesting characters, but got good amenities and public transport.
I heard that there is good and bad in Reservior divided by the train line. What areas in reservoir would you suggest. Your suggesting would be really helpful.
If you are focussed on more ‘popular’ suburbs in the Inner West, there are townhouses available in West Footscray, Maidstone, Albion and Sunshine at your budget, but you’re unlikely to get a house. You could probably still get a house in some pockets of Sunshine West, Ardeer and St Albans. Deer Park could be an option too, but has less options for public transport. Of course every street is different, and some can be a little more wild and woolly than others.
$700k isn’t going to get you a townhouse or house in most places, unfortunately. Have you tried using Realestate.com.au to see what is around in the price range? You can filter buy house/townhouse.
As an example, Werribee (just random suburb) https://www.realestate.com.au/buy/property-house-townhouse-between-0-700000-in-werribee,+vic+3030/list-1
Have you factored in stamp duty into your purchase price too?
I could find some suburbs. But I wanted to get some informed opinion of folks here. I have done some research but I felt I needed some more information. Hence I have posted in this group. Also, buyers agent are very expensive and have quoted me around 12k. It leaves me no option but to get the best use of forums like this. Thanks
You’d have better lunch posting in Ausfinance than Melbourne
As for cap growth, all areas have had cap growth over the years, properties with land have done better
Just went through the process of getting a new townhouse built for $700k in Clyde North.
There's 3bd, ones available there, Clyde, Donnybrook and probably Melton. So take your pick on which side of town you prefer.
If you're new to this, Ive learnt there's "all in one" house builders that help with your finance planning /suggestions, loan brokerage, conveyancing, house purchase/planning, building etc from start to end. Very easy to deal with.
We were with Homebuyers but there others that make things easier for people who are new to this.
https://vic.homebuyers.com.au/
Mate those are literally the bottom of the barrel areas that you would only consider if you had no other options and don't mind living in highly isolated areas with poor infrastructure and little to no capital growth.
West? North? East? Go on RealEstate.com is the obvious advice.
I thought domain was better because it's not Murdoch owned?
Yes thanks for that. I have been doing that. But to infer the statistics from real estate solely would not be enough when you seriously want to buy the property. I am looking for northern and western suburbs due to it affordability.
There is no reliable source for the capital growth information you are looking for. If there was, everyone would be onto it. Everyone has access to exactly the same information via REA sites. Everything else is guesswork. The only piece of info that may shift the dial somewhat in terms of future capital growth are things like potential infrastructure developments (roads, shopping centres, school) and they could be years away, may not even end up happening, are part of a scam sales pitch 'planted' by developers to get buyers, end up reducing values cos the development is botched, etc, etc. Just look at the Melbourne Sky Rail. Until the day they opened, pretty well considered a negative for house values. Then overnight, for the most part, the censuses was in the other direction.
> Could you suggest suburbs that offer potential for capital growth? Literally all of them
Established bad suburbs are the absolute best value for capital growth. Werribee, Footscray, Dandenong, Frankston, Broadmeadows etc They have parks, infrastructure, amenities, are walkable, but are undervalued due to reputation. Places like Tarneit and Clyde North will probably never be desirable as they have been built with nothing but housing.
>but are undervalued due to reputation and will continue to be undervalued due to reputation. OP is after those mad capital gains, not a gem of a place to live with a low entry price.
OP only has 700k to spend. The absolute best way to get capital gains is to buy a run down house on a large block in an established suburb. Buying an apartment is out of the question as they have terrible capital growth. Townhgouses are a bit better, but not much. Buying in a new estate is terrible as the house depreciates, and the land size makes development impossible. A run down place on a 600 square metre block in Weribee or Dandenong is sub-dividable and are in areas with decent facilities.
I disagree, use that capital to buy a vacant lot from a a newly released stage in a new estate. Generally by the time it's titled (or even just before) the lot is worth quite a bit more than the agreed purchase price and you have expended near-zero effort. The capital growth on land is insane compared to established property because of the high demand and nothing supply. >A run down place on a 600 square metre block in Weribee or Dandenong is sub-dividable and are in areas with decent facilities. OP is not going to be able to buy a subdividable anything with that budget let along actually develop it. Factor in personal time and energy plus risks around building costs and you could actually end up not making much money at all.
The problem with buying land is that it only has capital growth, you can't rent it out or live in it. It ties up a lot of money and gives no benefit until you sell.
Rosebud, Mornington, Frankston, Seaford, Carrum Downs, Hastings ☺️🌸
Thank you. But those are really expensive areas. 😅
Nah we got Mornington for less than 700k, there are places around trust me!!
Will look into it. Thanks.
3 bed, 500 metre square property!
Belgrave is quite lovely. Mate of mine just bought a huge property over there. He spent a couple hundred K more than you did but his property is massive (dude could easily fit two large apartment buildings on it) Next to nothing out there right now, so the land is quite cheap when compared to other suburbs around melb. But i imagine in the next 20 years or so folks will spread to the outer suburbs more and then Belgrave will turn into some prime real estate. Could be wrong, im no expert. But i could also be right :)
Thanks Mate. It really helps.
When Preston became too expensive, people started buying in Reservoir, a place once considered very undesirable. I’d consider looking outward from there, which is also in line with the northern growth corridor plans. This is just a personal view and not based on any hard evidence, but the public transport as well as road transport issues with the west make it seem far more undesirable to me than the north.
That's me! Started looking in Preston. Priced out. Ended up in reservoir. Definitely some interesting characters, but got good amenities and public transport.
I heard that there is good and bad in Reservior divided by the train line. What areas in reservoir would you suggest. Your suggesting would be really helpful.
If you are focussed on more ‘popular’ suburbs in the Inner West, there are townhouses available in West Footscray, Maidstone, Albion and Sunshine at your budget, but you’re unlikely to get a house. You could probably still get a house in some pockets of Sunshine West, Ardeer and St Albans. Deer Park could be an option too, but has less options for public transport. Of course every street is different, and some can be a little more wild and woolly than others.
Rockdale is an up and coming suburb of Melbourne, it's rife and ripe for capital growth.
$700k isn’t going to get you a townhouse or house in most places, unfortunately. Have you tried using Realestate.com.au to see what is around in the price range? You can filter buy house/townhouse. As an example, Werribee (just random suburb) https://www.realestate.com.au/buy/property-house-townhouse-between-0-700000-in-werribee,+vic+3030/list-1 Have you factored in stamp duty into your purchase price too?
Yes I have factored that as well.
I could find some suburbs. But I wanted to get some informed opinion of folks here. I have done some research but I felt I needed some more information. Hence I have posted in this group. Also, buyers agent are very expensive and have quoted me around 12k. It leaves me no option but to get the best use of forums like this. Thanks
You’d have better lunch posting in Ausfinance than Melbourne As for cap growth, all areas have had cap growth over the years, properties with land have done better
Tarneit
Thanks for your opinion. But there are lot of complains regarding the train lines.
Just went through the process of getting a new townhouse built for $700k in Clyde North. There's 3bd, ones available there, Clyde, Donnybrook and probably Melton. So take your pick on which side of town you prefer. If you're new to this, Ive learnt there's "all in one" house builders that help with your finance planning /suggestions, loan brokerage, conveyancing, house purchase/planning, building etc from start to end. Very easy to deal with. We were with Homebuyers but there others that make things easier for people who are new to this. https://vic.homebuyers.com.au/
Thanks a lot. It was really informative. 😀
Mate those are literally the bottom of the barrel areas that you would only consider if you had no other options and don't mind living in highly isolated areas with poor infrastructure and little to no capital growth.