Hi ppl,
We are planning to buy our first home[8D]. Till few weeks ago we were confused
, whether to buy Flat or unit in zone 1 or house in zone 3 and everyone suggested to buy house bcoz of land.
If you are familiar with these Victoria’s suburbs Croydon,Bayswater(VIC), Greensborough, Mulgrave, Hallam can you give us some feedback how these areas are in terms of (1) Secure(crime) (2) Room of Capital growth[
].thanks,
i know hallam is a new suburb, about 10 years old, and the houses there are all very nice new. Most are owner occupied in that area, the growth in early 2003 was about 7-10%. The price range is about 180,000 – 290,000 average. some very nice houses there.
are you doing this for investment or to live in ? the advice would depend on this. firstly I suggest if you earn a reasonable wage, i.e. over 40K then you consider the investment approach and then just rent a nice house or flat with long term lease if possible. This is a more tax effective way to get started.
We are buying to live in
hmm u see it depends on what you want out of it all. Well I think if you are serious about property investment and growing a property portfolio, you will rent and invest, otherwise you will miss out on the tax benefits of property investment. If you are not seriously concerned about investment performance and protfolio growth rates, then buy and live in it. You can always sell later and not have to pay CGT, but this approach may delay investment portfolio growth opportunities.
Horses for Courses as they say.
I’ve lived in Croydon for 20 years, my father has just completed the Palm court Estate on bayswater Road, Croydon, homes 5 years ago were in the $120,000 to 220,000 mark now there 220,00 upwards, my sister just got her home valuated in Croydon South at 480,000, Crime we never had a problem, schooling, great private & public schhols in the area, Croydon has the main street, train station, parks, walking trails, 2 x shopping centre, and you’ve also got Eastlands shopping centre 10 mins up the road, also your at the foot of the Mt Dandenongs, 15 minute drive to Olinda great devonshire teas, Bayswater is very much more industrial, I personally don’t like the bayswater area it always seemed a bit rougher, but there could be someone else on the forum who could think Bayswater fantastic. But Croydon was always that more elite than Bayswater hope this helps
Hi ammi23,
I have lived near Bayswater and Croydon for about 30 years and is about an hours drive from the city. I would agree with bjajcr for Croydon, it has gone from an average suburb to a well sort after suburb and the prices have gone through the roof in the last year, be aware that some houses are not worth what people expect for them, always make sure that you go and have a look before you buy as some of the house will be quite old. The Bayswater area is just around the corner about 5 mins from Croydon and half of it is industrial but the other half seems to be heading more towards units and flats.
As for Greensborough – it is about an hours drive away from Croydon. I don’t know much about it, it seems to be one of those quiet suburbs, maybe someone on the forum can comment.As for Mulgrave it also has quite alot of Industrial estates for Big Businesses and is about 30mins drive by the Freeway from the City, it’s quite an old suburb and I don’t believe there has been much new development, it is close to the freeway and about 20mins to Chadstone shopping Centre (that’s a big Shopping centre).
As for Hallam it’s about 1-20mins drive from the city and about 40mins to 1 hour from Croydon. It is one of those suburbs that nothng happened for years and then all of a sudden new development started to pop up in and around the area therefore the land prices have been going up steadily. Hallam is near to suburbs like Berwick with used to be no where but,it is now one of the suburbs to live and is very expensive to live.
As for Crime, I personally choose not to buy to close to train stations as I have experienced more problems with crime closer to train stations e.g. within walking distance….That’s my personal opinion.
But this does go against a decision to buy an investment property as you want to buy them closer to all amenities for convience.Sorry to go on so long, and hope it helps heaps
Happy house hunting [
]Becky
Invest in People for a Prosperous Future!
].
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