Can anyone give me an idea on which suburbs around Melbourne are good for investing in – ie, that will still have a reasonable capital gain in the next few years, and that rent well. Have just arrived here from NZ, and have only had a brief look around, what are the western suburbs like? (house prices still reasonable, could potentially offer +cf?)
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I invest in the bayside surburbs of Melbourne.
I am pro South Frankston. Frankston is on the Bay and has not taken full advantage of its position. Its the gateway to the Peninsula and only about a 1 hr train trip to the city.
There are many developments in the pipeline. There is a cad (central activities district) which will allow high rise development in the centre of the town. There is a new multi-picture theatre and shops being built now. There are plans for other developments. Grollo and the owner of Chadstone have many projects and developments planned.
The marina is at the tender stage for a builder. The foreshore is being renovated.
My properties have more than doubled in 4 years and I expect more growth once these projects are underway.
I would be inclined to invest in the western suburbs as this is underdeveloped and I believe has more potential to flourish and grow. The eastern suburbs have been growing rapidly in the past 10-15 years. Infrastructure has been high in the east (and is still to an extent). Changes in the west is constant as this was classed as poorer suburban areas. these areas are being cleaned up and are looking to be more of a starting point for many people (both buyers and renters). Suburbs such as Brooklyn, Altona, Maidstone and the like are my areas of choice. Also Point Cook, Werribee, Hoppers Crossing also.
Hi KiwiZena,
I know you can’t always look into a crystal ball and predict the next boom suburb, but if you wanted to have a look at some historical figures to help you out, the REIV has a cool tool which allows you to compare median price trends and performance for Melbourne suburbs (or at least they had it last time I checked).
Check out http://www.reiv.com.au/information/pg_info_medianprices.html – with a bit of luck it will still be around.
Brent Hodgson
PropertyInvesting.com
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Want to receive the e-mail diary of my trip, hear about some of the great Positive Cashflow deals I find, and perhaps discover some great opportunities for yourself? e-mail or PM me!
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