Advice on Melb suburbs on the go

g’day – whats your budget???

Ferris,

This article “names names”. I think though, that suburbs that have “lost value” can be the ones to look at. If you are looking at suburbs that have increased value, then you’ll be paying premium.

http://www.heraldsun.news.com.au/common/story_page/0,5478,10294132%255E2862,00.html

kay henry

g’day – in the eastern suburbs i would stick with any of the suburbs along the belgrave/lilydale train line. from box hill all the way out to liliydale heaps of older type houses primed to be done up. prices have already surged in these areas but developers like you are buying up/doing up and subdividing all the way along. if you can move out a bit further places like baronia/bayswater etc you kind find older dwellings on huge blocks perfect for subdividing. the closer toward boxhill the smaller the blocks, the higher the value and the less liely you are to find a cheaper bargain.

i reckon over the next 10 years proximity to a train line, churches (eatsern suburbs is the melbourne bible belt croydon area) and hospitals (box hill, mitcham, maroondah) is the way to go for the type of thing yr looking for…

but then again its not new news, the small developers have been eating these areas up recently but still room to buy..

ps – 350-400 is entry level box hill through to mitcham

hi kay – yep read abt boronia. all i can say is statistics and damned statistics. does anyone really blve this stuff..

there isnt a suburb in australia you would bet 100 bucks on the direction, in the next report produced by one of these infamous property monitors. seriously it is so heavily dependant on the sale of a few larger type properties or on the other side ‘no sale’ of a larger type properyt, that one really has no idea what is going on unless you are on the ground all the time…..

there should be a standard that all these guys work on ie

3 bedroom house, 700 sqm block, 2 bathrooms, 20 years old. now then what is this example house worth in any suburb at any one moment in time. that would then provide us with some sort of common ground with wch to evaluate!!

the outer eastern suburbs of melbourne have always had heaps of churches and bible colleges etc. this is important for many including the older generation who look toward community (lonliness) and god (for answers – because investing didnt quite cut it!!) so thats why i reckon there still good buys…

cheers

i heard the age property editor was getting kickbacks from agents. dont worry guys we cant get sued for defamation its part of the public domain in the recent case against the age for sexual discrimination.

just to further my idea on getting a more uniform way of appraising the market this is what they should do

– standard house to work on
– pool of people representing agents, buyers, statisticians, property monitors etc to every month send in what they think is happening in a certain suburb.
– the pool should be a cross section of all interested parties and no loby group shld be stronger than the other.
– doesnt have to rely on sales figures alone
– can be based on a number of criteria such as sales, clearance rates, mortgage figures, building approvals etc etc.

its a tough one but there must be a better way…

Yes maybe a panel of monitoring organisations could stratify the market into, for e.g., 2 bed houses, 3 bed houses, 4 bed houses, 5 bed houses, 1 bed flats, 2 bed flats, 3 bed flats, etc etc and run a normal statistical analysis for each strata, and the medians and other measures would be a bit more meaningful.

Inside each strata they can look at variances for different factors such as land size, zoning, age or condition of house, construction Bv/weatherboard and they should be able to come up with a regression analysis/lnear equation to hopefully predict the value of any property shouldn’t they?

Surely developers have this down pat.

Cheers
Skippygirl

I’d look at Box Hill along the Mont Albert border (Elgar Road) I used to live there, and there’s always council talk of rezoning a western slab of Box Hill into Mont Albert, which would make the value jump overnight… kind of like when bits of Mulgrave became Wheelers Hill and some of Ferntree Gully became Lysterfield. Box Hill is also adjacent to Burwood and Surrey Hills, which are another 2 excellent suburbs. If you buy in the right spot you’ll also be 5 minutes drive away from the Burke Road shops in Camberwell which is another plus. I’d be looking in the area bordered by Elgar Road, Canterbury Road, Station Street and Whitehorse Road. The suburb itself has levelled off after some solid growth (like a lot of places…) IMHO I could buy a house similar to the one I sold in 2002 for a similar price/similar features.

There’s a lot of development around Box Hill in terms of giving Box Hill Central a facelift and improvement to shed its seedy tag as a haven for drug dealers (around the train and bus stations mainly)

It’s also got some of the best Asian restaraunts in Melbourne IMHO.

You can get a nice renovated house with a bit of character, close to parks, shops, schools, public transport etc for around 400k easily.

Blackburn South is another good spot to look at.

Cheers
Jamie