I believe that there are some good buys in the Melbourne market and here’s where.
1. South Eastern suburbs – Springvale South, Keysborough, Noble Park
These suburbs are near the growing centre of Dandenong, have a diverse range of industries and a heavily funded secondary school (Keysborough College – so it’s not a bad idea to be near one of the campuses).
There’s also a major shopping centre nearby, good public transport (and these three ‘burbs are on the city side of Eastlink). You can get to Melbourne on the train in half an hour or so from one of the nearby train stations. Houses are around the $400k mark, units a little cheaper.
It’s good value right now.
2: Inner Western suburbs – Sunshine / West Footscray
These western suburbs are traditionally a bit down-trodden but there is a gentrification process which has already taken in places like Yarraville and Seddon and, if it keeps moving, these are next.
Good services; shopping centres, public transport etc. These ‘burbs are as close to the city as you can get without having to pay a big price tag. They’re also well serviced by freeways and enable you to be heading into/out of town very quickly.
Look around and you could find some decent value.
3: North Western suburbs – Broadmeadows and surrounds
There is heaps of money pouring into this area to continue its gentrification from what was, frankly, not the best of reputations. This could be a bit of a long-term prospect but I reckon it’s worth having a look around. Good services, good public transport, lots going on…
The bottom line is that smart investors can spot winners in any market. Know your strategy and know your market!
And good luck with your investing.