treefingers

Got my visa approved & now planning to come move out to Melbourne wthin the next 12 months. We would like to live as close to the city as possible have been looking at property sites & Elsternwick and Hampton seem to be pretty reasonable (<$500 for a 3 bed house), anyone know of these areas or can suggest other areas to look at?

OzTennis

There are regular posters on this site from Elsternwick and Hampton so they will give you a more definitive view than I can, coming from the other side of the bay (Williamstown) but living in Scotland at the moment!

Elsternwick and Hampton are both well above average suburbs as far as Melbourne goes (eg all Melbourne median for property about $385K, Elsternwick about $640K, Hampton about $745K). As you'll probably know Elsternwick is closer to the CBD than Hampton but the lower property values probably reflect a closer to the sea location for the latter as well as better houses and surrounding suburbs (Hampton is between Brighton average prices over $1 mill and Sandringham which has a similar figure to Hampton; Elsternwick is a little inland and straddles the busy Nepean Hwy).

Other suburbs to consider? Stacks of them but if you want to be close to the city I wouldn't go much further than Hampton/Sandy/Black Rock/Mentone. I'm biased but consider also the other side of the bay and Williamstown. You'll get more house for the same price as the above suburbs and much better views.

I posted some Williamstown photos on pages 3 and 4 in this thread:

http://britishexpats.com/forum/showt...9&page=3&pp=15

Other suburbs I would consider include Albert Park, Port Melbourne, Beacon Cove, Middle Park and perhaps St Kilda - closer to CBD again and bayside.

OzTennis

treefingers

Thanks will look into Williamstown, sounds good & cheaper is defo better.

ozzieeagle

My favourite Suburb is now Fitzroy, trouble is to buy a decent house there is around 700,000 K, I could also add places like Northcote, Brunswick, Carlton, Parkville, Fairfeild.

It all depends what you want.... Oz I went down to Werribee last weekend just to look at property around the Werribee river. I know it's rained a lot this year, it was as green as you could ever see that part of Melbourne. Any big Modern house with a fantastic view across the Werribee river, with a bush setting, all less than 500,000 k, Incredibly good value.

treefingers

Off topic to my original post but we have been looking at a few bank sites at mortgages & it seems that if you borrow over about $320k you need at least 10% LTV...Is this right as we were hoping to borrow around $400k & only leave 5% deposit?

OzTennis

Yeah, as we know only too well the north and the west are usually glossed over. Fitzroy and Carlton are certainly very vibrant, close to the CBD and lots of good (usually) terraced houses. Parkville is one of my favourites but it is in the Brighton area for prices. (4 great years spent in Parkville at the Uni of Melb).

South Werribee is market gardens country with many lavish houses and around the mouth of the river is nice. I believe it is to be the subject of a lavish marina and houses development in the not too distant future so is a definite up and comer where you get plenty of bang for your bucks. For the OP too far out but worth others considering. Hoppers Crossing nearby is going to get the biggest shopping centre in the southern hemispere also.

One other thought for OP is Docklands. Not everyone's 'cuppa' but on the edge of the CBD and lots of amenties, shops, restaurants, gyms etc being built. On my visit to Telstra Dome in August I was amazed how much Docklands had come on since the previous August.

OzTennis

ozzieeagle

If you can prove your income, you can borrow whatever you like.

I'd have to ask the specific question, for that figure though, 400,000 borrowing on a single dwelling is quite a large amount.

best of luck...

OzTennis

And often the 100% mortgage is reflected in the higher interest rate, penalties for early settlement etc. I agree with ozzieeagle in that 100% mortgages are available if you qualify on the income test for the level of repayments.

OzTennis

treefingers

Would be looking to borrow 95%, unfourtantly we shall only have about $60k to take over with us

fireeater

I live in Elsternwick and think it's great (saying that I lived in Williamstown last year and thought that was great as well!!). At the moment we are renting because we didn't think it a good idea to commit to an area before checking it out. Elsternwick has loads of apartmanets and houses for rent and doesn't suffer from the seasonal influx of tourist areas like St. Kilda, when in high season it is impossible to find anywhere to rent.

Elsternwick is about 20 mins by car to the CBD, 30 minutes by tram and about 15 minutes on the train. It is a 10 minute drive to Elwood/St Kilda beaches. It has a cosmopolitan feel with a high group of Russian, Eastern European, Italian and Jewish ethnic groups. The main strip, Glenhuntly Road is an excellent hang-out, with loads of good cafes, shops and a few bars just off the main road. For big shopping centres, you are a 10 minute drive from Cheltenham, and about 10 minutes from Chadstone.

But I would say again, that I don't think it is a good idea to buy before checking a place out, and my advice, if it is possible for you, is to rent for a while to find out if places suit you

CasG

While Carl and I found Williamstown to be very nice...we also thought it was quiet (although you may want that), apart from Nelson Place.....which suffers the day-trippers and tourists.

In my view - Elsternwick is not too expensive, and is much more 'livable'.....great community....as well as it having all the things that Carl mentioned (Fireeater)

thebears

Moving to Melbourne in a few weeks (27th March) however restricted to location as my daughters school is in Toorak (yes I know its too expensive for our budget unless we live in a small apartment) and I will more than likely be working in the CBD. Agree with renting - we will be using a buying agent - dont trust estate agents (in any country).

Anybody living nearby? with recommendations up to $750K for 3 bed. As long as we have a tree lined street and chilled out neighbours (no snobs). My wife will be a happy bunny - which means I am happy too!!!!

Friends of ours bought in Esterwick - paid $830K for a 5 bed.

Wheres a good place to catch up to watch the world cup?