What a lazy $700,000 can buy in eastern Melbourne: HTW residential
Residential pockets within the inner eastern suburbs of Melbourne historically yield high sale and rental prices, according to the July Herron Todd White (HTW) residential report.
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation.
The report suggests suburbs such as Richmond, South Yarra, Toorak, Camberwell, Hawthorn and Kew all have high median residential house prices and equally high median prices for apartments.
The areas of the eastern suburbs that would be best suited for someone with a budget of $700,000 begin further down the Lilydale train line, near places such as Ringwood, Warrandyte, Mitcham and Doncaster.
"These areas have a good mix of established residential housing, emerging housing markets seen in land developments such as the Tullamore Estate in Doncaster and new single or multi-unit dwelling developments taking place in various suburbs across the eastern suburbs," the valuation firm said.
A two bedroom townhouse located near Doncaster Westfield has recently been sold for $641,000.
The townhouse at 14/9-13 Wetherby Road (pictured below) comprises two bedrooms, study, lounge and meals zones and courtyard.
It also features kitchen with breakfast bar, second toilet, ducted heating and evaporative cooling.
Some comparisons of median house prices in eastern suburbs are shown below.
Click here to enlarge:
Source: HTW
Mooroolbark is a very suitable suburb in which to invest for someone with a budget of $700,000, the report noted.
The suburb is situated close to major shopping centres with Eastland a short drive away, access to public transport commuting into the city and the market that is available in Mooroolbark.
A current listing is a three bedroom Mooroolbark house priced at $590,000 to $640,000.
The home at 30 Winyard Drive (pictured below) comprises three bedrooms, lounge, dining area, galley kitchen and central bathroom.
It is situated within a short stroll to train station, shops and eateries.
The varying quality of homes in the area makes it possible for investors to either buy and renovate, buy and knockdown or purchase an established home ready to move into or rent out to tenants.
"We are of the opinion that these outer eastern suburbs are a great location to invest in property, whilst being affordable and having opportunities to construct new dwellings, renovate older homes or purchase a home suitable for living," the valuation firm said.