Puzzle Finance Blog

Where there's a will there's a bay

If you are prepared to tweak your bayside dream a little, it may well come true.

So you've got about $530,000 - close to Australian Property Monitors' June quarter median price of $531,167 for Melbourne - to spend? And you want to live in an inner bayside suburb where you can enjoy the city lifestyle and head for a swim at the beach when you want some time out. But where can you get the most bang for your buck?

Property experts say the first thing to realise is that you won't be buying a house if you're looking in the inner bayside area, defined by Domain as up to 10 kilometres from the CBD.

Richard Wakelin, of Wakelin Property Advisory, says that while $530,000 is a significant amount of money, ''unfortunately it's not going to secure a house anywhere on the bay''.

''But it is sufficient to buy a quality apartment,'' he says. ''So, with that sum of money, I'd be looking at buying a two-bedroom apartment in St Kilda, St Kilda West or Elwood, and you should be able to buy a well-positioned apartment in a small 1960s or 1970s block for this budget.''

While a sum of about $530,000 will buy a ''brilliant one-bedroom apartment that will leap ahead in terms of capital growth'', he says, finding a two-bedroom apartment for the same price will be harder. The area's proximity to the beaches and CBD as well as its own cafes and nightlife are strong attractions, he says. ''I think the key thing about these suburbs is there is a sense of a village-type atmosphere.''

Brad Straughair, of Domain Property Advocates, also suggests looking in Elwood for a one or two-bedroom apartment but says, the closer to the beach you get, the more likely it is you'll have to compromise on condition if your budget is about $530,000.

''You could certainly look at something in the high $400,000s, early $500,000s, but you're going to need to invest a significant amount of money to bring it up to a rentable or liveable condition.''

Noting that Ruskin and Addison streets are particularly good streets, Mr Straughair adds that buyers need to be careful when buying in Elwood because of issues with foundations in some areas.

Further south, he says smaller pockets such as Ripponlea and Gardenvale, only a suburb away from the beach, are also worth considering, as is blue-chip Brighton - earlier this year he purchased a renovated two-bedroom 1930s art deco apartment 400 metres from Church Street in Middle Brighton for $520,000.

Closer to the city, South Melbourne, only a suburb away, and some parts of Port Melbourne stand out above the pack, according to buyer advocate Paul Osborne. He says that although South Melbourne has no direct bay frontage, it offers the best of both worlds with an inner-city coffee-shop vibe and access to the beach for a swim in summer.

''We would suggest that at that sort of price [$530,000], it would be a quality one-bedroom type of property with some select two-bedrooms creeping in as well,'' Mr Osborne says. South Melbourne also gets a positive response from Christopher Koren, of Morrell and Koren buyer advocates, who says that there's a good chance of picking up ''a reasonable one-bedroom apartment'' for between $350,000 and $425,000 or even a two-bedroom apartment for between $450,000 and $550,000.

He says buyers in the area should look for established rather than new property and notes that if paying about $530,000, buyers should not expect luxury or bay views.

''You'll get comfort, convenience and probably, if you buy sensibly, a good investment.''

It could also be a good idea to consider bayside suburbs to the west of the city such as Williamstown or even Altona Beach. But - while describing Williamstown as ''one of the jewels in the crown of Melbourne'' - Mr Koren notes that the relative scarcity of apartments in the area means you may not get more for your money than you would in inner bayside suburbs south-east of the city.

  What $5530,000 will buy near the bay


108/11 Cole Street $529,000

Agent: Myles Dowling, Greg Hocking

A first-level, two-bedroom apartment close to Nelson Place and waterfront. Open-plan living, meals and kitchen area, balcony, and car space.


8/46 Foam Street $525,000

Agent: Corene Chan, Wilson Agents

In a block of eight close to the beach. Two bedrooms, open-plan living and dining, off-street parking on title. Tenanted on a monthly basis.

Port Melbourne

  310/19 Pickles Street $530,000

Agent: Christine Nicholson, Chisholm & Gamon

Close to the beach, two bedrooms on the third floor of the ID complex. Open-plan living and dining, balcony, secure car space and storage cage, communal pool and gym.

Posted by David Adams - Domain (The Age) on 14th October, 2012 | Comments | Trackbacks

Bookmark and Share

The trackback URL for this page is http://www.puzzlefinance.com.au/trackback?post=26378800


There are no trackbacks for this post


There are no comments for this post

Post a Comment

HTML is not allowed in comments, http://... will be automatically linked.

Name (required):

Email Address (not displayed):

Comment (required):

To help prevent spam, please enter the word golf here:

Puzzle Finance Blog

About Puzzle Finance


September 2017
August 2017
July 2017
June 2017
May 2017
March 2017
February 2017
January 2017
December 2016
November 2016
October 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010


Purchase or Rent (1)
The Age (1)