Five compelling reasons to buy west…

This weekend we proudly represented four clients with purchase attempts, two successfully, and interestingly, both were in the same suburb and each had some commonality. Both were double storey townhouses in Newport, and both were priced in the 6’s.

Our first successful purchaser came to us with a desired investment budget of circa-$600,000 and a plan to live in the property initially in the short to medium term while taking advantage of the stamp duty concession on offer for first home buyers. She had to be within a reasonable commute distance to her work in the city and was keen to have great lifestyle elements around her. Rental yield and consistent tenant demand was a key focus and we quickly determined that she could not only purchase a strata property with land on title in the inner-west, but could also enjoy the tight vacancy rates that are on offer when public transport is easily available.

Newport is often a popular choice for townhouse buyers who want something ‘extra’ to an apartment with no land on title or a villa unit with a limited size yard. This exciting postcode just 7km from the CBD boasts a few more townhouses than other neighbouring suburbs, and unlike some of the express train stations, the trains always stop at Newport.

A quick peak hour commute can stop at as little as two other stations before reaching Southern Cross.

The most notable advantage however is the sheer value that the inner-west offers when benchmarking other options around the CBD within the same radius. When we consider the buying options in other 7km-radius suburbs such as Armadale, Elwood, Northcote and Hawthorn East it becomes abundantly clear that the options for unit buyers who want land on title are difficult. $625,000 in any of these locations east or south east would deliver a two bedroom apartment at best, and even the northern options are limited to small villas.

The rental demand and rental potential for townhouses in the inner west are exciting for any seasoned Melbourne investor. 

Yesterday’s townhouse which Amy acquired at auction for $625,000 is currently delivering a rental return of $470pw and our buyer can anticipate when she re-lets it one day that demand will be strong.

Our second purchaser exercised extreme patience after some disappointing purchase attempts and finally secured his home in the Newport Lakes precinct. With a tough criteria set and a firm requirement for lock up garage and two bathrooms, we knew we had to scour Newport thoroughly in order to deliver an outcome with his $685,000 budget.

The inner-west isn’t just about value though, and nor is it about strong rental demand and rental return.

The proximity to city with great transport links is great for city commuters, and the weekend day trips out to lifestyle areas make any Sunday a fun day.

Our inner-west offers exciting things to do for all ages, from exploring the beautiful Newport Lakes, to checking out the local Farmer’s Markets, walking along the Strand in ever-popular WIlliamstown, taking a ride down the Maribyrnong on Blackbird… the list runs for miles.

What’s really special about the inner-west though is the wonderful community. 

On that note, I’m logging off to head out with the family to explore. Adios!