Ascot Vale VIC 3032
What have you found to be the suburb’s main selling points? Why would investors want to buy there?
Ascot Vale consists of many Victorian and federation single fronted homes with the larger historic homes being traditional Californian bungalows. So the area was very much developed turn of the century. Just 6km from the city centre of Melbourne – the suburb has great access as a city fringe suburb. In the late 90’s – adjoining suburbs Kensington and Flemington saw a huge resurgence as young professional couples moved in and started renovating. The area was also popular with the gay community and offered lots of renovation opportunities and potential. The overflow of this started to happen in 1997 and Ascot Vale, the next suburb, began to feel the impact of a booming market. Ascot Vale offered young buyers single fronted homes for $150-200k which now sell for $500-600k unrenovated and in excess of $850k for a two bedroom renovated single front home.
The popularity came from larger blocks than Kensington and just a few minutes extra drive from the city. Many of these old single fronted homes were owned by older Italian families that migrated here in the 70’s. As the residents matured and passed on, the homes and deceased estate gave opportunity for young buyers to enter the market. In the late 90’s it was easy to see a single fronted home picked up and renovated in 90 days and put back on the market and resold for a handsome profit. With the escalated prices, now this is a rarity and the entry and exit costs are too expensive.
Now the suburb is popular with young couples and families. Many of these families have renovated their single fronted homes at add extensions to allow them to accommodate for the growing family. There is a real shortage of larger family homes that become available as they are tightly held. The last five years has seen many a home renovated in the area.
The area has great access to the city. Maribyrnong and Ascot vale border the Maribyrnong River, Parklands and walks and has its own 9-hole golf course. This has become popular
As families look for more and more outdoor space yet be so close to the city.
The medium density market has really only begun in the last 3 or 4 years with developments of 30 – 40 units starting to pop up everywhere. Over the next few years we expect to see an increase in medium density in this very much undeveloped area.
There is no doubt its easy access to both the city and the airport makes it perfect location for both owner occupiers and investors. Living 6km from the city centre and just a 15 minute drive to the airport and set on the river - in any other capital city in the world and you would expect to pay a massive price tag.
In demand properties:
Due to the shortage of larger homes available, when they do come up for sale, the families living in the single fronted homes all compete for these opportunities
There is also popularity for entry level buyers to get into one bedroom apartments which now start around the low to mid $300k price range and up to as high at $395,000 for a good size one bedroom with car park. It’s a great place to live but unless you have low $300’s you simply cannot get into the market anymore. Interesting given a single fronted home could be bought for $150k in 1996. Showing that property more of less doubles every seven years.
Single fronted Victorian and Edwardian and Federation homes. Double fronted are typically Californian bungalows. In recent times there are a few Medium density apartment developments.
Highpoint shopping centre, one of Melbourne’s largest centres. But the draw card iss really the access to the river, parklands, golf course and sporting facilities. Main road - Union Road has a strip if nice restaurants and is growing as the local young couples and families cry out for more services. The old shops are slowly being converted to coffee shops to accommodate the young mums taking the prams for a stroll.
Key businesses and employers:
Many residents would work in professional jobs in the city.
Please see answers above
Whiskey Hill has become the popular location in Ascot vale as this area has more family homes than most other sections of Ascot vale. It is also on the golf course and close tho the river and parklands. This area is bordered by Epsom Road, Langs Road and the river.
We have great access to the city with Tram 57, and Ascot vale station which is just a few stops out of the city. A taxi ride into the heart of the city can cost around $20.
A traffic jam on this side of town is rare and I believe this is a draw card to many who work in the city. You can be close to the city without living in the city and everything is easy to get to.
Mount Alexander Road and Ascot Vale road are two major roads giving you easy access to the city and also linking you to freeway to the airport. You can also access Melbourne’s city link which gets you to the city or eastern suburbs without the hassle of inner city traffic.
The Maribyrnong river and parkland area is now undergoing some great development with Edgewater Estate introducing some medium density after having the Marina Precinct completed. Edgewater Estate has three major projects at this point which are bringing in around 300 new apartments over the next few years. With so much being offered for lifestyle and investment opportunity, the sales and marketing has pretty much withstood the slowdown in the 2011 market. The market did slow of course, however we saw around nearly 200 apartments still sold in the recent quiet times.
Many investors are buying into one bedroom apartments for $350-$370k price range with these properties settling early 2014. As an investment tip we see this as a worthy consideration. The prices have not moved in the past 12 months and if you are buying into the 2014 market, then you are effectively cutting out 2.5-3 years of the property market cycle. There is a limited number of one bedroom apartments in the estate.
With a growing popularity to live in this destination close to the city and with so much to offer in location, lifestyle and services, we see plenty of potential as the market begins to move. Therewill be pressure on the lower end of the market as an affordable place to live with so much to offer.