I want to know the property potential in Deer Park? Is it going to appreciate?
3 Answers
Thats where you are an idiot..You joined in the thread a few centuries later clown..the context has obviously changed now since then..this post was posted ages ago when you could get a townhouse for 400k or an apartment in balwyn or box hill. Op wants to know whether deer park was a good place then to buy a house..so i gave him my opinion..and my suburb of choice. From my perspective..what he chooses to do with that info is up to him yes he had only 400k..then...markets are always changing..so u join in the convo now like king leah and give your ten cents worth of advice which you are entitled to but dont ask if i read what he said without knowing the blunt facts beforehand. Do some prior investigation beforehand
We bought in Deer Park 7 years ago and we recently got our house valued and it has gone up over 100k. We are in the old side where there are many older style weatherboard places on large blocks. We love it here it's close to everything being 20km from the city and an hour each to Geelong or Ballarat. We have lovely neighbours all of which are elderly and retired. In the next 5-10 years as house prices go through the roof you could snap up a bargain now and much like what is happening in Sunshine, Deer Park will be in demand with its larger blocks, wider streets and neighbourhood feel. I'm not a huge fan of the estates like Derrimut, Burnside or Caroline Springs. They feel like rabbit warrens with usually one road in and out of the place.
Hi I would say the area bounded by the Korroroit Creek , Billingham and Station Roads. Millbank Drive, Huddersfield Road, Salmond Street and Welwyn Parade epitomise old Deer Park. Those larger blocks and sturdy 60s brick or weatherboard. The creek walking track and dog park and wider streets offer that neighbourhood feel. Check it out. Everyone has different preferences for what they prefer.
Hi Sagar. your question is a good one, the advice you are getting from your mates whilst in the best intention, may well be ill-informed.
Lets look at Deer Park for the last 10 years
On Jan 1 2006 the average price was $215k according to RP Data,
Today the average price is $365k, that's a 170% variance or about 70% growth over 10 years which is an average of 7% per year.....as a broker, I don't know any banks that have offered that type of return in the past 10 years....
Yes the last 5 years there has been minimal to no growth in Deer Park, but that is due to all of the new land being released in surrounding suburbs etc.
I'm not sure what you mean when you say you may be 'stuck' in these suburbs if you buy there...what are your intentions?
Buy to sell and make a profit or buy to live in and have a family home?
If your strategy is short term, then you need to talk to a professional financial advisor
If your strategy is medium to long term, then you should buy where you like and can afford, the home will increase in value, maybe not as fast as some other suburbs, but it will increase eventually.
A friend of mine purchased a home in Kealba back in 1985, total cost was around $140k if memory serves me well, today the home is worth around $580k (it's a big house), a 314% increase over 30 years which is about 10.4% per year........
I would be happy with that return......
Buy the house, and be happy, and let me arrange the finance for you as I will make sure you get the best deal, better than what the bank branches will offer you
Good luck....
Did you even read the question? 400k is not going to buy you a place in inner East. Some people dont have the luxury of buying in the most sought after suburbs.