Is there a new housing project at Gadd St in Northcote and is it worth investing?

2 bed room of 45 sq me house at gadd street selling at $588k, is it good value,
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Northcote has been a phenomenal growth suburb in the past 10 years. Admittedly it has dipped and come back a little now, which is only a bad thing if you're thinking of selling. It's definately a buyers market and I think you could even offer $550-560k now and they'd consider it. Gadd St is on the edge of Northcote but either way, you're inbetween the great High St (with trams), St Georges Rd, (with trams) and right near a train station. Plenty of schools, transport, entertainment, dining, parks and life... and remember only 6-7 km away from the CBD.

Finally it depends whether you're looking to invest or occupy. Rental returns have historically been around 5-6%, so at $588k you'd expect at least $550 per week in rent, questionable I'd say. When you start getting over the $500 per week mark, people question whether to just spend that money on their own mortgage. My opinion, if you want to invest in Northcote, there are plenty of 1-2 bedroom units/apartments available, will cost you less and you're guaranteed to have them leased out. If you're thinking of occupying, great idea. You'll love the area and with a long term view will enjoy fantastic capital growth.

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Rentals in Northcote, VIC 3070