There's still a lot of government housing in that general area. Graffiti everywhere, if you walk around, you will see open drug dealing by the local hoons. Theft and home robbery are very high, just refer to police data. The problem is generational disadvantage due to low socioeconomic and substance addiction. It's slowly getting better as new home owners move in or a new wave of renters occupy the sub-divided property. I drove past recently (grew up there) and even saw a few Mercedes C class cars parked outside on the road of a freshly built town-house. I pity those fools, within a few weeks, they'll be contacting their insurance for the inevitable claim.
I agree with the previous two answers. Former housing commission homes in Ressie are a golden opportunity for first home buyers to get a foothold in a suburb that's going ahead in leaps and bounds. And with the recently opened Summerhill shopping complex on your doorstep, Nisbett has huge potential in the property market.
Never had a problem with an investment I have in the next street. Doubled in 5 years. You just need to think back and look at pockets of Flemington, Brunswick, maribyrnong, Preston, moonee ponds - once commision now you can't touch it.
Nisbetts is no different to seston summerhil, clingin etc. in fact it is the most beneficial one due to the rezoning.
Property prices in this area are rising and due to the rezoning that has occurred in the area. Growth Zones are rare in Melbourne and this is what has occurred. Prices used to be 400 then moved to 500kish and now rising. Some have even tipped over 700K. 2 double blocks sold 1.6 Million 2 weeks ago. 185 Albert St rezoned sold 820K last week.
2 Main reasons - the old school site 80 Tyler St nearby (bought by the Chinese ) now selling townhouses for 600-700K and then Sumemrhill Hotel (830-850 plenty rd) having the biggest development in the whole of darebin 3 big towers, new medical centre, gym, shops, clubhouse etc.
Nisbett is right smack in the middle of the action and is close to Latrobe Uni as you through to the park. if you go to Ashwood, Chadstone (these streets are no different that other streets in nisbett). Housing commissions are everywhere (you got to south Melbourne, the 3 mil townhouses sold there right next to the super tower housing commission off park st).
interesting - i think you bought in nisbett street - saw your permit for 3 townhouses good stuff mate.
Over the last ten years the government have been selling off the commission homes and private owners have been purchasing to improve and develop, This pocket has more than doubled in my 10 years in real estate so its a great area to invest in for future growth.