I want to know the property potential in Deer Park? Is it going to appreciate?

I have not seen the value of property going up. All my mates are saying that don't touch Deer Park, Kealba, St.albans, Ravenhall. They said that the capital growth in these suburbs are not good. At this moment my budget to buy my first house is max 400K, the only places I can see is the suburbs above. I'm scared that i might be stuck if I buy in these suburbs. Please give me a good suggestion and would really appreciate your feedback.
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silvaj Dec 14, 2016
Ewwww no way.. would never live in the west.. like Ever( in an American accent)..hahaha.. inner east all the way...that's the place to be.. Balwyn..
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tk2 2yrs+
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.
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SagarB
SagarB Thanks tk2, which side is the old deer park? Is it close to delahey, station road or ballarat road? Lot of people saying there is good and bad part or deer park. Do you have any idea which one is good part?
2yrs+
tk2
tk2 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.
2yrs+
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Peter Vinci 2yrs+
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....
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SagarB
SagarB Thanks Peter, your info about Deer park and Kealba helps me decide about the area. I am also looking at Burnside. I am in the middle of pre approval and already have a broker who is helping me out. Thanks again.
2yrs+
Peter Vinci
Peter Vinci not a problem, glad I could help, a shame your current broker couldn't offer you the same information......good luck with it
2yrs+
SagarB
SagarB Thanks Peter, for your expert advice
2yrs+
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