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Reproduced with permission.
Torrensville, SA (houses and units)
Torrensville is only 2km from the Adelaide CBD. It is a typical working-class, inner-city suburb where gentrification is well under way. It is popular with overseas students, migrants and young professionals. Reason to buy: proximity to the city and gentrification is improving this suburb.
Port Noarlunga, SA (houses)
Port Noarlunga is about 32km from the Adelaide CBD with easy access to the city. It has a seaside-village feel. There are many redevelopment opportunities as the suburb has recently been rezoned and the council is encouraging medium-density unit development. Reason to buy: proximity to the sea, houses are relatively cheap and the suburb is being upgraded through public and private expenditure.
Chippendale, NSW (units)
Chippendale is only 3km from the centre of Sydney and close to the dining and entertainment hub of Darling Harbour. It is also known as the university suburb due to the number of campuses in the area. There is a mixture of old buildings converted to apartments, historic terraces and new units along the narrow, tree-lined streets. Reason to buy: proximity to the city, adjacent the expensive suburb of Glebe, opportunities to add value through renovating and to increase your cash flow by renting property as student accommodation.
Marrickville, NSW (units)
Marrickville is 7km from the Sydney CBD, adjacent to the more expensive suburb of Stanmore. It was a classic inner-city blue-collar area which is slowly being upgraded and gentrified. Opportunities abound for the handyman as the period-style homes are ripe for renovation. Reason to buy: proximity to the city, relatively cheap units and gentrification is improving the suburb.
Flemington, VIC (units)
Flemington is 4km from the Melbourne CBD. It has beautiful period-style homes lining the leafy streets. There are many opportunities to add value by renovating. It is only two train stations from Southern Cross Station. There is also excellent tram and bus access to the city. Reason to buy: proximity to the city, relatively cheap units with healthy rental yields.
Happy House Hunting!
• Written by Peter Koulizos, university lecturer, author and buyers advocate. Peter will be presenting at “The Essentials of Property Investment” seminar in Melbourne on 19th June. Click here for details.