David & Mina’s Journey

With a budget of only $300,000, it was my goal to find a good investment property within 13km of the city. I was also looking for something on a serviced rail line, near a vibrant cafe strip. You could say I had my work cut out for me. My clients were particularly keen to see if I could come up with something seaside… and that I did.

I travelled west to Altona – just 13km from the city and only nine rail stations from Southern Cross. Altona features a fantastic local Main Street (Pier Street) which is home to some great existing and emerging cafes. On top of this, Altona provides a great array of cycling and walking tracks, a friendly beach and proximity to shopping centres. Its well-integrated bus lines and railway systems offer easy access around Melbourne.

What I love most about Altona is the walkability it offers its residents. A stroll along the beach, a bike ride into Williamstown, a coffee at Creme or one of the other cafes on Pier Street, and fish and chips on the shore are activities at everyone’s fingertips. Altona might be the poor cousin to popular Williamstown for now, but it has its own identity and offers great buying for home owners and investors alike.

The property boasted spacious bedrooms and a modern living area – perfect for young tenants. This boutique two bedroom unit is one of just six and it’s located within walking distance of the beach, shops and station.

It is currently rented for $270 per week to stable, long-term tenants and is yielding my investors a gross rental return of 4.7 per cent – a very strong figure when compared to Melbourne rental returns.
Altona is growing, changing and re-gentrifying for all of the right reasons. Young families love the close proximity to town, the relative affordability when compared to the inner west, and the infrastructure that Altona offers. Tenants in the area are stable and vacancy rates are tight. Altona is one to watch for 2014!