Loan pre-approvals by banks can be confusing. They aren't a rubber stamp to buy whatever you want, but some buyers are being a little too cautious.
Should I invest in Ascot Vale?
Ascot Vale is like several mini-suburbs in one where the problem is finding which mini-suburb is the right fit for you. With its rich history and increasing popularity, Ascot Vale is a great suburb to invest in and to live in as well.
Ascot Vale was established in the late 1880s. As the name suggests, the area was heavily linked to the equine and horse racing industry. As well as Flemington Racecourse in neighbouring Flemington, Ascot Vale was once home to a second racetrack – Ascot Racecourse – located to the east of Union Road below Francis Street. After the Second World War, Ascot Racecourse was demolished and developed into Housing Commission flats and houses.
During the 1880s, a temperance township estate was formed in Ascot Vale. The estate banned the distilling, brewing and selling of alcohol. This restriction led to the construction of hotels just outside of the boundary, including one at each point of the triangle border at Union, Maribyrnong and Epsom Roads.
It is the varied history of Ascot Vale along with the differing topography that defines the different mini-suburbs. Our first mini-suburb is the western part of Ascot Vale. It is known as Whiskey Hill and is boarded by the Maribyrnong River. It is home to many affluent homes. The central section, just east of Union Road and home to Rothwell Hill can be considered a second mini-suburb; and The East, from Mouth Alexander Road to Moonee Ponds Creek a third. The latter two areas are areas of high demand and a rich source of investment-grade properties – as we explain below.
Ascot Vale stands out at only 6km from the CBD. The eastern parts of the suburb are well serviced by roads and public transport – trams and trains. Ascot Vale is also home to lovely walking tracks along the Maribyrnong River.
Union Road, once a border of the non-drinking Temperance Triangle, is now home to a collection of great dining, drinking and retail establishments. The Melbourne Showgrounds, along Epsom Road, are host to a collection of shows and conventions including The Royal Melbourne Show and Supanova – a pop culture expo.
With a mix of property types, Ascot Vale is a great hunting ground for houses and apartments. But not all areas of the suburb are suited to investing. When buying an investment property in Ascot Vale, it is best to stay to the east of Epsom Road. These areas have better access to public transport and shopping options.
Ascot Vale contains some great postwar apartments that are ideal for investors, but they do not come up for sale often. If looking to purchase a house instead, consider two bedroom brick or timber cottages. A quality two-bedroom house will go for around $900,000.
Ascot Vale’s growing popularity with families and investors is no surprise when you consider everything the suburb has to offer. And after years of buying properties in the area, not to mention our on-the-street observations and analysis of thousands of sales over 21 years, Wakelin Property Advisory has an Ascot Vale suburb expertise unmatched by any other buyer’s advocate or buyer’s agent.