Melbourne's Best Suburbs for Property Flipping

As property investors, we often think one-dimensionally about investment strategies: buy a property, rent it out, enjoy the extra income and the long-term capital gains.

For most people, this is a great strategy. But what if you’re more of an active property investor, who’s handy around the house and loves taking on bigger projects?

Well, that’s where property flipping in Melbourne may be the right investment strategy for you. There are massive gains to be made through property flipping: if it’s done correctly, of course.

The first step to successful property flipping is identifying suburbs where it works the best. Here, Patrick Leo outlines Melbourne’s best suburbs for property flipping:

Affordable property flipping suburbs in Melbourne

The thing about property flipping is that it can theoretically be done anywhere – in a suburban, family neighbourhood 25km away from the CBD, or in a gentrified inner-city suburb. The most affordable areas for property flipping in Melbourne are:

• Sydenham
  An outer north-western suburb of Melbourne, Sydenham has attracted keen flippers for a long time. This suburb has large, family homes with great bones but interiors that need a little updating – the perfect combo for a budding flipper. At a median house price of under $800k, Sydenham’s affordability is another big drawcard for flippers.

• Montmorency
  Moving over to the north-eastern suburbs, we have Montmorency – one of the most popular suburbs for house flippers in Melbourne. Montmorency is well-connected to the CBD via the Hurstbridge Line, and boasts large family homes in a green, leafy suburb. Buyers are prepared to pay more for a nicely-renovated home in Montmorency, which is where flippers rub their hands together.

• Preston
  Preston, once blue-collar heartland, has seen rapid gentrification over the past 5-10 years. Still, this mid-northern suburb presents good value for money at a median house price of $1.16 million. A combination of older, outdated homes, cafes and good transport connections makes Preston a flipper’s dream.

Upmarket property flipping suburbs in Melbourne

Flipping can also be done in upmarket suburbs, where investors with a bit more cash can make some juicy gains. The best upmarket suburbs in Melbourne for property flipping are:

• Fitzroy
  Fitzroy’s eclectic, groovy vibe attracts high-end buyers looking for renovated period homes, row homes and converted warehouses – a perfect space for an upmarket flip.

• Brunswick
  Nearby Brunswick is also known for its arts and cultural scene, and has period homes which are just waiting to be gutted and updated.

• Yarraville
  On the inner-west, we’ve got Yarraville which is characterised by heritage homes and a village feel, allowing flippers to renovate high-end properties and make a pretty penny on them afterwards.

Need advice on your property flipping strategy in Melbourne? Talk to the team at Patrick Leo. We’re Australia’s top team of property advisers, assisting you find and secure excellent investment properties to continue your journey of wealth and financial freedom. Get in touch with our team and start the conversation with Patrick Leo.