Hey guys,
I've been researching suburbs over the past few months around the Melbourne region and have been tracking a few places which have higher owner occupancy rates, not huge amounts of growth over the past few years, decent public transport, good vacancy rates and within the $500-$600k median house price range.
I come from WA so have minimal knowledge of the areas unfortunately. However, I have landed upon a few areas which have sparked my interest.
Greensborough, Montmorency and Eltham.
They have had a bit of growth (~5% growth in the past year), however they have the train lines, good owner occupany rates and within my price range.
What is the suburb like? A bit old? Lowish yields that could hurt my cash flow? Any negatives?
It also appears to have some large blocks, so later down the track (10 years or so), there could be possible opportunities to sub-divide possibly? I'm bit of a rookie but my strategy is to buy which won't hurt my cash flow too much (not fussed if I'm $300-$400 a month out of pocket for now), hold for 10 years (hopefully get some decent growth), and then subdivide when I've got the skills and expertise to go about it.
Thoughts?
I've been researching suburbs over the past few months around the Melbourne region and have been tracking a few places which have higher owner occupancy rates, not huge amounts of growth over the past few years, decent public transport, good vacancy rates and within the $500-$600k median house price range.
I come from WA so have minimal knowledge of the areas unfortunately. However, I have landed upon a few areas which have sparked my interest.
Greensborough, Montmorency and Eltham.
They have had a bit of growth (~5% growth in the past year), however they have the train lines, good owner occupany rates and within my price range.
What is the suburb like? A bit old? Lowish yields that could hurt my cash flow? Any negatives?
It also appears to have some large blocks, so later down the track (10 years or so), there could be possible opportunities to sub-divide possibly? I'm bit of a rookie but my strategy is to buy which won't hurt my cash flow too much (not fussed if I'm $300-$400 a month out of pocket for now), hold for 10 years (hopefully get some decent growth), and then subdivide when I've got the skills and expertise to go about it.
Thoughts?