2BR in the suburbs...?

[seano87]

Hi all,

What are your thoughts on buying an IP that's only 2BR Unit located in the outter eastern suburbs of Melbourne (Bayswater).

Would there be difficulty in finding a tennant, and selling it in the future? I'm unsure of whether tennants this far from the city would be expecting 3BR or more.

I'd consider putting in an offer for 320k for this property, but unsure on how I can check vacancy rates/time on the market for a specific type of proeprty (...2BR Unit )

 

[Angel]

Hello. I cant speak specifically for the Melbourne region. As a general statement for all capital cities though, remember that not everyone works in the CBD. You will have single adults and couples without children who require a two bedroom unit in most regional places. Bayswater is a commercial centre and as such there will be residents who live and work locally. Are you concerned about employment prospects in the manufacturing businesses in that area?

 

[K_Raheja]

Hi all,

What are your thoughts on buying an IP that's only 2BR Unit located in the outter eastern suburbs of Melbourne (Bayswater).

Would there be difficulty in finding a tennant, and selling it in the future? I'm unsure of whether tennants this far from the city would be expecting 3BR or more.

I'd consider putting in an offer for 320k for this property, but unsure on how I can check vacancy rates/time on the market for a specific type of proeprty (...2BR Unit )

try sqm research for vacancy in general...but for specific types you have search re & domain yourself,
or try calling up Appleby REA or Rosier .they manage quite a few units there..
how far from station ?

 

[westminster]

Hi all,

What are your thoughts on buying an IP that's only 2BR Unit located in the outter eastern suburbs of Melbourne (Bayswater).

Would there be difficulty in finding a tennant, and selling it in the future? I'm unsure of whether tennants this far from the city would be expecting 3BR or more.

I'd consider putting in an offer for 320k for this property, but unsure on how I can check vacancy rates/time on the market for a specific type of proeprty (...2BR Unit )

I think there are plenty of people who would only want a 2BR unit - be that older people, single parents, people moving out of home etc

Check with local PMs how much rent you would get for an example unit and run the sums

 

[SeafordSunshine]

2br!

Dear Seano,
Just to let you know I bought a 2 br house and it was always rented.
If course I could have got more rent money if it had 3 or 4, but the purchase price was cheaper!
Seriously though, is it close to the shops and the station, schools etc?
How much are the comparable rentals? and outgoings?..
I hope this helps.

Cheers and good luck with your decision
SeafordSunshine

 

[seano87]

Hi guys,

Thanks for the replies. The property is about 1km walk to the station/shops with a primary school nearby. I'll give the local REA's a call and look into comparable properties.

Thanks again