$450k budget. First IP. Where to buy in Melbourne?

[Bombtrack]

Also adding, personally I wouldn't buy anything less than two bedrooms, not for 450k. That's a good budget for a 2br inner city apartment.

Unless it's a large one bedroom with living space that you can make into a study/bedroom. Recently missed out on a nice looking place in St Kilda like this, sold at Auction day I discovered it

 

[hawko79]

Also adding, personally I wouldn't buy anything less than two bedrooms, not for 450k. That's a good budget for a 2br inner city apartment.

Unless it's a large one bedroom with living space that you can make into a study/bedroom. Recently missed out on a nice looking place in St Kilda like this, sold at Auction day I discovered it

Hi Bombtrack,

Yeah I totally agree with this. Only looking for 2 bedroom apartments, unless there is a big one bedder on the market. I've started focussing more on villa units with outdoor space which means I have to go further out of the CBD in order to enter at my price point.

I had a look at this one 2 weeks ago:
http://www.realestate.com.au/property-apartment-vic-elwood-114314011

I dont know, personally not a big fan of those types of apartments. Would anyone invest in places like the above?

Thanks again for the input, its great to hear your thoughts.

 

[Sean M]

Some really good posts in there to help OP. Some detractors but you will always get that. Make sure you have a good team around you to provide you with information and tools.

In the end your responsible for your decisions so make sure you plan well. Make sure you also have protection in place i.e. insurances to cover you.

Also make sure when you do think about loans etc that you have a back up plans. I.e. rent protection etc.

 

[Jake Milne]

Alfriston is one of Elwood's worst streets and the block is very unloved BUT I'm showing a client this property today as there could be a good short term return from renovation.

It's all going to depend on the price it hits at auction, often people get carried away when they hear deceased estate + renovation project and pay way too much which knocks out any chance of profit.

I posted a thread about reno's recently, take a look:

http://somersoft.com/forums/showthread.php?t=90399

I'll probably see you at the auction

 

[Jake Milne]

Some really good posts in there to help OP. Some detractors but you will always get that. Make sure you have a good team around you to provide you with information and tools.

In the end your responsible for your decisions so make sure you plan well. Make sure you also have protection in place i.e. insurances to cover you.

Also make sure when you do think about loans etc that you have a back up plans. I.e. rent protection etc.

+1 to this, wise words.

 

[cpopp]

Really cpopp? Loving how you've created a new account and the first post plugs Wakelin... lol

...Clearly shows how little respect you have for the community if you think people are honestly going to fall for "Wakelin in disguise" or "Ninja Wakelin".

The majority of people on here are sophisticated investors and industry members and deserved to be treated as such.

Hi Jake,
I am not posting on behalf of Wakelin. I may not be as "sophisticated" as the majority of people on this blog – that's why I'm here, so I can learn!

Some of the other posts in response to mine have actually been useful and constructive - things I hadn't thought about. I thought twice about popping up that post but thought, "No - it's good information and I ought to share it".

I have never, and do not work for Wakelin. I do not work in the property industry. I am not a real estate agent. I am looking to buy a home to live in that at the same time maximises my capital growth. More than happy to share my personal profile and anybody wants to check it out my creds.

PS: Just spoke to Jake and cleared it up. I hadn't realised there were 'ghost' bloggers

 

[cpopp]

OK - that's good to know. They do seem to aim at the higher end of the market. Interestingly I was talking to a friend at the weekend who has bought a number of properties all positively geared by purchasing in the outer suburbs! Bit confusing with all the different strategies when you start out ...

 

[Jake Milne]

Hi Bombtrack,

I had a look at this one 2 weeks ago:
http://www.realestate.com.au/property-apartment-vic-elwood-114314011

Did you see this result?

$468,500 on Saturday. The last sale in the block, of which was in MUCH better condition was $431,000 only 8 months ago.

The purchaser will need to spend up to $60,000 to repair and renovate this apartment meaning somewhere around $530,000 ...You can buy something in Elwood's golden mile for that.

Silly purchaser.

 

[Aaron_C]

Silly purchaser.

People seem to pay more per sqm for things that need more work. It boggles my mind - but this is why buying near-new is usually better than really-old.

 

[hawko79]

Did you see this result?

$468,500 on Saturday. The last sale in the block, of which was in MUCH better condition was $431,000 only 8 months ago.

The purchaser will need to spend up to $60,000 to repair and renovate this apartment meaning somewhere around $530,000 ...You can buy something in Elwood's golden mile for that.

Silly purchaser.

Been busy last few days, was going to ask what the sale price was.

That is ridiculous! Thanks for the info Jake.

 

[Bombtrack]

Did you see this result?

$468,500 on Saturday. The last sale in the block, of which was in MUCH better condition was $431,000 only 8 months ago.

The purchaser will need to spend up to $60,000 to repair and renovate this apartment meaning somewhere around $530,000 ...You can buy something in Elwood's golden mile for that.

Silly purchaser.

Damn, I didn't even attend. Glad I didn't waste my time.
Get frustrated by people who just bomb auctions due to low interest rates and aren't prepared to say when enough is enough, leaving the opportunities for picking up a bargain behind. Bet the seller is wrapped though haha.

 

[S.T]

There was probably 80 people at the auction, seller was State Trustee's so they don't really care. Just by the turn out you could tell this was going to go big.

 

[WakelinProperty]

Really cpopp? Loving how you've created a new account and the first post plugs Wakelin... lol

...Clearly shows how little respect you have for the community if you think people are honestly going to fall for "Wakelin in disguise" or "Ninja Wakelin".

The majority of people on here are sophisticated investors and industry members and deserved to be treated as such.

Hi Jake

Just noticed this. Disappointed with this post. The slur that someone who mentions us is a ghost. All posts by Wakelin Property Advisory done upfront and via this account. Hope you apologised to cpopp.

 

[S.T]

Hi Jake

Just noticed this. Disappointed with this post. The slur that someone who mentions us is a ghost. All posts by Wakelin Property Advisory done upfront and via this account. Hope you apologised to cpopp.

Probably why he didn't win Buyers Advocate of 2013 from some Property Investor magazine.