Advice on where/what to buy? Melb

I have been looking for my next IP (in Melbourne) and just cant work out if I should buy an apartment within 10km from city (of which there a many in the suburbs I am looking at) or a townhouse 10-15km from the CBD.

I wouldn?t mind talking to a Buyers Advocate, someone who can help locate a property that fits my needs. But a person that doesn?t work for a company that has interests in selling properties etc. I just want independent non bias advice. Does anyone have any suggestions or had good experience with someone like this?
Thanks
 
I have been looking for my next IP (in Melbourne) and just cant work out if I should buy an apartment within 10km from city (of which there a many in the suburbs I am looking at) or a townhouse 10-15km from the CBD.

I wouldn?t mind talking to a Buyers Advocate, someone who can help locate a property that fits my needs. But a person that doesn?t work for a company that has interests in selling properties etc. I just want independent non bias advice. Does anyone have any suggestions or had good experience with someone like this?
Thanks

G'day People,

Lots of other factors to consider as well but all else being equal we would suggest the townhouse slightly further out. However if all the other considerations were not equal then that recommendation could easily swing round the other way. For example an apartment in the inner ring in a small block, in a quiet street with low body corp would likely be preferred to a poorly build townhouse on a main road, in a large group in a suburb flooded with townhouses.

Good luck with your search.
 
G'day People,

Lots of other factors to consider as well but all else being equal we would suggest the townhouse slightly further out. However if all the other considerations were not equal then that recommendation could easily swing round the other way. For example an apartment in the inner ring in a small block, in a quiet street with low body corp would likely be preferred to a poorly build townhouse on a main road, in a large group in a suburb flooded with townhouses.

Good luck with your search.

I understand there are other factors and I have been analysing demographic data, population growth, and capital growth and rental yield data. I only have about $400,000 to spend, but would love to buy in a blue chip area.

You raise some good points. If I buy a townhouse, it is in a flooded suburb of townhouses and equally if I buy an apartment it is in a flooded suburb of apartments.
 
Hi People,

Mind if I ask if $400k is including everything (all associated costs)?

And do you have like a few suburbs in mind/heard of that you might look into further?
 
Hi People,

Mind if I ask if $400k is including everything (all associated costs)?

And do you have like a few suburbs in mind/heard of that you might look into further?

Hi $400,000 plus associated costs (stamp duty), my absolute upper limit is $430,000 plus associated costs, if the holding costs aren't too high. I'm looking north to west of CBD. Townhouses (2bed, 1 bath, 1 car)I have been looking at Fawkner and Hadfield, Oak park, Glenroy (about 13km from cbd). However as with Hadfield and Glenroy there Vacancy rate is 3.5% and considering that developers have moved in I'm worried about oversupply in the next couple of years. The owner occupier rate of Hadfield (74.4%) is better than Glenroy (65%) as I was told the higher the % the better the long term infrastructure will be in the suburb.

However, If I go for 2 bedroom apartments I can obviously move closer into the CBD 5km-10km. However same problem with developers and oversupply issues.
 
However, If I go for 2 bedroom apartments I can obviously move closer into the CBD 5km-10km. However same problem with developers and oversupply issues.

In that case, how about the older segments of Prahran / StK East / Armadale? (eg along Dandenong Rd)

New developments is harder where there are existing aprtments blocks because the developer needs to buy out from many strata owners.

The Y-man
 
In that case, how about the older segments of Prahran / StK East / Armadale? (eg along Dandenong Rd)

New developments is harder where there are existing aprtments blocks because the developer needs to buy out from many strata owners.

The Y-man
Y-Man
Would you be scared off by the fact that somewhere like StK East has a 51.8% of people renting? or is that counted by the fact that it is harder to supply more apartments etc.
 
Y-Man
Would you be scared off by the fact that somewhere like StK East has a 51.8% of people renting? or is that counted by the fact that it is harder to supply more apartments etc.

The counter argument is that you SHOULD find a suburb with a high proportion of renters. In a suburb of mainly owner occ's it could be harder to find tenants.

The Y-man
 
Hi People,

Perhaps I could help. It's an interesting point that you've raised and there is no clear right or wrong answer. What it basically comes down to is your current position and goals and what growth and yield performance you'll need to achieve to get you to your desired target.

Happy to have a chat to go over in more detail. Just call or email me and we'll go from there :)
 
People if you want a good outcome and don't know what/where to buy you could do far worse than contacting Jake Milne. He has a solid reputation.
 
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