Anyone can help me on a ~600k budget IP?

[zfan111222]

Hey guys i am planning to buy my 2nd investment property and i have a budget of 600k. My plan for the 2nd investment property is to buy a 2 bed unit/apartment near the city. Here are the suburbs i considered:
Mount/Glen waverley:Good schools,got trains,got good bus lines,however not that close to CBD(19KM)
Burwood:Got trams, trains,got deakin uni however far away from monash freeway
Glen iris: Got trams,trains, close to CBD, however cant find major shopping centres.
Ive also considered balwyn, boxhill.

 

[David.Phoenix]

Hey guys i am planning to buy my 2nd investment property and i have a budget of 600k. My plan for the 2nd investment property is to buy a 2 bed unit/apartment near the city. Here are the suburbs i considered:
Mount/Glen waverley:Good schools,got trains,got good bus lines,however not that close to CBD(19KM)
Burwood:Got trams, trains,got deakin uni however far away from monash freeway
Glen iris: Got trams,trains, close to CBD, however cant find major shopping centres.
Ive also considered balwyn, boxhill.

600k near city is hard to find especially for a 2bdr. Even in Woolicreek theyre selling a 2bdr at 750-800k.

 

[windyzz]

600k near city is hard to find especially for a 2bdr. Even in Woolicreek theyre selling a 2bdr at 750-800k.

David, you can still get a descent 2 bed apartment near the city for around 600k. You may want to look at Ashfield, Homebush, Hurstville, Penshurst, Allawah, Carlton, Kogarah, Bexley.. There're plenty good one out there.

Buy the old one, and renovate.

 

[mflying]

600k near city is hard to find especially for a 2bdr. Even in Woolicreek theyre selling a 2bdr at 750-800k.

I thought OP was talking abt suburb in Melbourne

Anyway..I wouldn't buy in Wolli creek anyway... Noise and traffic will start affecting price in down turn..

Arncliffe and Marsh st are worst affected with traffic...

 

[windyzz]

I thought OP was talking abt suburb in Melbourne

Anyway..I wouldn't buy in Wolli creek anyway... Noise and traffic will start affecting price in down turn..

Arncliffe and Marsh st are worst affected with traffic...

I have one in Arncliffe street Wolli being build at the moment which i bought it @ 2013.

Wouldn't recommended to anyone..... If I were more educated back then, i would have purchased it somewhere else (i.e. Marrickville, dulwich hill).

 

[mflying]

I have one in Arncliffe street Wolli being build at the moment which i bought it @ 2013.

Wouldn't recommended to anyone..... If I were more educated back then, i would have purchased it somewhere else (i.e. Marrickville, dulwich hill).

Building looks good though!

If you flick it before it settles.. You may do well.

 

[windyzz]

Building looks good though!

If you flick it before it settles.. You may do well.

heheh buildig is good, size is huge 95sqm + 25sqm balcony + study.... and price is good. got it for 649k.... and rental yield is also good ~ 650 per week.... but i don't know about the growth in the future.... too much development over there. But i think i might keep it, if I sell it, will have to pay Capital gain tax! As long as the Rent cover the interest, I'll be pretty happy!

Sorry back to the topic for you zfan111222. Tips : look at the demand vs supply, look one that's close to amenities, transport, school, and park but in the quite street. And dont buy OTP...

 

[kitdoctor]

In Mount Waverly you'd be hard pressed to get a detached house for your budget, probably not even if you went to the less desirable southern part of the suburb near the freeway.

Knock down houses in prime streets are $950k+. The same houses were <$400k in 2005.

 

[JohnHenry]

I have one in Arncliffe street Wolli being build at the moment which i bought it @ 2013.

Wouldn't recommended to anyone..... If I were more educated back then, i would have purchased it somewhere else (i.e. Marrickville, dulwich hill).

Cool, that's what I'm currently looking.

I'm thinking of Canterbury, Campsie and Belmore area.

what do you think ?

 

[willister]

Hey guys i am planning to buy my 2nd investment property and i have a budget of 600k. My plan for the 2nd investment property is to buy a 2 bed unit/apartment near the city. Here are the suburbs i considered:
Mount/Glen waverley:Good schools,got trains,got good bus lines,however not that close to CBD(19KM)
Burwood:Got trams, trains,got deakin uni however far away from monash freeway
Glen iris: Got trams,trains, close to CBD, however cant find major shopping centres.
Ive also considered balwyn, boxhill.

Burwood is 17kms from the CBD so not much closer then Glen Waverley. If you were in Burwood you'd more likely use the Eastern Freeway than Monash. You ever taken that tram to the CBD? LOL....seems quicker to fly from Sydney to Melbourne CBD. Granted Burwood is nice and has good CBD views.

$600K? LOL Very difficult to find in those mentioned suburbs even for a 2 bedder, smallish block.

Ever considered Burwood East? Stretch your budget to $750K and you could get a decent sized house/block.

 

[littletee]

Burwood is 17kms from the CBD so not much closer then Glen Waverley. If you were in Burwood you'd more likely use the Eastern Freeway than Monash. You ever taken that tram to the CBD? LOL....seems quicker to fly from Sydney to Melbourne CBD. Granted Burwood is nice and has good CBD views.

$600K? LOL Very difficult to find in those mentioned suburbs even for a 2 bedder, smallish block.

Ever considered Burwood East? Stretch your budget to $750K and you could get a decent sized house/block.

LOL thats what I was thinking, you'd be lucky to get land in those areas for that price at the moment and if that...

 

[JamesP]

I just drove through Glen Waverley to Wheelers Hill today (Brandon Park Dr Estate) and cannot believe houses there are close to a million. I was not impressed with the area, I'm a spruiker of Berwick (as I live there LOL), although it's extremely far out there's far better value for money there than Wheelers Hill that looked worse than the poorer area's of Berwick. Train lines for Wheelers Hill are as far away as a remote area like Harkaway, with all the peak hour traffic inbetween I'd imagine commuting would be worse than Berwick which is pretty bad in itself (1:07 to flinders).

 

[littletee]

I just drove through Glen Waverley to Wheelers Hill today (Brandon Park Dr Estate) and cannot believe houses there are close to a million. I was not impressed with the area, I'm a spruiker of Berwick (as I live there LOL), although it's extremely far out there's far better value for money there than Wheelers Hill that looked worse than the poorer area's of Berwick. Train lines for Wheelers Hill are as far away as a remote area like Harkaway, with all the peak hour traffic inbetween I'd imagine commuting would be worse than Berwick which is pretty bad in itself (1:07 to flinders).

Bit of an exaggeration but anyways...

Wheelers Hill is a 10min drive to the Glen Waverley Train Station, hardly a Harkaway.

 

[JamesP]

Bit of an exaggeration but anyways...

Wheelers Hill is a 10min drive to the Glen Waverley Train Station, hardly a Harkaway.

lol Harkaway is over 1km closer to the station! If you look at the map Wheelers Hill to Glen Waverly station is 4km through gridlocked roads Harkaway to Berwick station is 3km on traffic free 90km roads. I've made the drive from there to over the tracks in 4 minutes!

Not to mention Harkaway is leagues nicer then Wheelers Hill, Olde Berwick is too. There seems to be a stigma with the outer south east, people on here even believe Berwick has no train station and Frankston is closer to the cbd

 

[littletee]

lol Harkaway is over 1km closer to the station! If you look at the map Wheelers Hill to Glen Waverly station is 4km through gridlocked roads Harkaway to Berwick station is 3km on traffic free 90km roads. I've made the drive from there to over the tracks in 4 minutes!

Not to mention Harkaway is leagues nicer then Wheelers Hill, Olde Berwick is too. There seems to be a stigma with the outer south east, people on here even believe Berwick has no train station and Frankston is closer to the cbd

Each to their own but I think there's a reason why Wheelers Hill and Glen Waverley has been going nuts whereas Harkaway and Berwice nowhere near the growth and probably never will.