Hi all,
I've recently started out hunting for my 2nd IP. My 1st IP is a 1 bed apartment in Essendon VIC, so my initial search has been in and around this area as I know the area very well. However, I'm not willing to spend any more than $450k and would like to invest in either a single level unit or house, which I obviously have no chance with this budget in these areas.
So I've been looking further afield and 2 areas that have grabbed my interest are Ballarat CBD and Lake Wendouree. I have seen some lovely 2 and 3 bed houses that have already been renovated with period features and within walking distance to the CBD or very close to the lake (Ballarat station side). Lake Wendouree is a little more pricey, but still under my $450k limit. I should also point out that I'm in this for the long haul. My intention is to keep buying properties, pay them off and keep them for maybe up until retirement which is 20-25 years away.
I have already searched through the threads for investing in Ballarat, but the threads I have found are a little out of date and I was hoping for opinions or advice based on the current market. I am in the early stages of researching and will be visiting the area in a few weeks.
Is there anyone out there who has invested recently in these areas or thinking about it? Would I be making a big mistake if I went ahead?
Any advice would be greatly appreciated.
I've recently started out hunting for my 2nd IP. My 1st IP is a 1 bed apartment in Essendon VIC, so my initial search has been in and around this area as I know the area very well. However, I'm not willing to spend any more than $450k and would like to invest in either a single level unit or house, which I obviously have no chance with this budget in these areas.
So I've been looking further afield and 2 areas that have grabbed my interest are Ballarat CBD and Lake Wendouree. I have seen some lovely 2 and 3 bed houses that have already been renovated with period features and within walking distance to the CBD or very close to the lake (Ballarat station side). Lake Wendouree is a little more pricey, but still under my $450k limit. I should also point out that I'm in this for the long haul. My intention is to keep buying properties, pay them off and keep them for maybe up until retirement which is 20-25 years away.
I have already searched through the threads for investing in Ballarat, but the threads I have found are a little out of date and I was hoping for opinions or advice based on the current market. I am in the early stages of researching and will be visiting the area in a few weeks.
Is there anyone out there who has invested recently in these areas or thinking about it? Would I be making a big mistake if I went ahead?
Any advice would be greatly appreciated.