That's why we've been looking at Berwick ourselves. I don't disagree with you Propagate. It's just I thought rule 1 of property was closer to the city, the more expensive. I'm not sure how to describe this any other way but we're looking for a piece of country in the not too outer suburbs - acreage. We're on a 1/4 acre in Rowville which was recently valued (RE valuation - not bank) for approx. $500k-$535k as this had been the sales values for similar properties. For the same size block 15km further out we're potentially looking at an extra $100k-$200k (Berwick)... what the??? Ideally we'd want an acre minimum - wish us luck!The Donners:- Although Berwick may seem a long way out of the city, I'd ave to disagree about being over priced. My partner works on St Kilda Road, we used to rent a house in North Balwyn. When we lived in North Balwyn it would take Emma 40 minutes to get to work and an 1:15 to get home. That was 16km away. From our house in Berwick it take Emma 1:15 each way. So yes, her morning commute is longer but her home commute is the same even through we're further out.
The house we rented in North Balwyn was a tiny 3 bed unit. It was only 10 years old but was obviously built to a very tight budget. It was small, cold, drafty and had no usable outdoor space. The walls were cracking and the driveway was shared with 4 other units. That unit sold for $640k in August last year. Although we were technically closer to the city there, time wise there wasn't really a lot of difference. Where we are in Berwick we are a lot closer to all the things we like to do on a weekend, we're down the Peninsula in no time, or up the hills in no time and still only a 45 minute train ride from Flinders St yet for similar money as a city suburb unit you can have a very well specked modern house on a decent patch of dirt.
I know a lot of people would rather live in a smaller property closer to work & the city, but for us we'd rather enjoy where we live and put up with a longer commute than compromise on what we live in for the sake of where we work.
The Donners, I'm pretty sure you can still get something on the Peninsula - Maybe around Langwarrin or Pearcedale. Still lots of lovely countryside in Pearcedale. Good time to be looking around the peninsula right now as its quietened down a bit plus Peninsula Link is underway. If you have your have your ear to the ground you can still get 2/3 acre in Mt Eliza for about mid 600s, especially if you're willing to renovate an older established house. These are pretty much Frankston prices! 45 mins to the CBD via the freeway. (I am slightly biased about this area, BTW )For the same size block 15km further out we're potentially looking at an extra $100k-$200k (Berwick)... what the??? Ideally we'd want an acre minimum - wish us luck!
If anyone has any suggestions as to where I could find an acre for around $500k-$600k within 50km-60km of the city with an established home I'd be very appreciative. At least if someone could point me to a similar area to that I've described... for PPOR not IP. Also while I'm here, is it a good time to be looking at upgrading our PPOR or should we hold off a little?
It's not all their fault.What is it with people that don't have any idea what they would be able to borrow before they start throwing signed contracts around!
We had 3 different RE valuations at the outset.propagate
Did you have to discount the price by much?