My wife and I have rented in Brunswick, VIC for years now, and we would like to enter the market by buying a unit with 2 or 3 bedrooms. We're looking at suggestions on what kind of units to look for. Our plan is to live in the unit for 5-7 years and then convert it into a IP, and upsize.
We are looking at spending up to 500k and we have 20% deposit. I'm aware that it might not be possible to get a 3 bedder at that price. A few auctions in Brunswick West for 3 bedroom units closer to public transport have been going for 600+.
Some units we've seen:
http://www.realestate.com.au/property-apartment-vic-brunswick-116966619
http://www.realestate.com.au/property-apartment-vic-brunswick east-117344059
We like the area but we would like to hear about other areas where we could buy at that price and get a decent capital growth over the next 7 years, even though capital growth is not the main criteria.
Also, I notice the Moreland City Council approved several new residential growth areas. I understand the unit market is already oversupplied, but I'm trying to understand the impact of the new planning in the areas demarked for 3 a 4 storey development.
http://www.morelandplanning.com/zones/
We are looking at spending up to 500k and we have 20% deposit. I'm aware that it might not be possible to get a 3 bedder at that price. A few auctions in Brunswick West for 3 bedroom units closer to public transport have been going for 600+.
Some units we've seen:
http://www.realestate.com.au/property-apartment-vic-brunswick-116966619
http://www.realestate.com.au/property-apartment-vic-brunswick east-117344059
We like the area but we would like to hear about other areas where we could buy at that price and get a decent capital growth over the next 7 years, even though capital growth is not the main criteria.
Also, I notice the Moreland City Council approved several new residential growth areas. I understand the unit market is already oversupplied, but I'm trying to understand the impact of the new planning in the areas demarked for 3 a 4 storey development.
http://www.morelandplanning.com/zones/