Carrum downs

[LRV]

Hi -
I am new to the forum and great to be here. - I am looking at units (price tag $375k) in Carrum downs area. The rental in this area seem to be around $320-340/wk - which should keep gearing to a low negative.

My strategy is to hold the property for about 10 years or so and looking for a reasonable CG.

Any suggestions? or are there any other suburbs which I can look at (preferably the eastern side) - say Narre Warren?

I can increase the budget by another $50k.

Grateful if experienced members can guide me on this.

 

[strongy1986]

A unit?

In carrum downs?

For 375k?

Start reading , don't jump into anything because you have heaps to get your head around

Why not a house?

Frankston / frankston south?

 

[NPB]

A unit?

In carrum downs?

For 375k?

Start reading , don't jump into anything because you have heaps to get your head around

Why not a house?

Frankston / frankston south?

what this guy said !!!!

 

[LRV]

Hi- Am sorry - could not follow clearly.. I assume you are saying that $375k is high for a unit?

would appreciate guidance of experienced investors.

Regards

 

[Peter Parker]

Hi- Am sorry - could not follow clearly.. I assume you are saying that $375k is high for a unit?

Carrum Downs is a very B-grade location. And that's being generous. Eastlink access is the only thing it's got going for it. If you can buy a unit at a basement price then all means - but otherwise $375k can get into a much better area and/or a house to boot.

Other suburbs have much more of the other good stuff eg proximity to the CBD, public transport, education, beach, etc.

House buyers might sacrifice location for a house of reasonable size. So they might be pushed out to the likes of Carrum Downs if they can't afford closer in.

But unit renters? Probably not - rents tend to vary less than house prices. A slightly increased rent gets a unit in a much better location.

So where does that leave a unit in Carrum Downs? If it's newer than one in an older handier suburb there may still be building depreciation. It may have a nicer kitchen and bathroom or may not need renovating. But that is about all. Many renters may prefer to compromise on these and go for the better location if they're after convenience.

Something like these, though possibly older, may appreciate and rent out better than units in Carrum Downs

http://www.realestate.com.au/property-unit-vic-chelsea-119492403

http://www.realestate.com.au/property-unit-vic-chelsea-119530091

http://www.realestate.com.au/property-unit-vic-chelsea-119415319

http://www.realestate.com.au/property-townhouse-vic-seaford-119585767

 

[LRV]

Many thanks spiderman. Very helpful.

How would you look at a house in Narre Warren or Narren Warren South - with a budget of $450k? Any good or bad pockets to watchout for?

Kind Regards

 

[imbi3]

Many thanks spiderman. Very helpful.

How would you look at a house in Narre Warren or Narren Warren South - with a budget of $450k? Any good or bad pockets to watchout for?

Kind Regards

I am a believer that you need to do your own legwork so you get the feel of the area. Attend open inspections and you will get the feel

 

[natedog]

If looking at carrum downs you can still get houses on decent land for $320-$350k, these would rent for $320-$360 per week.