Eastern suburbs of Melbourne PPOR for $500k

Hi,

I'm interested in buying a house in Melbourne. We've never lived in Melbourne before so we need some advice/direction :). The house is for a married couple with both aged over 30 yo. We don't have any children yet but we'd like to have one in the next five years. We'd probably relocate before our child needed to attend school, so proximity to schools is not important.

Neither of us work at the moment, but we are in the financial services industry (accounting, bookkeeping etc). We had plans on setting up a small home-based business.

Our requirements are as follows:
- House
- 2-3 bedrooms
- Quiet and safe neighbourhood
- Within walking distance to a train station
- About $500k

We have no restrictions on land size.

We were considering Blackburn / Blackburn South etc, but are there any other suburbs we should consider? Should we rent first? Is now even a good time to buy?

Thanks heaps!
 
Thanks Devank.

WaywardOne, at $500,000 you're probably not going to get a house on a reasonable parcel of land in Blackburn.

You'll really need to be closer to $600,000 which will purchase an original post war home on a roughly 600sqm block. These are the most common types of houses throughout the suburb (including north and south).

You do have two options however. First option: sacrifice the parcel size (buy a sub-divided block) or accommodation quality to lower the price. i.e. http://www.realestate.com.au/property-house-vic-blackburn-114670495

Or the other option is that you look in areas that are further out whilst being on the train line such as Ringwood or Croydon.

There are other areas too.

Hope that helps.
 
$500k for a house you'll be looking on the far side of Ringwood. Even the old 1960s stuff in Mitcham starts at $550k.

Sub $500k is achievable in Ringwood, but it's not going to be the nicer houses and probably won't be walking distance to much. In Blackburn you could get an older townhouse or a villa unit.
 
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