First Home Buyer, Bundoora

[Melwhy]

Hi everyone,

I'm new to this forum, good to see there're many experts and warmheard's offering people valuable advice.

I just decided to buy my first home around bundoora, here are something about me:

Have around 130K (cash!) as deposit.

Able to get a maximum of 370K homeloan from bank.

That gives me a budget of 480K.

I have a girl friend (living with me) who is studying at La Trobe University Bundoora Campus and in the next (at least) two years we have to stay around.

After that we have potential to move to another city (or overseas) for job hunting and we will try our best to stay in Mel (if there are suitable positions with good income)

And MY GIRL FRIEND CAN NOT DRIVE!!!

Here are some options I'm thinking of:

1, Just spend around 310K to buy a 1yr new 1bd apartment (in Bundoora) in good location (2mins walk to shopping and 5mins walk to tram and bus).

2, Spend around 310k to buy a 10yrs old 2bd apartment (in Bundoora) which also close to public transport but NOT THAT CLOSE to shopping area.

The above 2 offer me low pressure for the repayment. And if we leave Mel we can turn the property into an IP. These two apts have similar price range but the first one currently can be leased at 310-330/wk and the second one can be leased at 350-380/wk. But the conditions of the first one is much better than the second (my GF loves this alot!)

3, Spend around 440K to buy a 35-40yrs 3bds house with land (in Bundoora). We will live in and possibly share one or two rooms with Uni students. However this would not be that comfortable.

4, Move down to the north to South Morang (or even Mernda) and buy a near-new house or land&home package (in this case the house must be double storey and over 30sq, the land..doesnt matter if its over 350) This will currently cost 450K to 480K.

In 3 and 4 I am expecting some CG in long term (not that long, maybe just 3 to 5 years) and when I really need a big family house I can sell this one for deposit.

So any suggestion or comments to give? And much appreciate for reading.

 

[wobbycarly]

And MY GIRL FRIEND CAN NOT DRIVE!!!
*snip*
So any suggestion or comments to give? And much appreciate for reading.

She needs to learn to drive (I'm assuming she's older than 18 ) - no license in Aus is a severe hindrance!!

As for the property question, sorry, I don't know the area, and as it's initially for a PPOR, there are as much emotion as financial considerations - no one else can make that decision.

 

[Ballaratian]

Hi Melwhy,

My suggestion (albeit as a relative newbie) would be to clarify your goals and timeframes for purchase including the role of your girlfriend in the property selection and investment. It may even help to toss a coin to help identify your core priorities as suggested in Rob's signature.

It is possible to live in urban areas without driving (our household with children doesn't have a car) but in doing so good access to public transport is important. I don't know how Mernda or South Morang would fit the bill in that regard. In selecting our PPOR we drew a circle with 15 minute walking time radius from train station. It is also nice to be handy to shops but most shopping can be done online if need be.
Best wishes with your future decisionmaking.

 

[Bigtone]

i like options 2 and 3.

It is your first home but is also the springboard for your next home and future ip's so growth should override prettiness.

I have huge concerns over growth prospects of options 1 and 4

if you can handle repayments go option 3 if not go option 2.

 

[Wunderbar]

Stay away from Bundoora. The place has extremely high vacancies and property values have been negatively affected by the Government's new policy on skilled migration. Buy elsewhere.

 

[VCDenton]

I have an IP 2bed unit in bundoora like ur option 2, my opinion is that I dont think u can get 350-380 rent...