First investment opinions.

[Bombtrack]

Hi all, i'm looking at buying my first IP shortly.
I have a budget of only around $200,000 and am looking for something in and around Melbourne's sth east suburbs.

I originally had my mind set on a house with good sized land, as that is what generally determines capital growth, however the market at the moment will make this difficult budget wise.

I am now considering a 2 bedroom unit. Suburbs that i have thought about include Boronia, for a few reasons: It's is surrounded by more expensive areas (Wantirna, Ringwood etc) it has a train station in close proximity to a large shopping center which is unusual in the knox district.

I'd appreciate any thought's and opinions!

Thanks

Ben

 

[suzieq]

Have you looked at Ferntree Gully? It might be worth a look!

sq

 

[MelbEngineer]

Ben,

I am also looking to buy my first IP and have a budget of upto 250K.
I personally like Keysboroough, because there are not a lot of properties there, but you need to spend about 250+ to get a 3 bedroom house.

For a 2 bed unit I like Oakleigh as you can get something around the 200K mark. Also it's close to more expensive suburbs but isn't as expensive yet.
Chadstone might be an option or anywhere south of there.

I don't know much about north of the city. But I think you could pick something up in Heidelberg West (a cheaper suburb) or maybe somewhere around Thomastown.

What other areas are you looking at?

Justin

 

[Bombtrack]

Hey Justin, sorry for the late reply.

I'm looking at practically anything, not fussed...want at least 2 bedroom no more than 220k.

Possible areas inc, Dandenong, Boronia, Bayswater etc etc.

I like Clayton and Oakleigh but think it's out of reach now with the market rise.