How is Cranbourne North?
- Thread starter wooqiong
- Start date
Hi
About 18 months ago I was considering Cranbourne and was advised that returns in other parts of Mel would be better. Please search this site for
old posts on Cranbourne ...I subsequently bought in Melton West and
rental return is now close to 7% which is pretty good and there has also been
a small amount of capital growth.
I have not visited Cranbourne but visited Melton a few months ago and really
liked the feel to the place as well.
Good luck
About 18 months ago I was considering Cranbourne and was advised that returns in other parts of Mel would be better. Please search this site for
old posts on Cranbourne ...I subsequently bought in Melton West and
rental return is now close to 7% which is pretty good and there has also been
a small amount of capital growth.
I have not visited Cranbourne but visited Melton a few months ago and really
liked the feel to the place as well.
Good luck
Sorry, dont want to offend anyone with properties in these areas, but my general opinion is:
- low socio economic status
- higher debt leverage
-lower density spread
-ability to build and build newer properties right next door
-nothing unique about the area whatsoever.
The long term trends of these new estates have not been great. If you pick something similar from say 20 years ago and re-look now, you can see that there is a premium charged for the new estates, but the land holds very little value.
In short, there is no way I would buy in this area from an investment point of view regardless of the yields as the market can be flooded with more product at any time.
Hi,
Thanks for replying my question. I am still new in IP. And there are lots of thing to learn.
Another questions, on my search, Cranbourne north has 5.5% rental return now. From say average house price is 270K in this area, so can I say it should return around $1200 per month or 14K per annual?
Thanks for replying my question. I am still new in IP. And there are lots of thing to learn.
Another questions, on my search, Cranbourne north has 5.5% rental return now. From say average house price is 270K in this area, so can I say it should return around $1200 per month or 14K per annual?
Sound about right according to rentals listed on re.com.
However, remember that leasing it is one thing - collecting the rent is another.
Cheers,
The Y-man
War-torn Beirut.
The only decent thing at that end of town is the Cranny Golf Club.
And all the take-aways if you're into those.
