Inner West Melb: 2 bed apt or 1 bed unit?

[jim2010]

Hi,

I am new to this forum and at the moment is looking to purchase my first IP in these suburbs: Footscray, yarraville, kingsville, coburg, ascot vale.

With my budget of 350K I would probably get 2 bed apartment that is close to transport/school/shop or 1 bed unit that is not so close to transport.

I you were me, which one do you choose? I know for the case of unit, the land will appreciate faster, is that correct?

Thanks.

 

[Tuppence]

Hi Jim *waves*
We were in exactly your position about eight months ago - same suburbs, same budget. We bought a 2bd unit in West Footscray.
I'm no expert, but I would always try to buy near transport - and I think that that is only going to become more and more important as climate change/peak oil/immigration issues bite even harder. As near a train station as you can get, IMHO.
Also on a personal level, I wouldn't buy a 1bd in these areas. Maybe in Carlton or Fitzroy or similar, but not in these places. Others on here will tell you they can be difficult to borrow on, because they are often under 50 sq metres - and banks don't like that.
Additionally, renters will often prefer a two-bedder, even if it's just a single or a couple, because they come with a bit more space. Ours is rented to a young family - 1bd would not have been an option for them.
I quite like something like this: http://www.realestate.com.au/property-unit-vic-kingsville-106426415?tm=1270608433&c=52260066. The train is a bit of a hike, at West Footscray or Yarraville, but there are buses on Geelong Rd.
good luck with it.

 

[tarync]

Hi there,
have you considered buying and renovating?
you could spend a bit less get a 1 bed room unit with a garage perhaps turn the garage into e second bed room instantly adding equity to the property.
i also agree with the above post in this climate being close to public transport is becoming increasingly more important.
Do your research sometimes its not just the area you buy in thats important there are so many ways to add equity to a home without having to sit and wait for the value to go up.
Be proactive you can have control over increasing the value of your home.
wishing you every success