Investment Ppty advice sought

[MFB1987]

Howdy all,

I am looking to purchase an investment property in Melbourne - not comfortable with interstate investments.

I wish to keep my deposit at around the $80,000 mark for this purchase. Happy to pay lenders mortgage insurance.

I am primarily focused on capital growth as rental income is not as important to me as my surplus income is around $8-10k net per month. I would also be interested in something with future development potential.

I have grown up in the S/E burbs, but I am open to investing in other areas around Melb.

Am I best speaking to a buyers advocate? Are they worthwhile?

Any advice offered would be very much appreciated.

Thanks.

 

[Shahin_Afarin]

Consider CGT so consider living in the property first and then converting into an IP.

 

[MFB1987]

Consider CGT so consider living in the property first and then converting into an IP.

Will most likely be purchasing these properties in a trust, giving me the ability to distribute any capital gain (if I sell) and therefore forfeiting any PPOR concession on CGT.

I have no intention of moving. I am just seeking advice as to where to invest.

 

[Kinnon Bell]

Have a look around the inner - mid western suburbs of Melb as some are in the process of gentrifying where some good opportunities can still be had even though certain areas are very much under the investor spotlight. There's some good threads here if you do a search.

Would you consider outside of Melb?

 

[jpcashflow]

Hi

Hi MFB,

Great to see if you have a goal in mind: EG future development site.

Depending on your actual borrowing capacity there are some really good areas to look at in Melbourne.

If you need anything let us know

 

[MFB1987]

Borrowing capacity is around $1.8m however I wouldn't want to have anywhere near this amount of debt.

I think bugdet wise, I would probably be anywhere from $400-$700k.

What areas would you recommend based on this kind of budget?

 

[S.T]

There's a good, recent thread here

http://somersoft.com/forums/showthread.php?t=106241

 

[albanga]

There's a good, recent thread here

http://somersoft.com/forums/showthread.php?t=106241

Thanks Simtr my first thread mention, this is proud day after a year on the forum

As per my opening post on that thread I am quite keen on Melbournes north, north/west. Good CG prospects, splitter blocks for under 500k.
Do yourself a favour and go to all the council websites and read up on current and upcoming projects which can help drive CG.