IP in Bentleigh East?
- Thread starter D.L
- Start date
A Villa unit in Carnegie, near the shops on Koornang is still worth considering. The unit market here has performed well over the last couple of years.
Thanks for the advice Jake!
What criteria/features would you be looking at in terms of what you would look for in a villa unit? In a block of no more than 4 units or less?
Would you consider buying one on a main road if say you were priced out of those in quieter streets in order to be able to purchase in that suburb, or would you be looking at the suburb next door that might be cheaper?
Also, would you expect much of a price difference in what you would be willing to pay say for a unit in a block of 4, compared to a unit in a block of 3? Or even compared to a block of 2?
As an example of recent...
2/6 wattle grove, McKinnon (in a block of 3 units) - sold for $631,000 at auction
versus...
2/4 wattle grove, McKinnon (in a block of 4 units) - passed in at auction the week after
What criteria/features would you be looking at in terms of what you would look for in a villa unit? In a block of no more than 4 units or less?
Would you consider buying one on a main road if say you were priced out of those in quieter streets in order to be able to purchase in that suburb, or would you be looking at the suburb next door that might be cheaper?
Also, would you expect much of a price difference in what you would be willing to pay say for a unit in a block of 4, compared to a unit in a block of 3? Or even compared to a block of 2?
As an example of recent...
2/6 wattle grove, McKinnon (in a block of 3 units) - sold for $631,000 at auction
versus...
2/4 wattle grove, McKinnon (in a block of 4 units) - passed in at auction the week after
Remember to consider the cost to hold also.
Years back my wife and I were considering moving to Elwood. We'd already built a good portfolio so could have easily purchased in the area but decided to rent there instead. Reason being for the same cost of holding a 2bd unit in Elwood valued at $350 we instead purchased 2 x 4bd houses in the burbs with a combined asset value of $600k. So we were holding nearly double the asset value for the same amount of money out of our back pockets.
Also consider the compound effect of each and price now over the 15odd years since. I'm glad I forgot investing in 'blue chip' areas and looked at what would allow me to duplicate faster.
Hope this helps.
Years back my wife and I were considering moving to Elwood. We'd already built a good portfolio so could have easily purchased in the area but decided to rent there instead. Reason being for the same cost of holding a 2bd unit in Elwood valued at $350 we instead purchased 2 x 4bd houses in the burbs with a combined asset value of $600k. So we were holding nearly double the asset value for the same amount of money out of our back pockets.
Also consider the compound effect of each and price now over the 15odd years since. I'm glad I forgot investing in 'blue chip' areas and looked at what would allow me to duplicate faster.
Hope this helps.
