IP in Melbourne north

Hi All,

I am looking to buy investment property for $300,000(tight budget). I am looking around Epping, Thomastowne, South Morang. In SouthMorang lot of development happening specially units town houses and apartments and I am thinking it's going to over supply in few years time.

I can see few properties in these areas new and old. Buying new property will give some tax benefits, but I don't think I can do anything in the property to increase the property value. Old property I may can do some reno and increase the property value also the rent.

I also thought about Ballarat as well. Buy in reasonable big land and then subdivide in few years.

Any thought/advice on these area.

Thanks
Jayshi
 
In SouthMorang new apartments popping up. There is one in Gorden road and I seen I think another people coming near Westfield shopping centre. Do you thing these areas will be oversupplied in few years.
 
We went for Epping and Lalor at the end of last year.

Sth Morang looked ok, but the rental returns didn't look as good due to generally higher prices than the 2 suburbs above.

You might want to look also along the Craigieburn line (Broady onwards) too for affordability.

The Y-man
 
Thanks Y-man,

This weekend I am planning to drive around that Area. Last weekend I was looking around southmorang and and talked to couple of agents as well. Cheaper properties I saw couple under the power line and one in apartment in gorden road.
 
Honestly if your budget is less than ~$380k it's probably best if you look outside of Melbourne. Ballarat will give you better options, also Bendigo might be worth considering.
 
Back
Top