Let the hunt begin for an IP in Melbourne!!

Hey all!

The time has come to buy my next IP. I have been approved for $400k.

My strategy is to buy and hold and look to build equity through renovations to the existing dwelling and possibly look at a subdivision down the track - so looking for something over 600sqm at least.

My question is what areas are worth looking into in my price range? My options are obviously limited to outer suburbs, which of them is the safest bet in everyone's opinion?

I have considered Frankston as an option, there appears to be some new developments happening there with the train station and the sale prices of late appear to be really picking up compared with the last couple of years.

A friend of mine suggested I look into the North and West - specifically Tullamarine, Roxburgh Park, Craigieburn and Broadmedows. I'm very unfamiliar with those markets though having grown up in the South East region.

I'm very interested to hear what people's suggestions are on the suburbs mentioned as well as any others that may spring to mind..
 
Hi

Melbourne has been a popular place to invest again and the market has been picking up quiet a bit :)

Areas you could look at are:
- Deer Park, Sunshine West, Frankston, Dandenong and look at Thomastown.

Just be aware that properties with big blocks are flying out the window.
 
http://www.realestate.com.au/property-house-vic-springvale-118809667#

Something like that (in a better block) to me is better value than Frankston and Berwick and the location (of the suburb) looks pretty solid imo. Chinese demographic, decent schools nearby, monash clayton, hospitals and all that, 3 train services (Dandenong, Cranbourne, Pakenham), level crossing removals under way etc

But my price range for Melbourne/Vic is now only around 150k :eek: It's time for me to start looking in other places!
 
Melbourne has been a popular place to invest again and the market has been picking up quiet a bit :)

Areas you could look at are:
- Deer Park, Sunshine West, Frankston, Dandenong and look at Thomastown.

Just be aware that properties with big blocks are flying out the window.

Thanks jpcashflow! I'll take a closer look at Deer Park, Sunshine and Thomastown.

I actually have a place in Dandenong North already and I must say it hasn't done much at all in terms of gains. It is a townhouse however but in general it does't seem like much is happening north of Dandenong which is generally more expensive than central. There may be better opportunities to grab a bargain in central Dandenong.
 
http://www.realestate.com.au/property-house-vic-springvale-118809667#

Something like that (in a better block) to me is better value than Frankston and Berwick and the location (of the suburb) looks pretty solid imo. Chinese demographic, decent schools nearby, monash clayton, hospitals and all that, 3 train services (Dandenong, Cranbourne, Pakenham), level crossing removals under way etc

But my price range for Melbourne/Vic is now only around 150k :eek: It's time for me to start looking in other places!

Thanks for the suggestion James. I know that area very well. I would definitely jump at Springvale if I could get in under $400k but realistically the chances of that for what I'm looking for are nil.

That pocket isn't the greatest location IMO either. It's neighbouring a very industrial part of Westall and it will easily sell closer to the $500k+ mark.

Ahh it can really start to do your head in trying to figure out what locations to invest in, so many variables to consider :confused::confused::confused:
 
Hey all!

The time has come to buy my next IP. I have been approved for $400k.

My strategy is to buy and hold and look to build equity through renovations to the existing dwelling and possibly look at a subdivision down the track - so looking for something over 600sqm at least.

My question is what areas are worth looking into in my price range? My options are obviously limited to outer suburbs, which of them is the safest bet in everyone's opinion?

I have considered Frankston as an option, there appears to be some new developments happening there with the train station and the sale prices of late appear to be really picking up compared with the last couple of years.

A friend of mine suggested I look into the North and West - specifically Tullamarine, Roxburgh Park, Craigieburn and Broadmedows. I'm very unfamiliar with those markets though having grown up in the South East region.

I'm very interested to hear what people's suggestions are on the suburbs mentioned as well as any others that may spring to mind..

I would consider broady and tullamarine

Roxburgh and cragieburn - no way

Frankston would be a good bet on your side

I'm pretty sure dandenong north houses gave done really well in the past year
 
Hi dinojess
i was in similar boat not so long ago
i checked out all those suburbs you mentioned plus a few more
i decided on frankston
lots of reasons too long to list now but sounds like youve done some research and know the fundamentals
good luck
 
I would consider broady and tullamarine

Roxburgh and cragieburn - no way

Frankston would be a good bet on your side

I'm pretty sure dandenong north houses gave done really well in the past year

Thanks strongy I'll look more into Broady and Tullamarine. Leaning toward Frankston only because I'm more familiar with the market and have a couple of friends who have already bought out that way for good reason.

There's nothing happening in the Dandenong North market. There seems to be a older established demographic there that are comfortable where they are and aren't looking to sell. Also there doesn't appear to be much development going on at the moment. It's not badly positioned IMO and may possibly do good things in years to come. I'm getting my townhouse evaluated soon so we'll see if there's been much improvement.

Hi dinojess
i was in similar boat not so long ago
i checked out all those suburbs you mentioned plus a few more
i decided on frankston
lots of reasons too long to list now but sounds like youve done some research and know the fundamentals
good luck

Thanks Cadence, another tick for Frankston. It looks like a lot of investors are starting to take notice of the area judging by the sales of late.

Finding something sub $350k on a 600sqm block in central Frankston is going to be tough by the looks of it!
 
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