Hi all,
Firstly, I just thought I would introduce myself to the forums after lurking in the background for awhile. I must say I have learnt alot about property investment from sifting through the SS forums, but still have alot to learn aswell.
Between now and July next year, my brother and I are intending to buy an IP in Melbourne up to around the $350k mark. We currently have a 10% deposit but will increase to 20% come ~ July next year if we delay the purchase.
Areas I have had my eye on in particular are Albion and Ardeer from my own research and also areas such as Sunshine, Melton, HC and Werribee from recomendations from other SS forum-ites.
The reason I like Ardeer and Albion in particular is for the fact that:
- They are between 12-14 kms from the CBD
- Easily accessed by public transport (20-25 mins to the city - although Ardeer is V-Line accessed Zone 2)
- Near the ring road and bike path
- Close proximity to 3-4 schools
- 3-4 kms to Sunshine shopping strip
- Most probable that nearby train line (Melton..I believe from memory) will be electrified soon when the Caroline Springs station is commisioned.
I am aware that Sunshine has taken off over the last year or so and therefore base my assumption that Ardeer / Albion will follow suit in the near future. In terms of its relative distance to the city, the median house price of ~$320k seems like a good buy for future gains.
I have spoken to an agent who claims that it wouldn't be too hard to rent out a 3-4 bedroom house for $300-310 /wk. From subsequent study of rental prices on domain / RE.com.au, $300 /wk seems pretty attainable.
The one house that has caught my eye has been:
- A neat 3 bedroom brick veneer house (easily converted to accept another bedroom)
- 2 bathrooms
- Large backyard
- Polished hardwood floor
- Garage
- 5 min walk to train station and bus stop
- 5 min drive to ring road on-ramp
- Located in a quiet street away from the strip of major powerlines.
From what I have gathered, the house will need a full repaint and one wall will require replastering. Otherwise, it all seems pretty legit.
The house is going to auction in a couple of weeks.
The auction is a bank sale and I believe is starting @ 280k but will no doubt fetch 300k +
Any advice as to whether the Ardeer / Albion region could be a reasonable choice for a first IP over a 3-10 year strategy?
Thanks in advance,
James
Firstly, I just thought I would introduce myself to the forums after lurking in the background for awhile. I must say I have learnt alot about property investment from sifting through the SS forums, but still have alot to learn aswell.
Between now and July next year, my brother and I are intending to buy an IP in Melbourne up to around the $350k mark. We currently have a 10% deposit but will increase to 20% come ~ July next year if we delay the purchase.
Areas I have had my eye on in particular are Albion and Ardeer from my own research and also areas such as Sunshine, Melton, HC and Werribee from recomendations from other SS forum-ites.
The reason I like Ardeer and Albion in particular is for the fact that:
- They are between 12-14 kms from the CBD
- Easily accessed by public transport (20-25 mins to the city - although Ardeer is V-Line accessed Zone 2)
- Near the ring road and bike path
- Close proximity to 3-4 schools
- 3-4 kms to Sunshine shopping strip
- Most probable that nearby train line (Melton..I believe from memory) will be electrified soon when the Caroline Springs station is commisioned.
I am aware that Sunshine has taken off over the last year or so and therefore base my assumption that Ardeer / Albion will follow suit in the near future. In terms of its relative distance to the city, the median house price of ~$320k seems like a good buy for future gains.
I have spoken to an agent who claims that it wouldn't be too hard to rent out a 3-4 bedroom house for $300-310 /wk. From subsequent study of rental prices on domain / RE.com.au, $300 /wk seems pretty attainable.
The one house that has caught my eye has been:
- A neat 3 bedroom brick veneer house (easily converted to accept another bedroom)
- 2 bathrooms
- Large backyard
- Polished hardwood floor
- Garage
- 5 min walk to train station and bus stop
- 5 min drive to ring road on-ramp
- Located in a quiet street away from the strip of major powerlines.
From what I have gathered, the house will need a full repaint and one wall will require replastering. Otherwise, it all seems pretty legit.
The house is going to auction in a couple of weeks.
The auction is a bank sale and I believe is starting @ 280k but will no doubt fetch 300k +
Any advice as to whether the Ardeer / Albion region could be a reasonable choice for a first IP over a 3-10 year strategy?
Thanks in advance,
James