Great forum! I have been reading for hours, and discovering that I know less than nothing about RE in general. I would really love some input from those in the know about the Melbourne property market.
OH and I are looking to buy a PPOR in Melbourne. It will be the first time that either of us have been owner occupiers. We are sick of renting and can't stand the thought of living on other ppl's terms any longer. My question is, which do you think is a better investment over time, considering that we will probably live in the property for around 5 years and then either keep it as an IP, or sell up, depending on the market?
a) An established 2 x 1 house in Newport/Yarraville/Footscray area at around 500k
b) An established 1/2 br apartment in inner Melbourne (but not CBD/Southbank/Docklands - more East Melbourne/Elwood/Armadale type areas) for around the same price as option A
OH and I are looking to buy a PPOR in Melbourne. It will be the first time that either of us have been owner occupiers. We are sick of renting and can't stand the thought of living on other ppl's terms any longer. My question is, which do you think is a better investment over time, considering that we will probably live in the property for around 5 years and then either keep it as an IP, or sell up, depending on the market?
a) An established 2 x 1 house in Newport/Yarraville/Footscray area at around 500k
b) An established 1/2 br apartment in inner Melbourne (but not CBD/Southbank/Docklands - more East Melbourne/Elwood/Armadale type areas) for around the same price as option A