Melbourne - North ~$500k

[GT.]

Hi,

I am looking to get an IP which I will turn into a PPOR down the track. Looking at Coburg North, Pascoe Vale, Reservoir and Glenroy (targeting only certain pockets of Reservoir/Glenroy) as this is near my family/friends/network which will be handy when I do move into it. My budget is about $500k.

It will be my first property. I have been looking for several months and have found that average properties are going for $500k+, which is well above what I have valued them at based on my research/statistics. I thought my budget was reasonable but it seems otherwise! It feels like I am not getting anywhere maybe partly because I'm fussy on what I want in terms of stats/my strategy which is probably a good thing.

Any other suggestions of suburbs within close vicinity of these areas? Preferably near a train station?

Any advice is appreciated.

Thanks.

 

[Pianissimo]

Fawkner? It is north with zone 1 train station.

 

[Jake Milne]

Hey GT, could you provide some more details please?

How long are you thinking of holding this as an IP before you move in?
What type of property are you looking for (bed, bath, car, etc)?
How much are you prepared to pay in holding costs (weekly or monthly)?

 

[Aaron_C]

$500k can get you something quite easily in Glenroy....it's not as if it's a premium suburb.

 

[esdarch]

I've got a very rundown Victorian terrace in Moonee Ponds for that much. Spending 50k for renovation then hope it can be revalued at 700k. There is also enough spare land at backyard for an granny flat. Probably it's only way to touch your toes in a better suburb.

 

[GT.]

Fawkner? It is north with zone 1 train station.

I've never been a fan of Fawkner. The fact that it's only accessible via Sydney Road, is in the heart of car yard district of Sydney Road, lacks shops etc doesn't really do it for me. Especially considering I want it to be my PPOR in a few years I can't see myself living there.

Hey GT, could you provide some more details please?

How long are you thinking of holding this as an IP before you move in?
What type of property are you looking for (bed, bath, car, etc)?
How much are you prepared to pay in holding costs (weekly or monthly)?

I'll probably move into it in two years or so.

3 bedder house preferably. Looking for something that needs a bit of work to add value. But want something that is rentable straight away.

I'm assuming holdings costs while it's my PPOR? If so, about $2,500 p/m.

$500k can get you something quite easily in Glenroy....it's not as if it's a premium suburb.

Yes, but the pocket that I am targeting, west of Pascoe Vale Road, is dearer and than the east side or north towards Jacana. So it's not as easy as you think as these 'cheaper' pockets, who have more development, push the median down making it harder to find something that ticks the boxes that you think.

I've got a very rundown Victorian terrace in Moonee Ponds for that much. Spending 50k for renovation then hope it can be revalued at 700k. There is also enough spare land at backyard for an granny flat. Probably it's only way to touch your toes in a better suburb.

Sounds like a good deal. I'm working and studying full time so I don't have the time to do a full blown renovation so I need something that is rentable straight off the bat. But this is a goal of mine in the near future to buy and renovate a rundown property.



Thanks for the reply guys.