Hi there,
What's happening in the outer suburbs of Melbourne?
Are people seeing value in some of the outer suburbs now?
Or have they already risen a lot in the last 6-12 months (like the inner/middle ring suburbs)?
I think it's getting a bit late to get good value property in many inner/middle ring suburbs of Melbourne now, and maybe time to look at the outer ring to catch the wave from the ''ripple effect".
As an example, I bought an inner city IP at 475k in Dec '08, that's now worth about 625k, so about 150k or 32% growth in a bit under 12 months. So buying this sort of property now, you would have already missed out on massive short-term growth. Hence, my theory is to look further out for better value now, and better short to medium-term growth.
Thanks.
What's happening in the outer suburbs of Melbourne?
Are people seeing value in some of the outer suburbs now?
Or have they already risen a lot in the last 6-12 months (like the inner/middle ring suburbs)?
I think it's getting a bit late to get good value property in many inner/middle ring suburbs of Melbourne now, and maybe time to look at the outer ring to catch the wave from the ''ripple effect".
As an example, I bought an inner city IP at 475k in Dec '08, that's now worth about 625k, so about 150k or 32% growth in a bit under 12 months. So buying this sort of property now, you would have already missed out on massive short-term growth. Hence, my theory is to look further out for better value now, and better short to medium-term growth.
Thanks.