Melbourne Property
- Thread starter Tanqueray
- Start date
Hi Tanqueray,
Welcome to the forum. Your post indicates you have not really considered in depth what type of property you are looking to buy and for what reason.
You have indicated you want capital growth, is that your main driver? If so it will be difficult to find something in close proximity to Melbourne city in a ‘good’ suburb that is close to positively geared.
Have you done any research on suburbs close to the airport? If so do they meet your criteria and how? Why Melbourne and why close to the airport? If you can’t answer these types of questions, it means you need to really have a think about what you’re trying to achieve.
Once you have defined your goals and criteria, it will be much easier to get moving and find a particular suburb / area, rather than just asking generic questions.
Welcome to the forum. Your post indicates you have not really considered in depth what type of property you are looking to buy and for what reason.
You have indicated you want capital growth, is that your main driver? If so it will be difficult to find something in close proximity to Melbourne city in a ‘good’ suburb that is close to positively geared.
Have you done any research on suburbs close to the airport? If so do they meet your criteria and how? Why Melbourne and why close to the airport? If you can’t answer these types of questions, it means you need to really have a think about what you’re trying to achieve.
Once you have defined your goals and criteria, it will be much easier to get moving and find a particular suburb / area, rather than just asking generic questions.
Thanks for the welcome and advice Rick.
I understand the generic nature of my question. I am only in the very initial stage of thinking about this and thought I could obtain the general advice of knowledgeable people who know the Melbourne market to get an idea before I start research.
I want to obtain a neutrally geared portfolio and Im just after some general suggestions of suburbs in Melbourne with good capital growth, central location and decent rental return.
I havent done any research. No real reason why close to the airport. I thought Melbourne may be good for capital growth.
I understand the generic nature of my question. I am only in the very initial stage of thinking about this and thought I could obtain the general advice of knowledgeable people who know the Melbourne market to get an idea before I start research.
I want to obtain a neutrally geared portfolio and Im just after some general suggestions of suburbs in Melbourne with good capital growth, central location and decent rental return.
I havent done any research. No real reason why close to the airport. I thought Melbourne may be good for capital growth.
Because of, or despite the recent run-up?
Welcome to the forum T.
Long term the rising tide will lift all ships; well, most of them unless they are in leaky areas/regions.
If you want resi now, then skip Melbourne for the most part. It is fully priced with rubbish yields. I reckon Sydney still has legs and Brisbane has missed on the bull run that Melbourne and Sydney enjoyed recently, so (aside from some general current over-supply in rental stock in some areas), Brissy should fire up nicely when it's run begins so better value there than in Melborne right now IMHO.
I am not too familiar with specific areas of that market. Go to the Where to buy Forum and search for "Brisbane" ..........even trawl back over the past year's threads in that sub-forum to see what you uncover.
For me anything within a 20 km ring of the CBD and must have train. Buses are usually a given. If your tenant can walk to a train station in say 10 minutes (around 700-1000 m) it enhances rentability appeal. Other amenity such as schools, shops, etc and whatever other criteria you have should add to your due diligence checklist.
Look at a Brissy map and follow the train lines......and the radius markings.
I agree with Player on this one, I have been keeping a keen eye on a fair few suburbs in Melbourne over the year and the value is just not there, think the timing is much better suited to a Brisbane purchase (will be settling on a property in Dec). Will also take a good look at NSW early next year. What sort of price range are you looking at Tanqueray? That will be a big determining factor in type of property and suburb.
Chadstone area is not a bad idea if you want somewhere central.
Has access to sth eastern suburbs from monash freeway, and also princess highway.
I like armadale, caulfield north and st kilda east. Good places to live.
Close enough to cbd and inner city lifestyle, and you dont have to worry about the skinny roads and lack of parking like in prahran, south yarrra.
Rental yields are poor in melbourne at the moment.
Has access to sth eastern suburbs from monash freeway, and also princess highway.
I like armadale, caulfield north and st kilda east. Good places to live.
Close enough to cbd and inner city lifestyle, and you dont have to worry about the skinny roads and lack of parking like in prahran, south yarrra.
Rental yields are poor in melbourne at the moment.
Tanq, sounds like you might benefit from using a Buyer's Agent. If you are trying to buy in a capital city you don't live in, it can save you hundreds of manhours in research.
I can recommend Andrew Allen from Allen Real Estate in Brisbane.
People have different views on BAs. some think they are worth it, some don't. Suppose it depends what price you put on your down time.
I can recommend Andrew Allen from Allen Real Estate in Brisbane.
People have different views on BAs. some think they are worth it, some don't. Suppose it depends what price you put on your down time.
I'm not familiar with this type of property in Brissy as it's not what i'm currently looking for, however a quick search of re.com indicates there is opportunity within the inner north at or around the median for devvy blocks. As suggested a buyers agent may be beneficial, there is plenty of discussion on the pros and cons of them on the forum so not going to repeat this.
http://www.realestate.com.au/property-house-qld-northgate-106390350
http://www.realestate.com.au/property-house-qld-nundah-106842630
