Open to suggestions. <$350k .Melbourne.

[Compleks]

I'm currently weighing up my options in terms of buying property - ppor vs investment.
I'm undecided, but am looking at all possibilities.

Assuming I take the Investment option.
My budget is $350k MAX. However I would be more comfortable staying closer to $300k.
My plan again would be buy and hold, maybe some small renos to improve rent return.

I'm open to all suggestions, but have spent a lot of time searching around St Kilda, which is where I would like to live.
My budget doesn't allow for much of an investment in this location, so I have been looking a little further east/south-east towards Carnegie etc.

I can possibly get a reasonable 2br apartment with a courtyard out this way, and still have a decent yeild. I haven't done all the maths, but I can't afford to hold anything that's 'too' cashflow negative.

Anyway, I'm open to suggestions as to what and where I should be looking.
House and land further out. Townhouse. Apartments closer to the city.

Obviously opinions will differ, but I would like to hear what everyone has to say.

Thanks in advance for the help.

 

[strongy1986]

I'm more into land so i would probably try and get a house in western suburbs - laverton?
Or - Dromana
Cape Woolamai

 

[Aaron_C]

Forget St Kilda for that kind of money.

 

[S.T]

grand dad must be slipping!

 

[D.T.]

Insert obligatory frankston comment here

 

[Aaron_C]

Insert obligatory frankston comment here

Think of the subdivision possibilities!

 

[Dbz_Vic]

Like Aaron said if your budget has to be under $350k probably best to not look in the east.

 

[grand dad]

Well.....keep an open mind.....if you are into something low status (with potential for considerable long term capital gain) consider this: you can get a dual occ site with a perfectly rentable brick home for barely $250,000 if you are lucky. http://www.domain.com.au/property/for-sale/house/vic/frankston/?adid=2010953152

 

[impala67]

I'm currently weighing up my options in terms of buying property - ppor vs investment.
I'm undecided, but am looking at all possibilities.

Assuming I take the Investment option.
My budget is $350k MAX. However I would be more comfortable staying closer to $300k.
My plan again would be buy and hold, maybe some small renos to improve rent return.

I'm open to all suggestions, but have spent a lot of time searching around St Kilda, which is where I would like to live.
My budget doesn't allow for much of an investment in this location, so I have been looking a little further east/south-east towards Carnegie etc.

I can possibly get a reasonable 2br apartment with a courtyard out this way, and still have a decent yeild. I haven't done all the maths, but I can't afford to hold anything that's 'too' cashflow negative.

Anyway, I'm open to suggestions as to what and where I should be looking.
House and land further out. Townhouse. Apartments closer to the city.

Obviously opinions will differ, but I would like to hear what everyone has to say.

Thanks in advance for the help.

---
Difficult to tick all the boxes required - You won't get a great yield. You may get in at the $350K price, unlikely at $300K, and well past Carnegie for 2 beds. There's are some at Bonbeach, Oakleigh, Parkdale and Mentone and a few other suburbs.

Box Hill - auction:
http://www.domain.com.au/property/for-sale/apartment-unit-flat/vic/box-hill/?adid=2010936249

Chelsea:
http://www.domain.com.au/property/for-sale/apartment-unit-flat/vic/chelsea/?adid=2010961383

Mitcham:
http://www.domain.com.au/property/for-sale/apartment-unit-flat/vic/mitcham/?adid=2010922372

Malvern East:
http://www.domain.com.au/property/for-sale/apartment-unit-flat/vic/malvern-east/?adid=2010924473

Richmond:
http://www.domain.com.au/property/for-sale/apartment-unit-flat/vic/richmond/?adid=2010954056

You might be better off with a smaller house/villa unit in the outer East, especially considering your comments re: longer-term buy and hold strategy. Or, you can always cross the bridge for a lower entry price for the same stock, which will mean a better yield with a good reno. The best thing to do is to speak to some the buyers advocates on the forum first for better ideas.

 

[Compleks]

Thanks for all the replies, much appreciated!

My first step I think will be moving out and renting. At least I can get an idea of expenses and budget so I know what position I'm in when buying.

I'll probably take your advice this time impala, and speak with a buyers advocate.

 

[neeko]

dromana is out of the question, cant get anything good for that price, rosebud you can. safety beach keep dreamin.

Nick