Overseas Investor Looking to Buy in Mel $700k

[Spleena]

I have a friend living in Asia who has engaged me to scope out and IP. He is looking for a house around $600k - $700k. (not interested in 2 x IP's at $350k).
He sent me to a property in Notting Hill at the upper end of that price range. It was 3BR in neat condtion on decent land but the rental of $360pw represents a yield of just 2.7%. His strategy will be buy and hold and obviously low maintenance given the distance. Doesn't have to be in the eastern suburbs

Where are the best suburbs to look at for a good balance of CG & yield?

 

[nhg]

Does it have to be Melbourne? Can buy development sites for 6 properties in Brisbane for that price. With a house on the block.

Now that's a good buy and hold.

 

[Spleena]

Not necessarily, but he'd prefer Melbourne as he sees long term growth outperforming Brizzy

 

[sanj]

Does it have to be Melbourne? Can buy development sites for 6 properties in Brisbane for that price. With a house on the block.

Now that's a good buy and hold.

Really? What sort of end values for those 6 units?

 

[The Y-man]

Croydon?

The Y-man

 

[Sexyv40]

Vermont lots of action there lately house prices on the up.

 

[Spleena]

Elaborate Y-Man? Is Croydon rinding on the coat tails of Ringwood?

 

[alicudi]

Hi

I actually know of someone that is considering putting a house up for sale on the beachside of Nepean Highway in Mornington.

It is a home that I am guessing was built in the early 80's or slightly older and could be rented out, however the main advantage of this house is that it is on a corner block in an area that seems to be in very high demand for 2 x townhouse style developments. I believe that their is also an opportunity to retain the existing home and build one in the rear yard should the new owner prefer to take this option. I also believe that capital gains will be very good for this particular site as it currently enjoys bay glimpses from the ground level and if the right double storey townhouses are built on this property the bay views will be magnificent.

Don't quote me but I believe it will be priced in the mid $600,000's so feel free to send me a PM if you want me to pass your details on.

Regards,

alicudi

 

[The Y-man]

Croydon/Mooroolbark - has train to City, prices are in the bracket you are after, and yields probably better then Notting Hill (which has no direct transport to CBD).

The Y-man