Hi everyone! I'm looking into buying my first house over the next 8 months my budget is 250k so naturally I have been looking around the Frankston/Frankston North areas.
I'll be living in it the first few years (at least until I'm out of uni working full time) therefore I'm focusing more on capital gains/development opposed to yield, the plan is to buy and hold for at least 3-8 years or possibly longer. I was mainly curious whether or not there are better suburbs in my price range to buy and hold? Since I'm not sure at what point I'll be tenanting the place out!
I'm currently renting in Berwick for 340p/w lol.. on the wrong side of the stick. I have seen the bank and so far have been "approved" for 250k (my parents have also offered to guarantor me 50k, therefore a max of 300k although would prefer not!). Basically I've come to the conclusion Frankston is probably my best best. Also lived in Berwick for the last 16yrs so need to stay relatively close to family/friends.
The other places in my price range would be Pakenham, Cylde Nth, Cranny, possibly narre warren, melton, werribee and other areas in the west? However I would really prefer to stay east/se I was even looking up around Emerald/Cockatoo area's since I won't be tenanting in the short term... but I'd assume they would be a bad choice as there's no predicted capital growth? Although the blocks are big in those country areas the land is everywhere and there's no infrastructure! They're not that remote (only 10min drive to beacy station!).
Out of all the places I've mentioned I believe Frankston and some parts in Narre/Pakenham are the only places you can still get old homes on large sub-dividable blocks.
The potential to sub-divide and develop would be desired as I've renovated houses my whole life and love it I would rather do that for a living than engineering to be honest! I like to establish those things in short time periods too and not sit on them, I'd imagine realistically if I bought now I'd be dividing it in 5yrs when my financial position is more secure (aka post post graduate!).
I guess my only real choice is Frankston but I just don't feel it's a buy and hold suburb (which is exactly what I'll be doing with this house), I don't want a decade to pass and see Pakenham worth twice as much as Frankston as I could've bought there if you follow me
What do you guys think? I know a lot of people who are investing regional (it's cheaper than frankston too) but surely over the next 10yrs Frankston will inflate more than say ballarat/mildura for example that are light years from the cbd? From what I see Frankston has as much if not more infrastructure than these regional towns is much closer to the cbd/coast but of course is marked with stigma.
Any advice would be greatly appreciated!! cheers
I'll be living in it the first few years (at least until I'm out of uni working full time) therefore I'm focusing more on capital gains/development opposed to yield, the plan is to buy and hold for at least 3-8 years or possibly longer. I was mainly curious whether or not there are better suburbs in my price range to buy and hold? Since I'm not sure at what point I'll be tenanting the place out!
I'm currently renting in Berwick for 340p/w lol.. on the wrong side of the stick. I have seen the bank and so far have been "approved" for 250k (my parents have also offered to guarantor me 50k, therefore a max of 300k although would prefer not!). Basically I've come to the conclusion Frankston is probably my best best. Also lived in Berwick for the last 16yrs so need to stay relatively close to family/friends.
The other places in my price range would be Pakenham, Cylde Nth, Cranny, possibly narre warren, melton, werribee and other areas in the west? However I would really prefer to stay east/se I was even looking up around Emerald/Cockatoo area's since I won't be tenanting in the short term... but I'd assume they would be a bad choice as there's no predicted capital growth? Although the blocks are big in those country areas the land is everywhere and there's no infrastructure! They're not that remote (only 10min drive to beacy station!).
Out of all the places I've mentioned I believe Frankston and some parts in Narre/Pakenham are the only places you can still get old homes on large sub-dividable blocks.
The potential to sub-divide and develop would be desired as I've renovated houses my whole life and love it I would rather do that for a living than engineering to be honest! I like to establish those things in short time periods too and not sit on them, I'd imagine realistically if I bought now I'd be dividing it in 5yrs when my financial position is more secure (aka post post graduate!).
I guess my only real choice is Frankston but I just don't feel it's a buy and hold suburb (which is exactly what I'll be doing with this house), I don't want a decade to pass and see Pakenham worth twice as much as Frankston as I could've bought there if you follow me
What do you guys think? I know a lot of people who are investing regional (it's cheaper than frankston too) but surely over the next 10yrs Frankston will inflate more than say ballarat/mildura for example that are light years from the cbd? From what I see Frankston has as much if not more infrastructure than these regional towns is much closer to the cbd/coast but of course is marked with stigma.Any advice would be greatly appreciated!! cheers
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