Hi guys, well after having researched both Frankston and Reservoir, I eventually decided to buy my 2nd IP in Reservoir based on it being 12km's from the city, and picking up a pretty good bargain I thought, so I expect Capital growth to be better there.
But, there's fuel in the tank so to speak and I'm now hunting for my 3rd IP, so I'm going to take another look in Franga's to spread my eggs so to speak. I've just done a quick search on houses below $300K on realestate.com.au and there still appears to be a heap of houses for sale, in fact the first 10 pages were houses under $300k! I recall Harris posting a few months ago predicting there'd be nothing selling under $300k on near completion of the Eastlink freeway, but this doesn't appear to be the case as the freeway officially opens in 1 week.
Not surprising as interest rates, fuel and food shoot through the roof! What's been happening in the market and has it cooled? There still seems to be a lot of stock available and from my own research that I did a few months ago, prices have cooled a fair bit(like the rest of Melbourne). Would now be a good time to buy here or do you guys feel the market will cool further? I would assume mortgage belt would be pretty prolific here, so maybe better to wait a bit more, especially with interest rates tipped to rise another 0.5% by September and liquid gold to hit $2 a litre by Xmas?
Can anybody give me an update? Are houses still selling like hot cakes or has investment activity dropped off? Harris, others?