SE Melb - best value up to $720K? 600sqm land

Hi all,
Been a long time fan of this site!
Calling out to peoples opinions of the best suburb in SE Melb to invest for approx $700K.
Brief history - I've just recently settled on a property & currently renting. I've used proceeds of the sale to pay off all debts (car loans, credit cards & a personal loan for my recent wedding). I have 150K in the bank earning a measly ( & taxable ) 3.5%. I earn $140K-150K per year but wife not working & have a 3yr old.

My 1-2 year plans are to move to QLD to live & work (Gold Coast).

My strategy is as follows - buy and move into an old run-down home in a 600 sqm+ block, do some basic cheap reno's ( paint, landscape, flooring ) over the next 12 months - using some cash (& perhaps releasing equity if its there) & then rent out long term ( 7+ years) before heading north....

The area's I've looked at include Cheltenham, Parkdale, Aspendale, Edithvale, Highett & Moorabbin... only because I've lived & know these areas.

What are people opinions of the best SE suburb mentioned for Capital Growth over the medium / long term? Would you consider these area's at all or would you best 'spread the seeds' over a few property's a bit further out?
 
Hi all,
Been a long time fan of this site!
Calling out to peoples opinions of the best suburb in SE Melb to invest for approx $700K.
Brief history - I've just recently settled on a property & currently renting. I've used proceeds of the sale to pay off all debts (car loans, credit cards & a personal loan for my recent wedding). I have 150K in the bank earning a measly ( & taxable ) 3.5%. I earn $140K-150K per year but wife not working & have a 3yr old.

My 1-2 year plans are to move to QLD to live & work (Gold Coast).

My strategy is as follows - buy and move into an old run-down home in a 600 sqm+ block, do some basic cheap reno's ( paint, landscape, flooring ) over the next 12 months - using some cash (& perhaps releasing equity if its there) & then rent out long term ( 7+ years) before heading north....

The area's I've looked at include Cheltenham, Parkdale, Aspendale, Edithvale, Highett & Moorabbin... only because I've lived & know these areas.

What are people opinions of the best SE suburb mentioned for Capital Growth over the medium / long term? Would you consider these area's at all or would you best 'spread the seeds' over a few property's a bit further out?

Hey mate

Im not sure about an ip for 700k
What will it rent for? 450 - 500
You'll be out of pocket 15k a year at least

If you do go ahead with the plan - surely mordialloc is the go? Close to main st as possible
also think parkdale is decent value, seams to have been overlooked
 
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