Suggestions, Melbourne Scenario

MTR

MTR

Hi All

This is the scenario am currently looking at:

My eldest daughter will be moving to Melb late/early next year with her boyfriend. It will most likely be a permanent move.

Option 1 - buy unit 2 bedder ($450-500K), inner city, we would provide the deposit and they could live/rent it. We love Melb and would plan a couple of trips per year, couple of months each time we visit and stay in the unit.

I am sure my daughter and partner would prefer to live in some trendy inner city area, so would we.

Option 2 - buy a small home 15 km from city, same budget, provides more room/space when we visit.

I understand there is an oversupply of apartments ie Docklands, perhaps this would be suitable because I would pick one up for bargain price at the moment, not too worried about growth at the moment??

Would like some suggestions, areas etc.

I have not checked out prices so not even sure if this price range is realistic at the moment??

Cheers
MTR:)
 
MTR said:
Hi All

This is the scenario am currently looking at:

My eldest daughter will be moving to Melb late/early next year with her boyfriend. It will most likely be a permanent move.

Option 1 - buy unit 2 bedder ($450-500K), inner city, we would provide the deposit and they could live/rent it. We love Melb and would plan a couple of trips per year, couple of months each time we visit and stay in the unit.

I am sure my daughter and partner would prefer to live in some trendy inner city area, so would we.

Option 2 - buy a small home 15 km from city, same budget, provides more room/space when we visit.

I understand there is an oversupply of apartments ie Docklands, perhaps this would be suitable because I would pick one up for bargain price at the moment, not too worried about growth at the moment??

Would like some suggestions, areas etc.

I have not checked out prices so not even sure if this price range is realistic at the moment??

Cheers
MTR:)
Click to expand...

Was looking for 2 bedders in Docklands few days ago. You will look at $500+ for decent size apartment. Waterview will cost you $650k+ for 2 bedders
 
If you don't care about growth, why buy it Marissa? Yield in Melbourne is so low that you'd be better off just helping them rent the places.
 
starter said:
If you don't care about growth, why buy it Marissa? Yield in Melbourne is so low that you'd be better off just helping them rent the places.
Click to expand...

I agree. Although this is where the other factors will come into play. i.e. do you want them to own the property to develop a 'forced savings' habit? Plus the lifestyle reason to be close to town.
 
MTR said:
Hi All

This is the scenario am currently looking at:

My eldest daughter will be moving to Melb late/early next year with her boyfriend. It will most likely be a permanent move.

Option 1 - buy unit 2 bedder ($450-500K), inner city,

Option 2 - buy a small home 15 km from city, same budget, provides more room/space when we visit.

Would like some suggestions, areas etc.
MTR:)
Click to expand...
.
Hi MTR,

I would suggest these inner city suburbs for the price range indicated

Option 1 Unit - Kew, Kew East, South Yarra, Prahran, Malvern, Malvern East, Balwyn, Balwyn North, Northcote 7km, Brunswick 5km, Thornbury 9km

Prestigious address - Kew, Kew East, South Yarra, Prahran, Malvern, Malvern East, Balwyn, Balwyn North

For genteel, laid-back and close to High Street shops - Northcote, Thornbury

For more bang for your buck and more tolerant, friendly people (vegans, lesbians, gays, greens, reiki all accepted/embraced) Not to mention what a cafe and coffee culture! and sipping chardonnay! - Brunswick

Option 2 House - Avondale Heights, Oak Park, Pascoe Vale, Glenroy, Kingsbury, Bundoora 18km, Watsonia 20km

The houses you might have to go a leeetle above 500K but now and then you can find a few under 500K. Just have to patient and pounce on them when they come up

Thomastown - I''d be a bit leery or careful of it. It's always been a low socio-economic area so it has its issues. Also, if your daughter likes to be woken up in the morning by the horns blaring 'the call to prayer' at 5am, then it's all good! :D
 
Hi Marisa,

The areas already mentioned (Carlton, Richmond and Elwood) are well located to the city centre and amenities. I'd add Carlton North, North Melbourne and St Kilda to the list.

If you decide on Carlton or Carlton North, it may pay to have a close look at the plans for the East/West link to see if any of the properties you are interested in could be impacted.

A two bedroom terrace house in any of these locations would appreciate well and be great to live in - but you'd have to increase your budget somewhat!

Otherwise, for around $450,000 you could buy an established/older style 2 bedroom flat in North Melbourne with parking. I think you may have to go higher if seeking the same in the other suburbs suggested, but I am not in the market for one so don't really know exactly.

Sounds fun anyway, Marisa!

Kind regards,

Jason.
 
jingo said:
Hi Marisa,

The areas already mentioned (Carlton, Richmond and Elwood) are well located to the city centre and amenities. I'd add Carlton North, North Melbourne and St Kilda to the list.

If you decide on Carlton or Carlton North, it may pay to have a close look at the plans for the East/West link to see if any of the properties you are interested in could be impacted.

A two bedroom terrace house in any of these locations would appreciate well and be great to live in - but you'd have to increase your budget somewhat!

Otherwise, for around $450,000 you could buy an established/older style 2 bedroom flat in North Melbourne with parking. I think you may have to go higher if seeking the same in the other suburbs suggested, but I am not in the market for one so don't really know exactly.

Sounds fun anyway, Marisa!

Kind regards,

Jason.
Click to expand...

Thanks Jason
Yes, I am after lots of fun and mix the Perth lifestyle as we have lots of family and friends, however I like the fine food and many of the other attractions that Melb has to offer.

Cheers
MTR
 
Beanie Girl said:
.
Hi MTR,

I would suggest these inner city suburbs for the price range indicated

Option 1 Unit - Kew, Kew East, South Yarra, Prahran, Malvern, Malvern East, Balwyn, Balwyn North, Northcote 7km, Brunswick 5km, Thornbury 9km

Prestigious address - Kew, Kew East, South Yarra, Prahran, Malvern, Malvern East, Balwyn, Balwyn North

For genteel, laid-back and close to High Street shops - Northcote, Thornbury

For more bang for your buck and more tolerant, friendly people (vegans, lesbians, gays, greens, reiki all accepted/embraced) Not to mention what a cafe and coffee culture! and sipping chardonnay! - Brunswick

Option 2 House - Avondale Heights, Oak Park, Pascoe Vale, Glenroy, Kingsbury, Bundoora 18km, Watsonia 20km

The houses you might have to go a leeetle above 500K but now and then you can find a few under 500K. Just have to patient and pounce on them when they come up

Thomastown - I''d be a bit leery or careful of it. It's always been a low socio-economic area so it has its issues. Also, if your daughter likes to be woken up in the morning by the horns blaring 'the call to prayer' at 5am, then it's all good! :D
Click to expand...

Thanks for the input, gives me many options which will start to work on.
 
DavidMc said:
I agree. Although this is where the other factors will come into play. i.e. do you want them to own the property to develop a 'forced savings' habit? Plus the lifestyle reason to be close to town.
Click to expand...

Yes, I see what you mean.

My plan is actually to set up another trust and we will continue developing and both my daughters will be involved in this process. Give them both a leg up to start with
At the moment they are both still students so we will be funding the developments to start with.

They both are very good with money, as they have part time jobs etc, and keen to learn more about property etc.

Its a plan and we are just working towards this.

Thanks
MTR
 
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