Hi all,
I'm a bit frantic at the moment. Two days ago I purchased a unit in Ivanhoe (Melb) which was meant to be for investment purposes. The price set was around 350k but there was a huge interest in the property so we ended up paying 400k for it.
The issue now is that I've been having second doubts about whether putting all that money into a unit is the best option. I guess it's the whole "location vs land" debate... what is more important? I'm looking for something that would give me good rental as well as capital growth in the next 5 - 7 years (50k at least). Would this unit be able to go up much further, seeing as I purchased it already at such a high price? My original thoughts where that places like Camberwell/Mont Albert/Ivanhoe would always be desirable and seeing that the houses are so expensive the units must also go up, however now I'm not too sure.
400k doesn't really get you much in Melb and I would have to buy in more outer areas. I've seen a few places in Yarraville/Footscray for 350 - 400k but for that price they're not very centrally located and the houses themselves are very shoddy. I also feel those west areas have had alot of growth in the last year so I'm not sure whether it would slow down now or not.
Any advice would be really appreciated! I have a 3 business day cooling period so I'm now seriously considering canceling the sale. I'm only 22 years old and this is my first property so I feel that it's really important to make the right choice which might help set me up for future investments.
I've linked the purchased unit below. It's 5 mins from the station and also Ivahoe Village.
Thanks in advance!
http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=105463878&f=0&p=10&t=res&ty=&fmt=&header=&cc=&c=82302520&s=vic&snf=rbs&tm=1231406118
I'm a bit frantic at the moment. Two days ago I purchased a unit in Ivanhoe (Melb) which was meant to be for investment purposes. The price set was around 350k but there was a huge interest in the property so we ended up paying 400k for it.
The issue now is that I've been having second doubts about whether putting all that money into a unit is the best option. I guess it's the whole "location vs land" debate... what is more important? I'm looking for something that would give me good rental as well as capital growth in the next 5 - 7 years (50k at least). Would this unit be able to go up much further, seeing as I purchased it already at such a high price? My original thoughts where that places like Camberwell/Mont Albert/Ivanhoe would always be desirable and seeing that the houses are so expensive the units must also go up, however now I'm not too sure.
400k doesn't really get you much in Melb and I would have to buy in more outer areas. I've seen a few places in Yarraville/Footscray for 350 - 400k but for that price they're not very centrally located and the houses themselves are very shoddy. I also feel those west areas have had alot of growth in the last year so I'm not sure whether it would slow down now or not.
Any advice would be really appreciated! I have a 3 business day cooling period so I'm now seriously considering canceling the sale. I'm only 22 years old and this is my first property so I feel that it's really important to make the right choice which might help set me up for future investments.
I've linked the purchased unit below. It's 5 mins from the station and also Ivahoe Village.
Thanks in advance!
http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=105463878&f=0&p=10&t=res&ty=&fmt=&header=&cc=&c=82302520&s=vic&snf=rbs&tm=1231406118