Where in Melbourne

Hi, i'm from Sydney so i'm not very familiar with Melb. I'm looking to buy an IP in Melbourne somewhere spending roughly 350k to 370k. Would you recommend an apartment closer to the city such as Footscray, Brunswick, Richmond etc. or a house further out such as Frankston, Altona Meadows, St Albans etc.
 
Hi, i'm from Sydney so i'm not very familiar with Melb. I'm looking to buy an IP in Melbourne somewhere spending roughly 350k to 370k. Would you recommend an apartment closer to the city such as Footscray, Brunswick, Richmond etc. or a house further out such as Frankston, Altona Meadows, St Albans etc.

Heard Cranbourne East is gonna get hot hot hot!
 
Hi, i'm from Sydney so i'm not very familiar with Melb. I'm looking to buy an IP in Melbourne somewhere spending roughly 350k to 370k. Would you recommend an apartment closer to the city such as Footscray, Brunswick, Richmond etc. or a house further out such as Frankston, Altona Meadows, St Albans etc.

With that budget I wouldn't be buying an apartment in Footscray, Brunswick or Richmond, the places further out with that budget would be an option possibly.
 
Our unit in Footscray didn't go up much in the last three years- paid $380k in 2012 and now probably $400k? West Footscray on the other hand had much higher capital gain. So personally I would not recommend Footscray with that budget. House yes, apartment no
 
thanks for all the feedback guys

Hi Sneak,

I would be staying away from apartments for one main reason, there are two many around and as other have mentioned not much capital growth in apartments.

There are areas such as Ardeer, Alibion, Sunshine West and Deer Park.
 
Hi Sneak,

I would be staying away from apartments for one main reason, there are two many around and as other have mentioned not much capital growth in apartments.

There are areas such as Ardeer, Alibion, Sunshine West and Deer Park.

+1 All those areas are winners and still very affordable.
 
Hi Sneak,

I would be staying away from apartments for one main reason, there are two many around and as other have mentioned not much capital growth in apartments.

There are areas such as Ardeer, Alibion, Sunshine West and Deer Park.

What about St Albans? How come you didn't mention St Albans? :p
 
Having recently bought and lived there temporarily . I have to say I think St Albans is also good but will need a few more years to be really good - Has good shopping strip, restaurants , train and they are getting rid of the level crossing with some decent council initiatives to improve the area ( look up brimbank council). But look at decent streets near the stations St albans , Gnifer and Keilor Plains with no big old unit sites too close to you. Growth there over the last 12 months has been really good for the larger blocks.

Will also benefit from Sunshine when its hospital is upgraded ( next 24 mths) and gets fully developed as an employment hub in a few years.
Good luck.
 
Hi, i'm from Sydney so i'm not very familiar with Melb. I'm looking to buy an IP in Melbourne somewhere spending roughly 350k to 370k. Would you recommend an apartment closer to the city such as Footscray, Brunswick, Richmond etc. or a house further out such as Frankston, Altona Meadows, St Albans etc.

Hi Sneak -

Congrats first on looking outside Sydney.

I would not buy in Brunswick, way to much oversupply in this price range. Footscray has become very popular in the last 12 months with apartments now selling over $7000 psqm and most one bedders now do not have a car park. Love footscray for an IP and would prefer for sure over Richmond which is more expensive and a extremely different demographic for a buyer.

A house - well, what sort of yield will you receive? for an IP - unless its a development site in St Albans etc you need to be thinking 4.5% + in yield.

You can also look at Braybrook and Sunshine as the up and comers with plenty of good options for investors.

Cheers Ivan
 
I agree with members on ardeer, St. Albans, sunshine, sunshine west, Albion, braybrook.

But my advice would be to buy a house. It will be tight on your budget on some of the above areas that are hot ATM, such as sunshine and Albion, braybrook, but as Beanie mentioned at Albans is achievable on that budget for a brick house with land.

Maybe consider a unit somewhere else (single story, max 4-6 on the block, 2-3br)..
 
Contrary to what poster at top said, I would buy in Brunswick over most other suburbs mentioned. The north is the place to be. Forget the rest. Already ran.
 
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