Where to buy in Melbourne-East

[Tanveer]

Hello All,

I have $30,000 with me and looking to buy a property in east side. I have a pre-approval from bank for 500k-owner occupied property and likely to get a pre-approval for 580k-Investment property.

It will be my first property and Iam open to both options of owner occupied and investment. I looked for off the plan units and townhouses in Ashwood, Bentleigh east, Burwood east and Chadstone. 2 Bedrooms are upto 600k and 3 bedrooms are 650k+. I found off-the plan townhouses to be expensive and few in number around the suburbs i mentioned above. Is it worth spending 600k for a 2 bedroom townhouse

Sometimes I wonder if I should look for good units in areas like Mitcham, Vermont, Ringwood upto 400k and rent it out. Would that be a wise investment? Iam also considering Wantirna South and Ferntree gully to invest.

How do you think I can invest wisely? Where do I invest? Iam pushing 3k every month towards savings so there would be a gradual increase in the savings.

Appreciate your inputs. Thanks.

Tanveer

 

[Aaron_C]

Do you want a house or are you happy with an apartment?

 

[Tanveer]

I would prefer a house. I'm not considering Apartments at this stage.

 

[abbyfresh]

I would prefer a house. I'm not considering Apartments at this stage.

To live or invest - Glen Waverley or Blackburn area both close by to train line are good picks if your budget can manage it. Same rules apply in Ringwood central we're you'll get a lot bigger bang for your buck. For under 600k you can still find houses on decent pieces of land in Ringwood area as market is still struggling a lot to get decent traction.

 

[GoingDHfast]

To live or invest - Glen Waverley or Blackburn area both close by to train line are good picks if your budget can manage it.

Definitely agree with that abbyfresh. Also I'd add that Blackburn has the extra benefit of having two train lines going past (Belgrave and Lilydale lines) with the added benefit of regular express trains to the City Loop. Also the median prices have been flat since 2010 combined with great average capital growth over the past decade so now should be great timing to buy.