Where to buy in melbourne for 500-600k ??

Hi All,

Which suburb around Melbourne should I look for buying a house for live in and future IP?
I have been looking at Sunshine, Albion, Coburg north, Reservoir but i didnt take any action ....... are they still good, should I go back and look again?

Searching criteria:

1. 500-600k (first home buyer)
2. house with land (can be small ~300m2)
3. walking distance to station (prefer with in 10mins)
4. Not too far to the city (~15km)
5. easy to rent out
6. capital growth potential

Welcome for any advice and discussion, would be great if you can also let me know where are the good or bad pocket in the suggested suburb.

Thanks in advance!!!! :)
 
Hi Laiyat,

There are a number of detailed and useful threads on those areas you can easily find using the search function.

You will get a better response if you first put in some research and ask for opinions on your findings than just asking "where should I buy?"

People will also be able to offer you better advice if you explain what your overall objective/strategy is.

Personally I like Sunshine and Albion and have 3 units in Albion. You can easily get a nice house on 600m2 plus for your budget in Albion and some parts of Sunshine.

Reservoir is also good and within your budget ie
http://www.realestate.com.au/property-house-vic-reservoir-118702391

Not familiar Coburg North.

All the best with your IP shopping ;)
 
Coburg North is ok but has some industrial areas so need to check around and nice areas are away from public transport from memory.

Reservoir is good and nice land blocks but its a bit hot ATM and found myself competing with builders while at it.

Consider Hadfield too. I bought there 3 month ago and loving it. Depending on which side you buy you'll be close to either Fawkner,Gowrey or Glenroy train stations. Also, M80 is a and city link are 5 minute drive away so can get to city in around 20 minutes.

As per Mindamaster, there was a few threads about Northern suburbs so have a look and good luck :)
 
Make sure you go to the stations in quesiton.
Personally, I found Reservoir Station didn't have a great "vibe" around it (might just be me).

The Y-man

Same with Regent station for me, although that pocket is supposed to be one of the best in the suburb. Not a huge fan of Reservoir personally but can't deny the potential of the suburb.

Inner north in general is a good area to buy - as close as you can get to Bell St (south of it unlikely on your budget) is a good general indication, working towards your goal of being close to a train station as well.
 
Hi,

Buying to live in vs buying to invest in are two seperate things.

So if you are looking to buy your first home, Why not choose a area you want to live and just ensure you are financially comfortable.

You can then look at investing once you have settled in.

Cheers
 
Thanks for reply,

I will live in for at least a year to take advantage for stamp duty discount for first timer (rent out some rooms to help out mortgage), and afterward it may become an IP, as I should have enough saving + equity(if any) to buy a second IP.
 
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