Where to buy in Melbourne less than 450K?

[wll6568]

Basically, have a few options...

- Buy off the plan apartment/ unit in inner city suburbs with only 10% deposit or even bank guarantee, and bet for two years later. Also get good depreciation values.

- Buy established house with 500 sqm minimum land in western suburbs and hold for long long terms, but need strong cash flow ability as rent might be low.

Where are the hot spots with both options?

 

[Corey Batt]

I'd avoid the OTP apartment, so much oversupply it's not funny.

 

[Redwood]

Basically, have a few options...

- Buy off the plan apartment/ unit in inner city suburbs with only 10% deposit or even bank guarantee, and bet for two years later. Also get good depreciation values.

- Buy established house with 500 sqm minimum land in western suburbs and hold for long long terms, but need strong cash flow ability as rent might be low.

Where are the hot spots with both options?

Plenty of options - try the SE - look at Noble Park.....$2.5 billion railway heating up the place

Cheers, Ivan

 

[wll6568]

Plenty of options - try the SE - look at Noble Park.....$2.5 billion railway heating up the place

Cheers, Ivan

Is Noble Park good? Heard so many bad reviews of any suburbs around Dandenong.

 

[Redwood]

Is Noble Park good? Heard so many bad reviews of any suburbs around Dandenong.

Depends who you speak to - I have IPs and Dandong plus a 5 townhouse development due for completion Dec - did I mention the $2.5 billion railway upgrade? You can already see the benefit in Springvale with the railway x underground.

Dandenong has received major capital upgrades, don't get blinded by the demographics - still great investment opportunities in my opinion.

Still preferrable to outer suburbs in my opinion. Bad reviews?

Cheers, Ivan

 

[BayView]

Is Noble Park good? Heard so many bad reviews of any suburbs around Dandenong.

My wife grew up in Noble Park, and her parents still live in the same house they bought when they first landed in Aus (immigrants back in the 60's).

I've been going there since about 1981. Back then it was young working class families, mostly.

The place has gone very downhill since those days IMO...My wife is appalled at how it has become.

think; "car wrecks in front yard" level, etc, these days. Looks a bit like a war zone in places. Sad.

 

[Redwood]

My wife grew up in Noble Park, and her parents still live in the same house they bought when they first landed in Aus (immigrants back in the 60's).

I've been going there since about 1981. Back then it was young working class families.

The place has gone very downhill since those days IMO...My wife is appalled at how it has become.

think; "car wrecks in front yard" level, etc, these days.

The same can be applied to many suburbs - look at the housing commisions in Chadstone or Flemington - still a good place to invest at the right price and best thing about noble park you can achieve execellent yields you just need a good PM. My IPs have working class families as tenants usually approve young sri lankan and indian families who are long term tenants and keep the place clean. The issue with NP is there is a huge sudanese community which scares off many people when they drive around.

It has been in detail in other threads, however noble park is still a good investment - in the right location of noble park and at the right price. Dandenong has good buys also, and I prefer to invest here the Berwick/Clyde officer where the spruikers are doing their work.

Cheers, Ivan

 

[PDP]

If your going north, check out Reservoir/Preston/Heidelberg West 2-3 bed run down homes on 600sqm + where you can value add by doing minor renovations and gain instant equity. Being only 10-15km out from the CBD, land is only going to get scarcer in this ring. As more people get priced out of Northcote/Thornbury/Coburg they will look for the next neighbouring suburb.

East, recommend Ringwood/Ringwood East/Heathmont/Croydon 2-3 units or subdivided blocks with existing house. Lots of infrastructure projects happening out in Ringwood in these next couple of years.

Though you may not get the rental return to cover your mortgage repayments, the best thing to do would be to purchase properties below market value. Identify bargins and properties which could you value add by doing minor renovations and achieve a better return and gain instant equity to purchase your next IP.

 

[Redwood]

East, recommend Ringwood/Ringwood East/Heathmont/Croydon 2-3 units or subdivided blocks with existing house. Lots of infrastructure projects happening out in Ringwood in these next couple of years.
.

Hi PDP re Ringwood - I have a feeling that all the infrastructure has been price into current Fair market value, eastlink, shopping centre and costco has brough the developers in - however, I feel apartment and land with old house is overpriced in the area, heathmont might have a few pockets of resistance however I gave this area a miss in my recent purchase. Plus - the Chinese are starting to buy in the area hence apartment stock OTP is overpriced when you look price per square metre is similar in Ringwood to Hawthorn...

Cheers, Ivan

 

[rizzle]

Preston

Can anyone shed more light on Preston? I'm sniffing around thornbury at the moment but if I find that it's not affordable I may look at Preston. Anyone lived there/have IPs there?

 

[Pins]

If you a quick search there is a recent thread on Preston/Coburg/reservoir