Where to buy in Melbourne ??

Dazz

Dazz

Hi,

I hope this is the right forum to place this query. The wife and I are pretty new to this investing game, but have managed to scrape together a small deposit for our second IP. We have a budget of about 260K and were hoping to buy either a 3x1 unit or preferably a house on it's own block. We'd like to stay within the 5 to 7km of the Melbourne CBD.

Can anyone here suggest a good suburb that fits our criteria and is good value for money.
 
I heard Western Australia is a nice suburb of Melbourne and fits your criteria nicely despite me not reading it.
 
Hi Dazz,

theres a few places you could start looking but methinks East melbourne is your best bet.
This area has shown reasonable growth over the last few years and should continue to do so, except it is a bit near Richmond which can be a bit dodgy.

At that price you should be able to find plenty of houses 3,4 even 5 beds and rents are good currently returning around 20%, after a quick reno.

In fact my mates got a few for sale around there for 250, so you send me the cash and I'll post you the title, deal? :D

G.
 
Dazz said:
Hi,

I hope this is the right forum to place this query. The wife and I are pretty new to this investing game, but have managed to scrape together a small deposit for our second IP. We have a budget of about 260K and were hoping to buy either a 3x1 unit or preferably a house on it's own block. We'd like to stay within the 5 to 7km of the Melbourne CBD.

Can anyone here suggest a good suburb that fits our criteria and is good value for money.
Click to expand...

don't u want positive cahflow as well and exceptional capital growth ?


What about Coode Island? Only 4 kms from the city.

Even has lots of sheds for you, water views, and the occasional petrochemical fire to keep u warm at night.
 
OK I will have a go for you Dazz, you seem like a nice guy that is new to this game and hence I can understand why you would think it is a great idea to post what many may seem like a vague question but as I have read this question every second day I will indeed help you out.

Firstly there are heaps of places that suit your need, your 260k helps out as well although it is good that you have managed to save $0 over your life and hence why you are probably after a 105% loan, have I mentioned that I can help you out with this also.

What I think is your best plan of attack in this situation is to limit looking up any real estate sites, council websites or doing any Due Dilligence on any area as this may overload you with too much information and it will all get way too confusing. I think you should find a group that is having a seminar, preferably a new company as you will not be able to find out any prior information on them. Explain your situation and they will be able to help you out with the property/loan/solicitor. Getting too many people involved is too much leg work especially when these companies do it all under one roof.

Before you look at any type of property it is also ideal to go and buy every peice of new appliance from a major retail and then ring A Current Affair to come around and you can explain how property prices are going up far too much. Having new appliances in the background of the interview will help you feel better when your on tele that night.

Jezza
 
Bigtone said:
................What about Coode Island? Only 4 kms from the city.

Even has lots of sheds for you, water views, and the occasional petrochemical fire to keep u warm at night.
Click to expand...

I agree BT.

Yes, that's a lovely spot. Offensive industrial = $$$$$ for the guests seeking accommodation on the Coode resort. ;)

The water views are ohh so pretty and there are also numerous little jetties with those helpful BIG Stevedore devices to assist with the removal of luggage from the sailing boats.

Hmm think I might head over there this morning and have a latte with the tourists
 
Dazz said:
We have a budget of about 260K and were hoping to .... stay within the 5 to 7km of the Melbourne CBD.
Click to expand...

Well Dazz, welcome to the forum. I hope you enjoy your stay here.
Although not strictly within 5-7km of the CBD, I'd like to suggest either Melton or Frankston.

I have done a search on the forum here but I can't find any threads about either suburb unfortunately......so you'll have to do your own research.;)

Alternatively, if you mean the Melbourne in Florida, I think there are some good bargains over there at the moment. From what I've read on the internet, houses are going cheap over in the USA. Here's a place to start your search: http://www.point-travel.com/melbourne-indialantic/americas-best-value-west-melbourne-fl.htm
 
You'd have to be crazy to buy residential, the tenants have too many rights, you have to pay the ougoings yourself, and the yeilds are crap.


The plus side is you dont have to do any research, every house is made of bricks and mortor and is as safe as houses!
You can leave the managemenet to a property manager, who can pay all the bills, and recomend a good Land lord insurance and a bunch of tradies she doenst get a kickback on. At the end of the year, just give your accountant a box of receipts and get your tax back, and then pop down to the bank to get the loan to buy another.
 
Dazz

Welcome to the forum, our whole existence revolves around new members asking questions, we sit by our computers just waiting for new members to ask (a) whether they should buy, (b) where to buy, (c) then start polls to find out (d) how much we are worth, (e) how old we are and (f) even what sex we are.

I think you are a little premature buying ...have you not heard that property is going to fall by 40%, so if you just wait a year or so you will be able to buy in any area of Melbourne with that sort of money.

In the meantime just sit back and wait for someone to do the research and give you a list of suburbs you can look up on the web.

Good luck with your property investing

Chris
 
Dazz said:
Hi,

I hope this is the right forum to place this query. The wife and I are pretty new to this investing game, but have managed to scrape together a small deposit for our second IP. We have a budget of about 260K and were hoping to buy either a 3x1 unit or preferably a house on it's own block. We'd like to stay within the 5 to 7km of the Melbourne CBD.

Can anyone here suggest a good suburb that fits our criteria and is good value for money.
Click to expand...

I see this type of comment coming from yourself like a successful person taking a dig at those just starting/trying to get a leg up. Is that what you intended?
 
Well we don't have any shares, but we reckon that buying this second IP will easily be able to feed myself, the wife and our 7 kids. A couple are coming up to high school and we really want them to go to private school.

On second thoughts, we better look at buying a 3rd unit somewhere along the line to cover that expense. Thanks guys. This forum is great for bouncing constructive ideas off one another. Choice.
 
Isn't this where I post something really insightful about fish and fishing which will get remembered for years to come as one of the best posts ever on Somersoft?

Where have all the veteran members gone with their lovely insights. Now its just us n00bs with no practical experience trying to hold ourselves out to be more informed than we are...

Cheers,
Mike
 
Welcome to the forum Dazz!

I'd say St Kilda; 9 sequential carparks @ 25k each + the remainder 35k for stamp duty, costs & an upmarket 3bed tent stretched over the lot. Almost as good as an innercity single front house :)
 
chrispy said:
Dazz

Welcome to the forum, our whole existence revolves around new members asking questions, we sit by our computers just waiting for new members to ask (a) whether they should buy, (b) where to buy, (c) then start polls to find out (d) how much we are worth, (e) how old we are and (f) even what sex we are.

Chris
Click to expand...

Agree with Ridin-High, I know it's tongue-in-cheek, but if all the more experienced investors are tired of the newbie questions, who are we to learn from? If we ask each other, it's the blind leading the blind.

If the forum's boring, why continue to log on? :confused:

I really value more experienced investors' ideas & feedback. We all started out as a newbie at some point, so a bit of constructive feedback on questions rather than ridcule is always appreciated :D
 
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