Where to spend $300k

[JD86]

Hi guys,

I have recently rented out my first house which was my PPOR.

I have re-financed and can spend max. $300k @ 90% LVR for IP number 2.

I have been researching areas like Bendigo and Ballarat but wondering if people have any other areas in mind that may suit my criteria?

I am mainly looking for something with development potential in the future as I am a building designer. I'd like to buy a corner site of approx. 600sqm and get permits for a townhouse to the yard and sell it off, keeping the original dwelling as an IP.

Thanks for any advice.

 

[Jake Milne]

With that kind of budget maybe places like Mildura, Horsham and Echuca...

 

[oc1]

Hi guys,

I have recently rented out my first house which was my PPOR.

I have re-financed and can spend max. $300k @ 90% LVR for IP number 2.

I have been researching areas like Bendigo and Ballarat but wondering if people have any other areas in mind that may suit my criteria?

I am mainly looking for something with development potential in the future as I am a building designer. I'd like to buy a corner site of approx. 600sqm and get permits for a townhouse to the yard and sell it off, keeping the original dwelling as an IP.

Thanks for any advice.

If you want something in Melbourne Lalor and Ardeer come to mind. You can always build one in the back (or two) so try not to limit yourself to corner sites. $350,000 would be better if you can do it. Then the above would be easier as well as Narre Warren and Cranbourne.

 

[mxd]

Hi guys,

I have recently rented out my first house which was my PPOR.

I have re-financed and can spend max. $300k @ 90% LVR for IP number 2.

just be sure your've done "the right thing" with the above statements.

 

[FHF]

2 0r 3 bedrooms in Mildura?

With that kind of budget maybe places like Mildura, Horsham and Echuca...

What's more rentable in Mildura, 2 or 3 bedrooms? is there any area that investors should stay away from?

 

[Truly Exotic]

What's more rentable in Mildura, 2 or 3 bedrooms? is there any area that investors should stay away from?

definitely 3 bdr, dont bother with 2bdrs unless its a good $20k below

depends on your risk comfort levels, but areas to be aware of are Hornsey Park, worse still is ambleside cres area

 

[FHF]

Thanks for the information!

 

[Brady]

Hi guys,

I have recently rented out my first house which was my PPOR.

I have re-financed and can spend max. $300k @ 90% LVR for IP number 2.

I have been researching areas like Bendigo and Ballarat but wondering if people have any other areas in mind that may suit my criteria?

I am mainly looking for something with development potential in the future as I am a building designer. I'd like to buy a corner site of approx. 600sqm and get permits for a townhouse to the yard and sell it off, keeping the original dwelling as an IP.

Thanks for any advice.

I purchased a IP for $265k November last year in Bathurst NSW.

3Bedroom 2Bathroom 600sqm corner block (no intention of developing)

Rents for $340p/w

Purchased because I believe the area to have good growth with a decent yield so easy to hold long term.

 

[C-mac]

I've done a little bit of due diligence on these areas (admittedly about 12 months ago) but as others have said, 3 bedrooms really is the way to go for these particular spots. Just opens up your rental target/potential market with that extra bedroom.

 

[David C]

Hi guys,

I have recently rented out my first house which was my PPOR.

I have re-financed and can spend max. $300k @ 90% LVR for IP number 2.

I have been researching areas like Bendigo and Ballarat but wondering if people have any other areas in mind that may suit my criteria?

I am mainly looking for something with development potential in the future as I am a building designer. I'd like to buy a corner site of approx. 600sqm and get permits for a townhouse to the yard and sell it off, keeping the original dwelling as an IP.

Thanks for any advice.

Hi,


Based on your requirement, search Deer Park, might get some decent deals for 300K or close to that range.

Have you also considered a brand new 4 bedroom, 2 bathroom house and land package under 300K in Wyndham Vale mainly for investment purposes and rents for around 260 p/w.

Good luck with your search

 

[pursefattener]

Have you looked at Warrnambool ? A growing centre with a bit going on . Should be something available at the prices you are talking ..

 

[Elmer Liu]

Hi,


Based on your requirement, search Deer Park, might get some decent deals for 300K or close to that range.

Have you also considered a brand new 4 bedroom, 2 bathroom house and land package under 300K in Wyndham Vale mainly for investment purposes and rents for around 260 p/w.

Good luck with your search

I have been looking at deer park, ardeer for a while as I am local, so easier for me to look around. I have been talking to the council for a number of sites and was told that most of them are in the "limited change area" according to the new housing strategy, this means that the council doesn't encourage high density development, or double story town houses etc. I think this could make getting planning permit harder if one were to develop a double story to max his/her return.. but I could be wrong as I am fairly new into IP. just my 2 cents worth.