VIC ~35k cash ~15k equity - where to invest in Vic?

Discussion in 'Where to Buy' started by SaraMoosh, 10th Apr, 2021.

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  1. SaraMoosh

    SaraMoosh Well-Known Member

    Joined:
    24th Jun, 2020
    Posts:
    70
    Location:
    Victoria
    So I have an apartment which I regret buying, but I don't want to sell it as its given me so much headache, it is in a good location so I might keep it for a couple of years see if I'd get anything out of it :/ and it appears I can use about 15k equity from it.

    but I really want a house on land (trying to avoid townhouses & units though as I do not like body corps) which I also want to rent out as a second IP. I'd be renting in my ideal suburb (which I cannot afford to buy in since houses are 1m+. I think I'd be ok getting a loan in a few months though regardless of my expenses.

    Which outer suburb/regional location is decent in terms of rentals? any experiences here? especially with the following suburbs? I'm not fully aware of the reputation of each area, been in Melb for a while but still not a 100% sure...keen on hearing from anyone who's invested in these suburbs. I've considered the below:

    seymour
    bacchus marsh
    sebastapool
    redan
    ballarat (greater region)
    hopetoun (way out & can't find any rental advertisements on realestate.com) how are rentals there?
    melton (yikes I reckon but its so cheap!!!)
    craigieburn & broadmeadows & surrounds (also yikes but also somewhat cheap still?....)

    any other suburbs anyone can recommend? Anything up to 2.5-3 hours from Melbs
     
    Last edited: 10th Apr, 2021
  2. Westie

    Westie Well-Known Member

    Joined:
    19th Jun, 2017
    Posts:
    1,138
    Location:
    Melbourne
    Not sure how much you can borrow, but looks at Mildura maybe? Further out than 3 hours from the city, but I recommend you should check out the various threads we have on here for the town.