VIC 500K budget, where should I buy? Cranbourne?

HI everyone.

I have just sold my nightmare property in a poor suburb and I would like to buy another investment property in a better suburb.

I only have around 500K and I don't mind buying interstate.

I prefer something with land and 'not too negative' cash flow.

At the moment, I'm thinking Cranbourne VIC. Is it a good suburb to invest?

Thank you.

 

Cranbourne has a lot going for it as a suburb - plenty of shopping centres, transport links, but has been running hot now for a while, especially the larger developer blocks. The prices on realestate.com.au haven't quite caught up but expect 430k+, and it's yield is lower than what it used to be. So, a consideration you will need to make is how much more growth can you make this year+ and how long are you prepared to wait?

What other opportunities are there in the North and West, for example?

If you do decide to go ahead with Cranbourne and have a budget of 500k, stick to a house on a large block over a villa or unit.

Also, you mentioned you just sold a property in a poor suburb... what suburb is that?

 

Thank you for your reply.

I still have a big debt on my principle home and I want to pay it off quicker. I'm young. (early 30s) so I am happy to hold on a property for like 30 years.

With 500K budget, is there anything you would suggest? I'm also looking at NRAS or dual occ for cash flow.

What do you think?

The property was in Broadmeadows.

 

You sold.in Broady to buy in Cranbourne?????
Your still effectively playing in the same market and now you have to pay stamp duty again
Dont buy in cranbourne for 500k- the upside is limited
just have a look at something in brissy adelaide or perth in a much better location

 

What type of property did you have? Full sized block or subdivided? I feel bad for you- I think you really could have done well long term with Broady

 

If I were you, I'd be looking at opportunities to purchase a house around the North-West, near Broadmeadows actually, in more established and older suburbs, but as close in as you can afford towards the CBD. I haven't done research so I can't specify suburbs for you, but given the East and South East has been burning hot for a few years now, the ripple is likely to head in the North and West direction now (it's already hit). Probably too late for Glenroy though.

You may also want to look at suburbs in and around Sunshine area. Look at yield and for suburbs that haven't grown as much recently compared to their neighbours, and post your results for us to discuss.

I agree with the posters above about Broady having great potential... especially in the next Melbourne boom, but you obviously made your choice with probably really good reasons. So, best to move onto the next opportunity