VIC 600k budget in melbourne?

Discussion in 'Where to Buy' started by ATANG, 28th Oct, 2015.

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  1. ATANG

    ATANG Well-Known Member

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    Can you buy a house with 600k budget in inner Melbourne? Where would you buy?
     
    ATANG, 28th Oct, 2015
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  2. 380

    380 Well-Known Member

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    Yes, investors can buy a house for $600K inner ring of Melbourne metro.

    sububrbs, type of dwelling will depend on your overall strategy!
     
    380, 28th Oct, 2015
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  3. The Y-man

    The Y-man Moderator Staff Member

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    The Y-man, 28th Oct, 2015
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  4. ATANG

    ATANG Well-Known Member

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    Hm... I don't want town houses...I prefer something standalone, or cottage with not too narrow frontage. I am kind of like Yarraville and Footscray, but then I know the prices marked are just way lower than the actual vendor price...
     
    ATANG, 28th Oct, 2015
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  5. Esel

    Esel Well-Known Member

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    Footscray. You could get a town house or a period property that needs work or on a main road.
     
    Esel, 28th Oct, 2015
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  6. Esel

    Esel Well-Known Member

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    Search sold prices.

    https://m.realestate.com.au/property-house-vic-yarraville-120718661
     
    Esel, 28th Oct, 2015
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  7. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    The median house price in Melbourne is above $700k. This encompasses all of Melbourne, which includes the outer suburbs.

    A $600k budget for a house in the inner suburbs is possible in the West to a limited degree, but it's not going to be in one of the better areas. In the East or South East that budget takes you at least 20+ km from the CBD.

    There are pockets in Melbourne that represent this kind of value, they're probably a reasonable buy given many of these areas are well behind property prices in other nearby locations.
     
    Peter_Tersteeg, 28th Oct, 2015
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  8. ATANG

    ATANG Well-Known Member

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    Mind to share some lights of where these areas are? :)
     
    ATANG, 28th Oct, 2015
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  9. Big Will

    Big Will Well-Known Member

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    A house for 600k for inner Melbourne, you might want to either reassess your budget or expand your search area.
     
    Big Will, 28th Oct, 2015
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  10. Big Will

    Big Will Well-Known Member

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    Big Will, 28th Oct, 2015
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  11. The Y-man

    The Y-man Moderator Staff Member

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    Esel linked one for you in the post above.
    Standalone house, sold few weeks ago for 540k, 9.7m frontage, 7km from CBD.

    The Y-man
     
    The Y-man, 28th Oct, 2015
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  12. ATANG

    ATANG Well-Known Member

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    Hm.. never understand how people buying a house without a parking. :confused:
     
    ATANG, 28th Oct, 2015
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  13. Perthguy

    Perthguy Well-Known Member

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    It seems in Melbourne they list at a price expecting around 20% more than the list price. So you would be looking for something with a list price of around $500,000. You can confirm prices in the area by searching sold prices of similar properties, which should be around $600,000.

    How close to the CBD are you looking?
     
    Perthguy, 28th Oct, 2015
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  14. The Y-man

    The Y-man Moderator Staff Member

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    Now I hope you are beginning to understand the vagueness of your original question.....

    You really need to state all the parameters if you want useful info:
    - house (ok you got that one)
    - price (got that too)
    - car space
    - land size
    - standalone or not (many terrace houses in inner melbourne)
    - nature of street (major road ok? under rail bridge? next to industrial? etc)
    - gradient/slope/ direction of slope
    - distance form CBD

    The Y-man
     
    The Y-man, 28th Oct, 2015
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  15. The Y-man

    The Y-man Moderator Staff Member

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    Says "inner" which I translate as "inside 10km radius"

    The Y-man
     
    The Y-man, 28th Oct, 2015
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  16. Perthguy

    Perthguy Well-Known Member

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    Perthguy, 28th Oct, 2015
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  17. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    As already indicated by others you can buy properties for under $600k in the inner suburbs. These aren't going to be great properties in good locations however. They might achieve reasonable growth in the near future because they're so cheap, but their growth is never going to be consistent. Their rents aren't going to be that great either.

    There may be opportunities in the short term if your timing is right, but over the long term you're probably better off looking for something like a villa unit a bit further out (assuming it's for investment purposes).
     
    Peter_Tersteeg, 28th Oct, 2015
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  18. Lisa Parker

    Lisa Parker Well-Known Member

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    That is a fairly normal exclusion for inner city. Depending of course on area and budget. Can't get a 10/10 property without a 10/10 budget, or moving further out.
     
    Lisa Parker, 28th Oct, 2015
    #18
  19. ross100

    ross100 Well-Known Member

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    sunshine... inner maybe
     
    ross100, 28th Oct, 2015
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  20. tone1

    tone1 Active Member

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    If you could up the budget to 650-700K, where would you currently buy in inner Melbourne for detached housing? Let's say 15km from the city maximum. There's a lot more options in this price range, 600K doesn't get much.

    If you wanted to stick to your 600K budget, I think Sunshine/Albion will have the most options for you (they're about 12-13km out of the city), main roads in the inner-west, very small properties and/or lacking off-street parking.
     
    tone1, 29th Oct, 2015
    #20
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