VIC 610 k , where to buy investment property in melbourne?

Can u please suggest me the suburb to buy investment property with max 610 k? I looked around st alban, they are asking too much. Rental yield is also not good. i have budget max to 700k lokking around watsonia and greensborough for 2 months could not get anything.

 

Hi @google boy

Unfortunately it's not that they're asking too much - it's that the price is the price.

With respect to what you can get for your money depends on whether you are particular about dwelling type (eg house, vs townhouse, vs unit etc).

There are still some spots where it is possible to get freestanding houses within your budget.

 

look at upper ferntree gully, upwey, tecoma and belgrave . IMO, there will be a ripple effect coming from wantirna, wantirna south, ferntree gully.

 

What are you looking for - a house? Unit? Apartment?

Positive cash flow or negatively geared?

Will you move in later? How long do you intend to own it for?

Would you do a major renovation or do you want something brand new?

The purchase price is only one consideration.

 

Not sure what your requirements are eg block size, dev potential etc but with a budget of 700k you can check:

Sunshine West
Noble Park
Glenroy
Thomastown/Lalor

Anything with development potential will be close to 800k though but you may be able to pick up something around 700k 550-600 mtr block size.

for 610K you have to look further out or if lucky you can pick something up in Ardeer around that price range

 

Albion?
Fawkner?
Deer park?

you are not going to find good yield anywhere in the 25km ring.

 

Haha.
And the body corp bill like a mo fo!

 

Option 1:
A house in Frankston or Seaford
Option 2:
A house and a unit in Werribee, both for 700K if you can find

 

Jacana or Broadie definitely. They are the closest you can get to the CBD for that price.

If you want yield, go to Logan in Brisbane, but Melbourne for faster capital growth.