VIC 750k - PPOR

Hi,

I am looking to buy a PPOR with a budget of $750k. My plan is to rent it out for a short while, then move in and live there for a few years, then might look at buying another PPOR and turn this into an IP. I would like to buy in the SE suburbs of Melbourne, and with a small garden (minimal work). I don’t have any kids yet so not requiring big space.

Which one of the following do you think would be within my budget, and provide growth/cash flow for rent once it becomes an IP:

- An established townhouse within 15-20km to the city (Bentleigh, Carnegie, Oakleigh, Mordialloc…). I’ve seen a few within my budget, but around the 140-200sqm mark, which I think might not be best value for money.

- A slightly bigger town house in Keysborough (would be cheaper than the $750k mark), or Mt waverly, Clayton, Mulgrave…I am leaning towards this option.

- A freestanding house further out, eg: Springvale, Ferntree gully… I’ve seen a couple on a decent land block but house is run down and I am not too sure of the growth in Springvale in the long run, as the boat has sailed already.

Any input or suggestions would be appreciated, or if you could prod me to the right direction that would be great too! Thanks

 

Springvale set sailed? Understatement, it has completely rocketed. In fact, most of South East Melbourne has sky rocketed.

For a PPOR, have you looked in the North East? I find them much more family orientated but not sure at $750K if it's too late. You'd get bigger block and comparable if not closer distance to the CBD. If I was to look today at the market for a PPOR and a nice place to live, I'd definitely look around here.

FWIW I have two kids and on a 600m2 block, I find the backyard almost useless....too small to play cricket or footy without kicking the ball across the neighbour's fence. Good for gardening though.

 

Thanks for your input @willister. I have family and friends in the south east side of town and my work place is here as well, hence my search in this area.

600m2 is a bit big for me at this stage because I am not having kids any time soon, and I don't want to look after the garden

I reckon I can still get a small size block in Springvale if I want a house but it will be old. Since this will be my PPOR, a newer townhouse in Mulgrave, Mt Waverly probably would be better for me. Do you think there could be significant difference in growth over time?

 

Be a little crazy and find a period home in central Geelong

 

How did you go @Galaxy ? Are you happy you bought something or did you leave it off?