VIC 900K budget Best area to buy House in Melbourne

Footscray

 

Is it recommended for a first time house buyer to buy a used house through negotiation?

Primarily all houses would be put up for auction, and only those which failed to sell would then be put up for a negotiation sale ?

Is my assessment correct ?



Cheers

 

IMO, there will be little room for nego in a hot market like Melbourne and as suggested to have a building report as a nego tool.

Try to buy as close to the city and preferably a house to avoid strata charges. If this is a PPor, then you should check the local school. Drive around the area in different times and get a feel on which side of the suburb you like.

In areas where you see high number of auctions suggest that the area is in demand. People tend to get carried away with emotion in auctions and you should know the value/area before attending one.

Other things to consider(you could also use as a nego tool if the house falls in any of this category):
- house number (people tend to avoid no 4,13)
- house on the low side
-uneven land
-house at the end of the T junction
- house in busy/main road
-near electric pole
-near commission housing
-people prefer north facing house
- corner block (only good for subdivide)
-dirty or crazy neighbours

Good luck

 

What about Altona North? It'll take the full 900k though.

 

Why Footscray @Property God ?

 

OP your post says house so I don't understand why people are posting units/townhouses as suggestions. Could you confirm you want a stand alone house. M definition of stand alone house is no attachment to other buildings or sharing driveways and over 500m so you can rebuild new on it

Based on a strict 900K limit for purchase price and on those principles and what you could look in Forest Hill as a lot of smaller blocks between 500-600 and you could have a reasonable condition house

Outside of that you can look at bigger blocks in Heathmont/Bayswater/Wantirna with an ok house but getting close/over 20Km away from Hawthorn. You could look in Vermont, Nunawading (train station) and Mitcham (train station) with an OK house but will be on main rd and when I say main rd I mean Canterbury, Springvale, Whitehorse Rd etc (obviously those not zoned for denser development)

Just a final note you don't bank % but dollars
31 Stott Street, Box Hill South, Vic 3128 - View Sold History & Research Property Values - realestate.com.au
over 50% gross gain (most importantly over 500K) in just a little more than 2 years with no change to the house or change in planning regulations. I was offered it in 2014 but thought it was too expensive

 

Yallambie tends to be a little cheaper. This one was auctioned today, it will be interesting to see what it went for:
20 Smike Street Yallambie Vic 3085 - House for Sale #126270886 - realestate.com.au
You should be able to get one within your range there. It adjoins Watsonia. Easy link to Lower Plenty Road but getting to Hawthorn in peak hour traffic is a hassle trying to get along Rosanna Road.

 

Cos its the closest place to the city with your price range for a house.

Area is still growing. Alot of apartments and zoning changes. Its turning to an extension to the cbd. New melbourne rail and west tunnel will help the development too.

Getting hipster so better people. Less rough so families start to move in.

Good food too. Also asian suburb. Asian wana live together, they have money. Will pay premium.

 

Just to clarify
I don't mind buying a townhouse also if it is VFM

Tomorrow just going around some of the localities suggested and see what's available

Please keep the suggestions coming.
It's helping me a lot

Cheers

 

One more clarification
The stamp duty on 900 would be nearly 50k
I have 200k in the bank so I was hoping that the bank finance would be available on the 50k stamp duty also taking the total cost to 950k and 20% LVR would mean that I pay 200k which I have

If have to shell out the entire 50k stamp duty from my pocket, then I will have only 150K surplus

So would the bank be financing me on 900k or 950k?

Cheers

 

All depends on your borrowing capacity. The bank could loan up to 100%... although this is getting harder to secure these days. So to answer your question it depends.

 

Also if you want to stay South East side... take a look down Moorabbin and Cheltenham way... getting some good growth of late from Bentleigh, Hampton spill over.

 

You will need to budget approximately another $5k for solicitor, building/pest report, settlement fees, removalist cost, title registration, council-water rates, etc

Get a mortgage broker and that should be free for you, since they get commission from lenders.

 

Just playing a bit of devils advocate here.

900k is a lot to sink into a PPOR. Given the way Aussie tax laws work, it might be a nice idea to grab a 500k or so PPOR and spend the rest on a regional IP?

I am not familiar with the East at all, I almost never travel east of Footscray! But would it be possible to buy a home at the end of the train line that's still a 45min-1hr commute to Glenferrie station? Somewhere like Lilydale, Belgrave, Ferntree Gully, Upwey, Boronia etc? It would be a similar commute time to living in other inner city suburbs (Preston etc), perhaps easier since all you have to do is jump on a train, grab a seat and relax! You can use the extra cashola you save to kick start your investment portfolio and have the backdrop of beautiful countryside near your home

By the way, have you picked a footy team yet? Since work is in Hawthorn, it's not a bad idea to jump on the Hawks bandwagon


Edit: if you ain't into countryside, and want to stick close to the city, my suggestion would be the Matthews Hill area of Sunshine. West Footscray near Tottenham Station also works well. It's 12 min to Flinders St from work, and 20 min to Sunshine from Flinders St.