VIC Advice greatly appreciated

Hi everyone,

I've been a long time reader of this forum and found that most of the members seem to be very insightful, so I thought I'd finally ask you guys for some advice.

I'm 30yo have a 1 bedroom apartment in the Melbourne (~$100k left on my mortgage). I've been working in Adelaide for the last year, but I'm planning on returning to Melbourne because of a career opportunity that has been offered to me. Having spent some time with my parents in Adelaide, it's apparent that their declining health will not get better in the future, and subsequently I would like to bring them over to Melbourne, and have them live with me and also to be closer to my sister's family.

My plan was to sell my city apartment and then buy an older brick property ~$700k-800k (not extremely far from the city due to work), that I can work on in my own time with my family friend who is a builder/renovator.
I do regret my 1 bedroom purchase (lack of capital gains), so I'd thought I'd ask this time round for some solid advice from seasoned property purchasers.

I wanted to know:

- If you'd recommend that I sell it in the current market, or just rent it out?
- Any particular suburbs that you'd recommend?
- I'm aware that in QLD you are allowed granny flats, but are you allowed them in Victoria? (my parents still seem to want some autonomy), otherwise are there any other options for dual living spaces allowed in Victoria?

Many thanks for your assistance!

Kai.

 

You're allowed granny flats in Victoria and is mainly used for families who have older parents or teenage kids which need their own space. It cannot be used to rent out separately to 2 unrelated parties.

 

Hmm, have a look in the North Eastern and Northern suburbs - for some odd reason when I was doing my homework on the area, I came across a lot that had existing granny flats or detached smaller living quarters in the backyard? Some need some TLC but I'd say $30K would be plenty to fix them up.

Very good idea IMHO but I wouldn't be putting a granny flat in - too much red tape and could cost a bit. Be very selective and careful in this white hot market though, it looks like softening but still buyer beware!