VIC Any suburb within 330k budget

With the way Melbourne prices have been rising, I think $330k wouldn't buy you much UNLESS you bought a unit/apartment.
As some other posters have pointed out, some of the areas you're considering have plenty of land which means there's lots of scope for new properties - and that impacts on tenant demand for your property as well as price growth. Melton has had significant growth in recent times, but started at a low base so will future gains remain the same??
For $330k you could buy something pretty good in SE Qld - this zone has been slumbering since prices started heading downward about 2007-2008 and have stayed down (unfortunately ) but recent signs are that things are beginning to move so if you were to get in now, you might be in the box seat for growth before too long and rent returns will be pretty good.

As an example of $330k, you could buy a 3 bedroom townhouse in a complex with an onsite manager, bbq area and swimming pool so there'd be body corporate fees to consider, but you could get $360-$370 per week rent.
My 3 bedroom-2 bathroom townhouse in a complex in a Gold Coast suburb (not the tourist strip) gets $370 per week and you could buy something in that complex and other similar complexes for $300k-$330k at the moment.

 

Thanks so much!
QLD definitely has been at the back of my mind, I guess it's just daunting for me to purchase something interstate.
What suburbs can you recommended?

 

It sounds like the Logan council area might be worth looking at @Kt88. You'll find lots of discussion about it here and on the Somersoft archives.

Before the APRA changes I was going to buy a number of high set houses there this year. They're within your budget and high yields abound.

Probably other options a similar distance from the CBD in other directions too

 

Thanks!
Is there a particular area you can suggest in Logan?

 

I know it's outside your 30kms from CBD criteria, but any reason not to consider Ballarat?

 

I'm considering Ballarat currently. Doing DD over these coming weeks.

 

Check out the chatter on QLD: Logan area.
https://propertychat.com.au/community/threads/logan-central.1106/

And, good read on Micheal_X interview in somersoft. If I recall correctly, most of his IPs are in QLD: Logan
http://somersoft.com/forums/showthread.php?t=105575

 

I am curious as to how people from down there view others, for instance, would or could it be worse than many regional towns in NSW or VIC ?

I was looking at the Hoppers and surrounds, but in the price I am thinking of, could get a decent low maintenance house in Corio, vs probably an older villa or cut off block with old high maintenance house on it.

I am not sure, but seems over time anywhere in these areas will improve, Corio also may be closer to work in Geelong, but not so far as to prevent travel to CBD as well ?

The other thing is the return is poor on the higher priced stock.

Thoughts ?

OP did you narrow down your hunt ?

 

Makes sense Was watching the news and basically Melbourne voted no1. car burglary capital of Australia with 4 top suburbs of highest stats Preston Werribee Dandenong and Frankston

 

Yep....people looking in Western Melbourne might be shocked at how fast things are moving now....

 

Anyone considering Wyndham vale? There is a new project coming up with Aus first indoor water park. Land is at 120k for 270sqm and build is 200k for 4/2/2.

Would an estate with an attraction like indoors water park be a boom or a boon to investors?

The body corp would come up to 1000 a year though. It's a magnet for renters?

I haven't got info yet. My thoughts is its almost like a strata title block, with NO chance of ever converting the land to a development? There is an investment house moving in to snap up the land for resale to China. Which could boost interest.

Land and house at wyndham vale, 320k,any thoughts?

 

It already seems to be at that price around there......

 

We shall no doubt see fierce resistance to my forthcoming comment.... but I find it odd that people seem to think there is a correlation between "suitable investment property" and things like "car burglary statistics".

If you are buying an investment property, you are interested in one thing : money. That's what it boils down to. Money. You do not purchase an investment property as a charity exercise. The money you are seeking comes from two places : rental yield, and capital growth. There is not a deduction depending on car burglary rates. If such a thing were so, I would be very concerned for owners of property in I think it was Balwyn, which was on the news a few months back. Burglars were breaking into homes and making off with quite a booty. At one house they reportedly got away with $250k in cash. This doesn't mean that the house and all houses in the suburb are thus worth $250k less (or any particular amount less).

 

Hi Kt,

Read this thread - it's about Melbourne @ $300k.

investing in melbourne

 

+1
Go and see the shopping centre " Pacific Werribee" all those big names including Myer wouldn't open their stores if the people living there cannot not afford to purchase the goods. I call it Highpoint Jnr.

 

I bought in Park Ridge QLD and if I have to select another one in VIC state I'll go with Werribee for sure.

 

Why Ballarat mate ?
Previously when I attend Steve McKnight property mentoring session he mentioned that it was good back then.

But he told me that he already move on to another area not focusing in residential property anymore in Ballarat.

Perhaps any Steve apprentice can clarify this as well ?

 

how about Kings park, Deer Park, keilor downs and albanvale closer to the city 25k

 

Hi KT

The areas you proposed in your original thread post to look at are quite close to the location of your current property in Tarneit, so you won't have a great deal of diversity in terms of market exposure. That's not to say you must have diversity when there are two IPs in the portfolio, but if you do want to spread your risk and exposure about a bit, you might want to look in a different part of Melbourne or Vic, or indeed interstate.

 

What are peoples thoughts on ex housing areas in hoppers, they are under 330k, not sure how they will go renting.....anyone here have one/any ?