VIC Apartment Doncaster area or house Epping area

I'm looking at buying another investment property up to $500,000 and trying to decide what type of property and location. My PPOR is in Blackburn North and I have a 2br Apartment in Ringwood which is going well. I can't decide which is the better option, do i get another apartment around Doncaster or a house in the outer North such as Epping, Mill Park. I've even thought about Frankston, any thoughts.

 

Thank Y-man. My gut was saying Epping as well, it does have a lot going for it.

 

I live in Mill Park and work in Epping and I can tell you that things are definitely starting to pick up here judging by the rising number of people attending auctions.

The planned Costco store hasn't materialised as of yet but I believe (and hope) it will have a positive impact on property values once it's open.

You will easily find something decent in your price range but might have to stretch a little for those perfect gems (i.e. not run down, decent sized block, close to the train station, shops, good schools...etc).

There is the stigma that Epping is a high crime suburb and to some extent that used to be the case but things are definitely getting better.

Good luck in your search.

 

Thanks for the reply. It really does sound like Epping and Mill Park are worth a serious look. Once i get the go ahead from my broker I'll go to a few inspections and see what you get for your money. Costco is a bonus but also a curse everytime i go to the one in Ringwood i always walk out getting more and spending more than i wanted.

 

Both Epping MP has my vote. Due to planned infrastructure.

Too many apts in doncaster

 

I wouldn't buy an apartment anywhere. I reckon an older house on a good size block in Frankston would be the go for future growth. They just aren't making anymore bayside land.

 

A friend of mine has an apartment in Doncaster near Westfield and does not have any tenant at the moment . I live in Mill Park and I think Mill park and Epping are better options but I doubt if you could find a house in MP for less than 500k unless a run down one.last year you were able to buy a 3bd house in any area of Mill park for less than 500k but not in 2016.

 

Thanks Mick and AMelbZ, i appreciate your input.
Mick, i have been looking at Frankston and agree an old house on a large block (is 600sqm large) is certainly in my price range. An older house wont have as many depresiation benifits but growth over the medium to long term looks promising.

AMelbZ, interesting that your friends apartment is vacant perhaps all the apartments which have gone up in Box Hill and Blackburn are more sort after due to public transport being easier to access which is something Doncaster lacks. I have taken Doncaster of my radar and your post makes me feel I've made a wise choice.
I agree Mill Park has moved to much for me but Epping is still within my budget.
I'll be going to a few open houses in both Epping and Frankston over the next few weeks to get a good feel for both areas more so Frankston as I'm familiar with Epping and see exactly whats out there for the money.

 

Just went and looked at a couple of places in Frankston and have taken it off the list. I'm sure there are nice pockets in Frankston but what i saw didn't impress me.

 

Hi Oscara,I am also looking for an IP around Epping for a similar price range with plans to hold for long term CG. I live in NSW and time is the barrier. Interesting to know about any update if you are happy to share.Thanks

 

Hi Tony, I've had to reevaluate my options as I've been told I can only borrow $470,000 max due to the banks tightening up their lending criteria. My broker told me it's happening a lot where her clients are having lower borrowing limits coming back from the banks. My options now are a 2br unit in a more central location or going out a little further to Wollert/Epping North or even Mernda and getting a house and land package. My plans are to hold long term and perhaps even use it as my PPOR 10 or 15 years from now. We have family and friends in the area so moving there is an option. Mernda does have a rail line coming so buying now close to the station makes sense but Epping is more appealing to me so I'm still undecided.

 

Thanks Oscara.Hope you locate the right place soon.
Regards

 

Doncaster has boomed over and over, and over and over. It reminds me of putting 50psi into a car tyre that's rated for 38psi. I might very well be wrong but that's how I look at it and why I wouldn't buy there. Same with Glen Waverley.

 

It definitely has. A very good friend of mine bought his PPOR there back in 2010 in the mid $600ks. Naturally, at the time we all thought he'd lost his mind but looking at the number of properties selling in the $1mil plus bracket it's safe to say he's the one who's laughing now.

 

You don't have to like it. Real estate investing is all about buying with your head not your heart. Frankston is still undervalued - where else in Melbourne can you buy a house 5 minutes from the beach in the low $400s? Frankston is a fantastic place to live and there is so much development and gentrification going on. The other suburbs mentioned don't have the infrastructure or the natural beauty of Frankston. I would advise anyone to buy in Frankston now before it becomes unaffordable.

 

Epping just keeps getting better and better...

http://www.heraldsun.com.au/leader/...t/news-story/edb6d9deb0e6c74121a62dae987c8b7d

 

New infrastructre coming in esp hospitals shopping centres are good as there will be high demand from the rentals in close proximity and will have job growth I remembered my place in Clayton was actually rented out by hospital as a standby site for doctors and nurses to rest.

Surprisingly 1bil all developed by Malaysian developers @Kangabanga