VIC Best areas for House Investment Property 500K

Hi Guys,

I am looking for an investment property and I would like to buy a house on a small piece of land. I can only get about 400-500K from the Bank. I am after Capital growth and my aim would be to negative gear the property and borrow the bulk of the 400-500K and have an Interest only mortgage. I would need to buy a house in the area that has reliable income decent tenants (although you can't really control this!)

Some areas I am interested in are:

1) Country: Kyneton, Ballarat, Gisborne (probab can;t afford)
2) Mernda, Doreen
3) Frankston
4) Torquay - might not be able to afford?

I would be very interested to hear people's thoughts in an area that might have houses that fulfill my criteria. I actually think parts of Brisbane could be good although I am a bit concerned abt buying interstate.

thanks!

Jackie

 

If you're considering those towns on the Calder Freeway, also consider Sunbury, Keilor Downs, Kealba and surrounding suburbs.

Sunbury in particular is an excellent lifestyle option, especially if you grab a well located property near the train station and town amenities.

Kealba seems to be so undervalued for what it offers - it is around 15 kilometres from the city and single storey houses seem to go around the $450k mark. It provides excellent freeway access (both the Western Ring Rd and Calder Freeway via Green Gully Rd), and shopping wise it's right near Keilor Downs shopping centre and upmarket Keilor Village. Not to mention it's directly surrounded by higher value suburbs like Sunshine North, St Albans and Keilor.

Also, if you're looking at Frankston, why not consider Geelong? It is probably quicker to get to the city by both road and rail, you get your own town centre right on your doorstep, plus amazing access to the Bellarine and Surf Coast beaches. Cheapish heritage properties galore too. Like for like it's probably cheaper than Frankston too.

 

Thanks G-Town for this good advice. I will check out Kealba. I had honestly never heard of that suburb! Agree about Geelong I will check that out also.

I think I will need to drive around a few suburbs next weekend!!

thanks for your help,

jackie

 

Hey mate, my criteria are similar to yours and I have compiled the following list so far:

1. Truganina: 22km to CBD, 436k median, 4.3% rental yield
2. Kings Park: 20km to CBD, 408k median, 4.2% yield
3. Deer Park: 17km to CBD, 440k median, 4.1% yield
4. Jacana: 16km to CBD, 408k median, 4.1% yield
5. Tarneit: 25km to CBD, 443k median, 4.1% yield
6. Broadmeadows: 16km to CBD, 402k median, 4% yield
7. Albanvale: 19km to CBD, 420k median, 4% yield
8. South Morang: 23km to CBD, 500k median, 4% yield
9. Hoppers Crossing: 25km to CBD, 410k, 4.2% yield

 

Thanks Y-Man and Realist35 - that is a great list. I originally thought I would have to buy in Country Victoria however I am not so sure now as I think as you have shown there are suburbs in Melbourne that could be good. I think Coburg North and Reservoir are good as well however they are above my price range. If I had 800K I would buy there. I have noticed the banks are really tightening up as well in terms of what they will lend

Jackie

 

Jackie,

Have you taken this link for a spin?

South Morang Investment Property Market Data