Join Australia's most dynamic and respected property investment community

VIC Best suburbs for IP (350K-400K) - Melb SE,NE,E

Discussion in 'Where to Buy' started by David B, 11th May, 2016.

  1. David B

    David B Member

    Joined:
    11th May, 2016
    Posts:
    15
    Location:
    Melbourne
    Hi Everyone,
    I'v just signed up to Property Chat :) , I would like to buy my first IP. My budget is no more than 400k.
    My preference is eastern, SE or NE suburbs of Melbourne. It can be a flat, unit or house
    Any suggestions?

    Thank you in advance,
     
  2. MsAli

    MsAli Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,147
    Location:
    Sydney, Australia
    Hi David

    Apart from price and type of dwelling, what sort of return do you want? What do you want the property to achieve for you in the next 5, 10, 15 years? Are you looking to build a portfolio?

    What do you like about SE or NE?

    Lots of open questions. You'd find it difficult to get straight up answer to your question. What does your OWN research suggest?
     
    David B likes this.
  3. JamesP

    JamesP Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    68
    Location:
    Melbourne
  4. Greyghost

    Greyghost Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,262
    Location:
    Melbourne
  5. blackship

    blackship Member

    Joined:
    8th Jul, 2015
    Posts:
    13
    Location:
    Sydney
    Great find James, like it. Any other suburbs we can get less than 300k?
     
  6. blackship

    blackship Member

    Joined:
    8th Jul, 2015
    Posts:
    13
    Location:
    Sydney
  7. David B

    David B Member

    Joined:
    11th May, 2016
    Posts:
    15
    Location:
    Melbourne
    Thanks MsAli for your comment,
    Yes, I would like to build a portfolio and this one is going to be my first IP.
    What do I like about NE or SE? not sure, but in general I'v been around these area for most of my life and I am not a fan of western suburbs and I think east side have a better chance of growth in long term (10 - 15 years).
    Thanks
     
  8. David B

    David B Member

    Joined:
    11th May, 2016
    Posts:
    15
    Location:
    Melbourne
    Thank you James,
    I think Narre Warren is not that close to CBD,
    What you think about this property?
    located in Mill Park and less than 20km from CBD however, I am not sure about the potential for future growth.
     
  9. Barny

    Barny Well-Known Member

    Joined:
    16th Oct, 2015
    Posts:
    1,180
    Location:
    Melbourne
    Mike lowery reckons carrum downs, epping, deer park.
     
  10. Magnet

    Magnet Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    251
    Location:
    Sydney
    People used to post the whole kit & kaboodle before. Did Mike mention something about copyright at some point?
     
  11. Barny

    Barny Well-Known Member

    Joined:
    16th Oct, 2015
    Posts:
    1,180
    Location:
    Melbourne
    Mike lowrey is concerned it may affect his acting career. He did mention something in the message he sent me regarding copy rights. I wouldn't want to upset mike, he's a bad boy.
     
  12. Magnet

    Magnet Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    251
    Location:
    Sydney
    Wow. Ok, I didn't really think a future acting career would be covered by copyright but fair enough. I guess Mike needs to look after his future earnings and reputation etc
     
    Barny likes this.
  13. melbournian

    melbournian Well-Known Member

    Joined:
    2nd Sep, 2015
    Posts:
    1,325
    Location:
    melbourne
    For houses you going to have to go further than 30kms to achieve that price range.
    Flats - sure but why? as there are limited growth and also lesser returns in rental further from CBD.
    units - as in townhouses - brand new would cost more than 350-400K. take preston/reservoir - 2 bed 2 bath goes for the 450-500K mark (small ones as well). Old villa units would be less but you will be getting a place with limited growth potential (unless you are in a prime suburb).

    I think you should try H&L where @sash invests in officer as it is within the range though it is much further out east.
     
  14. JamesP

    JamesP Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    68
    Location:
    Melbourne
    What you think about this property?
    located in Mill Park and less than 20km from CBD however, I am not sure about the potential for future growth.[/QUOTE]

    I don't think it's proximity is relevant when current alternatives are Mernda, Wallan, Werribee, Rockbank, Mill Park etc. Mill Park would be the best pick of that bunch. Our friends moved to Mill Park and while it's nice enough, it reminds me a lot of Sydneham (far too Delphin/Caroline Springsy). If you asked me to pick between the two area's then it's Berwick/Beaconsfield/Officer by a long mile. That's for suburb appeal. These days people now think Dovetons better than Berwick because it's closer. For an IP something old with STCA potential in Narre Warren would be ideal.

    Mill Park IP wise would be like Officer, Cranbourne North, Clyde wouldn't it? ie an endless sea of homes with vacant fields on it's outer perimeter, ready for the next wave to go up rinse and repeat. I'd only buy an IP somewhere established. In that price range in my area, you'd only find something decent in Narre. The estates on Sweeney Drive, Tinks rd, Darling way/Fleetwood drive. My secret to Berwick area is buy anything that wasn't essentially a H&L package the last 15yrs, these homes have been coming up forever and aren't stopping! Before the last 7 years growth in Berwick was stalled completely because of this. Anything on a 300sqm will simply be replicated in the paddock next door the following year.

    Then you have Officer which is different. It's not exactly in an offset paddock. It's location separates it from all other new area's. The area I believe is undervalued, and sits alongside Beaconsfield and Berwick, with the other surrounding suburbs a step down. If I was looking H&L this would be the only place with a lot of safe contingencies. Buy as far left (away from Pakenham) as possible, buy central.

    Clyde Nth and Cranbourne East make no sense, they're equally as nice however are about as off set from the South East corridors infrastructure as Koo Wee Rup! And even that has a freeway bypass! Come to think of it Clyde Nth and Cranbourne East don't even have main streets or a townstrip. Officer has 2 major highways through it with an arterial road also, train station.. it's in the growth corridor. I'd avoid Cardinia Lakes however, that whole estate is essentially a mini Cranbourne East however located in Officer ;)
     
    Last edited: 17th May, 2016
  15. Jake Milne

    Jake Milne #1 Buyers Agent, Vic. Business Member

    Joined:
    1st Jul, 2015
    Posts:
    159
    Location:
    Melbourne
    Don't buy in Melbourne. Buy in Ballarat. Everything you'll buy near Melbourne CBD for <$400k is crap.
     
    JamesP likes this.
  16. KingBendtner

    KingBendtner New Member

    Joined:
    9th Oct, 2015
    Posts:
    1
    Location:
    Melbourne
    Hi @JamesP
    Thanks for the insights - what do you think of Brentwood Estate area in Berwick? (Just south of the station) Some might say this is 'Berwick South', considered in a different ball game to that of 'Olde Berwick' area