Hi all, I have been a long time reader and first time poster. After reading on PC for quite some time, I have done a bit of home work and need some advice from the PC community on buying my first IP. Current Situation PPOR recently valued at $500K with current balance of about $150k. I have followed Terry’s finance tips and refinanced recently to release equity. Although, I can borrow more but for the 1st IP, I’d like to stick to bottom quarter($400-$450k). Strategy is to buy and hold for long term (We’re both in early 30s, so have some time on our hands). I’d like to stick to house with as big block of land as possible. Based on the budget, I have narrowed down my search to these areas – Broadmeadows/Jacana, Hoppers Crossing & Frankston. I have been to a few opens in these areas except Frankston and feel that market has moved really fast in the last 4-6 months in this price bracket. I feel that the ideal case of buying at 7’o clock is long gone in these areas. Would you suggest, buy now anyway since we are holding for long term or wait? Since this is my 1st IP, I’d like to stick to Melbourne market and not buy interstate whilst I’m still getting used to the game.