VIC Buying my first Investment Property

Discussion in 'Where to Buy' started by JatinDKumar, 11th Jan, 2022.

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  1. JatinDKumar

    JatinDKumar New Member

    Joined:
    10th Jan, 2022
    Posts:
    1
    Location:
    Melbourne
    Hi Everyone,

    Firstly I would like to thank the community here for education newbie like us.

    Moving forward, I am at a stage in my life where I am ready to start my financial freedom journey, first step buying my first Investment Property.

    First steps are always daunting and I am no difference.

    Budget:- 500k

    Area:- I live in Victoria, I would like to buy in Victoria.

    Time:- 15-20 years I want to hold the property

    Reason:- I am happy to get the 2nd or 3rd beat deal in Victoria rather then buying 1st best deal in QLD or NSW with no local experience there and Relying on BA's and Rea estates agents seems more risky at the end of the day it out savings.

    Area:- I did research for a week, read some books and started finding rating of suburbs on Boomscore with all the criteria they have outlined.
    Suburbs I shortlist Deer Park, Hoppers crossing, Carigieburn, Werribee ( arranged in the order of preference)

    Confusing:-
    1. I am not getting the property (3 bed room house) I want in the top 3 Suburbs with my budget.
    2. Should I buy whatever comes in my budget in the top 3 Suburbs and let suburb profile do the magic ?
    3. Or should I buy maximum size property on low growth suburb i.e. Werribee and let time do the magic
    4. Should I buy 2 property $250 each in low growth suburb i.e. weribee or just one big Property.
    5. Should I get BA involved to negotiate or I should do it by looking at Corelogic report of property and offer 10% less then that price and get whatever discount I get.


    Please help answering these questions as you folks always do.

    Thanks and regards,
    Jatin.
     
  2. momentum26

    momentum26 Well-Known Member

    Joined:
    16th Mar, 2018
    Posts:
    506
    Location:
    Australia
    You may need to revise your researching parameters

    If your budget is firm you are required to look into other areas where recent sales have been at around $480K. I doubt you will find a standalone house anywhere in Melbourne. You'll have to go regional Vic.

    This will depend on your budget, how comfortable you are buying it yourself.
     
    Nando Lee likes this.
  3. applesathome

    applesathome Well-Known Member

    Joined:
    26th Oct, 2021
    Posts:
    267
    Location:
    VIC
    If you are happy anywhere in VIC, I would recommend taking your 500k and buying somewhere more regional, where you can still get a decent house and block in more desirable suburbs in that area.

    Those parts of Melbourne's west, I would not be compromising to take "anything". You're not talking about Malvern here when it's desperate to get into the suburb of Deer Park.
     
  4. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,436
    Location:
    Melbourne
    Could just be overthinking it. How about this? Show us some examples of what you find in each, and we can give you the pros and cons (other than about the actual property itself where you'll need a B&P).

    The Y-man
     
  5. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,436
    Location:
    Melbourne
    Example:
    https://www.realestate.com.au/property-townhouse-vic-dandenong-136652862

    Pro:
    3bd/2br - always trumps a 2br.
    901 smart bus to station
    1hr 20min to city (901+train)
    Set back away from street
    Near the Hospital (major employer)
    Behind Charcoal grill/Burek, Naan/Kebab joints

    Cons:
    Big road address - will scare tenants regardless of positioning (need to make sure ad states it's tucked away from street)
    Behind Charcoal grill/Burek, Naan/Kebab joints


    The Y-man