VIC Craigieburn or Melton

Hi Melbourners and fellow property chatters,

Working with a budget of <500K (more on the upper 300s to lower 400s) and hoping to hear your thoughts about IP in Melbourne
Hoping for capital growth, also something to which I can add value in a few years when I can afford-Not a fixer upper but maybe add a GF or subdivide.

Why Melbourne? Doesn't seem doable in Syd and Bris at this price point.

What should I be aware of concerning te Melbourne market, someone mentioned new policies, would these be a big issue to consider.


Thanks for your input.

 

Craigieburn seems to be impossible to me

 

Kinda WTF when you say you can't find anything in Brisbane for this price point but in Melbourne you will..

But anyway - for that money, neither C'burn nor Melton. C'burn is impossible to get in for low 4's. Melton yes but probably a dilapidated unit or one of those shoebox THs. Think of an IP from a renter's point of view. Why would someone want to live in your shoebox of a TH when for a smidgen more they could live in any of those new houses in the new estates?

 

+1 to @Westie
You can’t buy a house for that price in Melton unless it’s a run down one, and you are paying basically for land. You can get units at that price point though, and rental yield shouldn’t be bad either. But do your homework if you intend to buy in Melton. Don’t know about Craigiburn.

 

For example look at this property
31 Bridge Road, Melton South, Vic 3338

In Melbourne listings, agent provides statement of information which includes asking range.

 

Neither unless you are looking for units. You won't get houses in your price range. And if you are looking for units you should look closer to CBD as who would want to rent a unit in Melton or Craigieburn?

 

Thanks for valuable information. I may have to look further out of Melbourne, my original plan.

 

True. Thank you

 

Also note apart from 6 month trial areas (now expired - anyone heard further updates??) you currently can’t add a GF and rent separately in Vic.
For that price point & to add a GF you would need to be looking at Logan area of Brisbane I’d suggest.
Good luck!

 

Thank you, very helpful.

 

Thanks

 

I was thinking about that too

 

Cranbourne please. That’s where my worst performing IP is. Let Cranbourne gets some love

 

Sorry to hijack. @The Y-man how do you find single storey villa units in Melb?
They seem to be comparable in value to multi-storey apartment units and a lot cheaper than stand-alone houses in Melb.
In Sydney, single storey villa’s are closer in price to houses than apartment units.
What’s your experience with renting them out, yield and CG?
Ta

 

Neither. Both ******* ends of the earth.

 

3/64 Para Road, Montmorency, Vic 3094 https://www.realestate.com.au/sold/property-unit-vic-montmorency-134568914
4/46 Elder Street, Watsonia, Vic 3087 https://www.realestate.com.au/sold/property-unit-vic-watsonia-133860438
Villas in good suburbs will do well for CG over long term. I believe they will do better than houses in Melton or Craigieburn