Hi all, I am looking for investment property for first time. My goal is to create proper portfolio for further growth and passive income. Can I please seek an option from experts if this is a good investment option. 11 Prouses Road, North Bendigo, Vic 3550 https://www.realestate.com.au/property-house-vic-north+bendigo-134147838 Thanks
Are you looking at this one because of the approved plans? From the tone of your post, it does not look like you have the experience or risk appetite to take this on, especially in the current economic conditions. Based off of that alone, it does not look like it's a good one for you. I don't know anything about the Bendigo market, there are some members on here that know it. Hopefully they'll shed more light on the viability of the dev of this property. When you look at buying an IP, you should do homework on things like: yield (mortgage - rent and other outgoings) proximity to employment, education institutes, hospitals, major hubs etc demographics your appetite to take on the risk and sustain the -ve $ flow what the area's got going for it For $550k, there are MUCH better options in the Geelong area and more than a few people on here can help out. IMO, Geelong has much more going for it than Bendigo does, the waterfront, the surf, employment opportunities, proximity to Melbourne are some of the things that spring to mind.
Thanks for excellent advice. I will consider all above points. I am also looking in Geelong Highton, Wanda heights, Belmont area for investment. Please advise if these areas are worth investing.
If you're buying something in the hopes of doing a development I'd be paying a professional for a feasibility study.
Development is risky. I'm not saying don't develop, but if you are here asking questions about feasibility of a potential development, I fear you may be too green.
Please take the time to do a lot more research. There's a multitude of threads about areas in Geelong to invest in, which ones are better and why. Check out listings on rea.com.au and Domain. Call up as many agents in the area, tell them you're considering buying. Ask them things like - the sort of properties that rent the easiest, are the most in demand and are expected to grow most, the rent you can expect and what you can do to make the property desirable and increase rent. There are some opportunities, albeit fleeting, in the Geelong area to buy a block and build on it. Like I said, take your time, narrow down on suburbs/particular properties, then come back to us with more questions. You will learn way more doing it like this. Finally, don't fall for a property spruiker, those people are in it for themselves, not you.
The plans are useful if you had the money to start building right away/soon. But by the sounds of it, that's not your situation. My bet is the current owner has done their sums and worked out its hard to develop and come out on top in that location. It's not a nice area and its not a nice road. Under 400k that's a different story.
I live in Bendigo and my investments are in Bendigo. Which I like the convenience of. But it takes me a long long time to find a property that is worth investing in
Thanks @Bendigus thanks for the insight. Bendigo is not much known for me I have only been once there. I am exploring options to see what will be good for future growth. I have recently noticed regional properties are picking up. Thanks
From the aerial view it looks like there is not enough access down the side of the house to carry out the subdivision without chopping a bit off the house. Maybe that's the deal breaker for the existing owner?