VIC [FHB] 650k budget, where to buy in 2018?

Discussion in 'Where to Buy' started by noobinator, 20th Jan, 2018.

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  1. noobinator

    noobinator Active Member

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    18th Jan, 2018
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    Location:
    Melbourne
    @albanga Coming back to your question & advice - yes, I can certainly "rentvest" for the meantime, but given I had the energy and desire to learn, I now probably prefer the idea of buying a PPOR property which I can add value to in renovation. This had the advantage of:
    1) Unlock any FHB incentives which may have been available (eg. stamp duty savings, if under $750k)
    2) Me being more available and motivated to implement the reno, given I'm living in the property

    Also, part of the reason why I had been turned off the idea of acquiring a property to develop on is that I felt like the lower-end of the marketing was particularly overvalued due to the current FHB incentives and credit squeeze... I'd love to be shown otherwise though!

    So, if I went the investment/development route, based on your extensive experience what suburbs do you identify as the best opportunity for an investment property, given a budget of $800k?
     
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  2. albanga

    albanga Well-Known Member

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    @noobinator im definitely not adverse to the idea of buying a PPOR leveraging the FHB and then doing a Reno, that is definitely a great strategy. In order to really utilize the FHB though you want to be purchasing for under 700k. Yes it runs up to 750k but the sliding scale above 700k makes it fairly irrelevant.

    If 800k is your budget then you could look at purchasing something decent for around 700k and then put the extra into a Reno.
    As I said though the Melbourne market is probably not the best option right now and if you pulled the trigger you may find all your hard work goes into a Reno and the end val is purchase price accounting for the falling market.

    But with that said on a budget of 700k if I was going to look for something to renovate closer to CBD for the lifestyle aspect I would be looking around Coburg, Preston, Reservoir.
    For development Iā€™m a huge fan of St.Albans and Broadmeadows.
     
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  3. noobinator

    noobinator Active Member

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    18th Jan, 2018
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    Location:
    Melbourne
    Just providing an update on price changes for brand new homes in the greater North suburbs since this thread was last updated...

    The prime townhouse of 277-279 O'Hea St Pascoe Vale finally sold (it was completed 1 year ago, passed in at auction in June 2018). It was originally advertised for private sale at $900k, and has now sold privately for $770k
    Sold 1/277-279 O'Hea Street, Pascoe Vale South VIC 3044 on 05 Feb 2019 - 2014423754 | Domain

    Great discount for the buyer
     
    Ian87 likes this.
  4. JamesP

    JamesP Well-Known Member

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    Melbourne
    Tonimbuk is looking good. It's just approached the bottom of the market and I can only see a strong upward trend from here
     
  5. 2jzzzz

    2jzzzz Active Member

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    5th Aug, 2015
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    Location:
    Melbourne
    What about Altona Meadows? Parks, Altona Beach, good schools, good freeway access.

    Here's a 4/2/2 across from a park and creek that's pretty new and in your price range.

    25 Henry Drive Altona Meadows Vic 3028 25 Henry Drive, Altona Meadows, Vic 3028