VIC FHB in Melbourne?

Hi everyone, we are first home buyers from Melbourne, currently renting in Laverton but starting to get our stuff together to buy.
We are having trouble picking a short list, so would love some suggestions. Suburbs, areas, even pockets within suburbs would be lovely.
Being first home buyers we need to live there at least 12m, I'd like to set up a real home but of course would love to make a great investment too.

Here's some more about us,

My partner works in the CBD. Train transport usually, vline OK, own train station in suburb a big plus
I'm flexible, can work anywhere.
We also have a 2yo, so schools will become important soon.
Would like room to move, a 600-700+ sqm block would be ideal.
Would like a reasonably easy drive to town, but again I can suck it up.

I'd like to spend under 500, but I'm admitting we might need to push up a bit...

I like the feel of Bacchus Marsh and Kyneton etc, but course would love to be closer in if our budget were healthier, so really any suggestion is a good one.

Also love some feedback on buying existing vs building new...

 

There's a lot in Geelong that meets that price point criteria. Zone 2 on vline as well, takes an hour to get to the Melbourne CBD. Plenty of good schools, generally nice place to live.

 

Definitely agree on Geelong. You can squeeze into a heritage weatherboard for your budget. You're only an hour from the big city and you've got your very own town centre nearby. Schools are excellent, both public and private. Not to mention, it's 20 minutes away from the Great Ocean Road.

It takes a similar amount of time to hop into Melbourne on the V Line as it does to travel to many middle/outer eastern suburbs by PT.

If you want to stay in Melbourne proper, try Sunbury.

 

This place has a LOT of bang for the buck..in Bell park and in a very quiet area with little passing traffic.

1 Malinda Crescent, Bell Park, VIC - Residential House for Sale

Thing is though it's tenanted until August. But you'd get a lot of change from your budget, and Geelong's Northern suburbs are starting to explode now. As an example, just a few doors down from my own place, this here....

Norlane, 50 Dunloe Avenue | Harcourts North Geelong | Landmark Harcourts

Those sort of numbers auger well for my refinance hopes! Would be a 50-55 minute trip to Melbourne unless you're travelling peak hour. But the trains's not too far away too.

 

Werribee.

 

I have lived in wallan and thought it was a great spot!

I also commuted into the cbd for work on the train, it's just short of an hour from the station.

I haven't looked at the prices recently but for $500k you should be able to get a nice house on a decent block of land.

The town is developing and seems to be a bit of a hub for the towns around the area!

 

Come down to Somerville @Steph Train from centre of town to Frankston then change for CBD. Close to beaches, good shops, great community, green, open still well priced. Not sure how the schools rate as we don't have kids. It's a hidden gem still but that's changing since Peninsula LInk opened, it's getting quite busy down here an prices are rocketing. Hubby could lift share with Emma! (She's ditched the train in favor of driving to CBD these days).

 

You are already sitting closer to the 'land-mine'.
Try Tarneit/Truganina.
There's a new train station and only 25K from CBD.
I'm biased to that region because I own a land there myself, but in my opinion it has very high prospects of high growth for next 5year period.

 

I second sommie. I lived there and loved it. Has a country feel but is getting expensive now

 

I think Sydenham would be at or just above your budget. I haven't looked at sales there too closely recently. The Catholic school (Catholic Regional College) is decent and you have the train station and Watergardens shops nearby. I think it's a better area than the new McMansion suburbs nearby like Caroline Springs, Hillside, etc. Possible ripple effect from price rises in nearby St Albans and surrounds too.

Edit: Just checked and you can get a house on about 500sqm and close to the station/shops/school (walking distance) on your budget. 600k would get you a 650-700sqm block. See first example I found below - 10 mins walk to station:

52 Pecks Road, Sydenham, Vic 3037 - Property Details