I thought I would come here for advice I'm looking to buy my first home and have recently got aproval to spend up to 450k max on a property. Ideally I would love to buy in the outer eastern suburbs of Melbourne, Croydon, bayswater etc but only having 450k means I'm looking at a smaller unit. My question is would I get more capital gain from a unit in the East or would it be better to look at a house on land in the South East, in places like Frankston, Rosebud, Cranbourne? After losing money on a bad OTP investment my plan is to buy a house to live in that will be a smart investment as well, any advice is greatly appreciated. J
Personally I would look for houses on land. I would be wary of Cranbourne and surrounds though. They have been building HUGE numbers of new properties there with no shortage of land in sight... So the supply/demand equation doesn't bode well for future growth. Frankston is having a mega growth spurt at the moment.. Not going to find much for under $450k anymore unfortunately, unless it's in Frankston North (lowest socio-economic part of Frankston).
If you are going to live in it: 1. where exactly is most convenient for you? 2. do you need a garden? Can you live in an apartment? The Y-man
Frankston North, Boronia, Bayswater, Croydon, Ferntree Gully, the Narre Warrens and Doveton all worth a look.
I would love to buy in the east and would live as far out as Lilydale, as for a garden I would love to have some sort of outside area so would prefer a unit or townhouse. I have been checking realestate.com regularly but is there any other methods that people use for finding property? I know that good property that's within my budget get snapped up very quick.
I have been looking through realestate.com everyday and I have found these two properties and just thought I would post on here and see what people thought of them, ideally I would love a ppor in the eastern suburbs but with 450k to spend and the stamp duty changes Im starting to run out of options. The first one is a townhouse in lilydale, unit 4 is $450k and has its own street frontage on what looks like a nice tree lined street but unsure if the close train line would be an issue. The second property I was looking at is actually a block of land, with only being able to spend 450k there is no way I could build on it straight away but was't sure if it would be worth looking at and saving over the next year or 2 and building then, the block of land is in a great area close to lots of schools and shops etc. 4/26a Cavehill Road Lilydale Vic 3140 - Townhouse for Sale #124040170 - realestate.com.au 70A Plymouth Road Croydon Vic 3136 - Residential Land for Sale #201709214 - realestate.com.au
A close train station is a great thing - it's not like it's directly across the road so it should be fine. My bigger concern is that townhouse, especially the bedrooms, look quite small. How much are older townhouses in the area? They are likely to be more spacious and better built that these new ones.
