VIC First purchase

Discussion in 'Where to Buy' started by Pauljustblogs, 17th Nov, 2019.

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  1. Pauljustblogs

    Pauljustblogs New Member

    Joined:
    17th Nov, 2019
    Posts:
    4
    Location:
    Victoria
    Hi, I'm aiming to purchase my first property and hope to get a townhouse for up to $700k, with the possibility of turning it into an IP. I'm thinking that Northcote, Thornbury and around that area would be good in terms of growth and value for money. Any thoughts or suggestions?

    Thanks,

    Paul
     
  2. Luke T

    Luke T Well-Known Member

    Joined:
    12th Dec, 2015
    Posts:
    358
    Location:
    Straya
    Hi Paul,
    good on you for going for it !
    I don't know those areas too well sorry so cant comment but I guess what are you trying to get out of it ? Long term growth with negative gearing?
     
  3. Mark

    Mark Well-Known Member

    Joined:
    11th May, 2016
    Posts:
    312
    Location:
    Sydney
    Hi Paul, how long do you intend to stay in the townhouse before you turn it into an investment property? If it is a long term home, you certainly need to make sure you like it and it has room for your future family. However, if you just plan to stay in the place for 1 or 2 years, I think an old house on a decent size block further away from CBD can deliver better growth and possibly better yield. Try to avoid limiting your purchase to 1-2 suburbs if it is an investment property as widening the number of suburbs can increase the chance of getting a bargain. I purchase properties under market values.
     
  4. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,436
    Location:
    Melbourne
    Nothing wrong with the area, although the Victoria Rd end gets a bit further from where the action is. Better to stay easy walk distance east of High or easy walk west of St George.

    The Y-man
     
  5. korando1234

    korando1234 Well-Known Member

    Joined:
    1st Nov, 2015
    Posts:
    70
    Location:
    AU
    What do you intend to do when turning it in to an IP? Upgrade your PPOR or rentvest elsewhere?
     
  6. Pauljustblogs

    Pauljustblogs New Member

    Joined:
    17th Nov, 2019
    Posts:
    4
    Location:
    Victoria
    Hi, long term growth for sure but am aiming to positively gear then use the equity to eventually get another place.
     
  7. Pauljustblogs

    Pauljustblogs New Member

    Joined:
    17th Nov, 2019
    Posts:
    4
    Location:
    Victoria
    Thanks for the reply, really not sure yet. If i'm going yo turn it into an investment property then a year or two later, but I'll definitely look at other areas plus further out. I'm not keen on being near the CBD
     
  8. Pauljustblogs

    Pauljustblogs New Member

    Joined:
    17th Nov, 2019
    Posts:
    4
    Location:
    Victoria
    I'm thinking rentvest elsewhere at this stage!
     

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