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
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    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

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    12th Dec, 2015
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    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

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    11th May, 2016
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    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

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    18th Jun, 2015
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    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

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    1st Nov, 2015
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    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

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