VIC Going in circles, not sure where to buy

Discussion in 'Where to Buy' started by Gu42, 31st Oct, 2019.

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  1. Gu42

    Gu42 Active Member

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    I've been looking for an investment property for about 2 months, i've looked at / around Frankston, Mooralbark, Oakleigh, Sunshine and Narre warren.

    I cant find any where that seems like the right suburb to start focusing on.

    Where can I find 20-30 year suburb median price history data? I can only find upto 12 months.

    I'm looking at spending $550,000, maybe a little more for the right property and keeping it long term. I'm planning on keeping it negatively geared, just focusing on capital gains.

    Any help would be greatly appreciated.
     
    Gu42, 31st Oct, 2019
    #1
  2. Trainee

    Trainee Well-Known Member

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    What will 20 year price data tell you?
     
    Trainee, 31st Oct, 2019
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  3. Gu42

    Gu42 Active Member

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    Im hoping to see how houses vs units have performed at differant distances from the cbd.

    For example, how have house prices in frankston changed compared to units in oakleigh.
     
    Gu42, 31st Oct, 2019
    #3
  4. Scott No Mates

    Scott No Mates Well-Known Member

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    Go to the local history section of the library? :rolleyes:

    The internet wasn't around 20 years ago with the abundance of online information. You have to look at investment magazines.

    Prices were compared as averages, median is a more recent measure.

    Needless to say, all of the areas that you are interested were significantly cheaper 20-30 years ago and you should have brought back then and there was nowhere near the numbers of dwellings to compare.

    Some of these areas are recent subdivisions & developments, so historical sales are not comparable.

    Frankston isn't going to be regentrified so that growth won't be repeated anytime soon.
     
    Scott No Mates, 31st Oct, 2019
    #4
  5. The Y-man

    The Y-man Moderator Staff Member

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    The Y-man, 31st Oct, 2019
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  6. Gu42

    Gu42 Active Member

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    Thanks, that should help
     
    Gu42, 31st Oct, 2019
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  7. The Y-man

    The Y-man Moderator Staff Member

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    I used to do this a lot - in the end, I almost got analysis paralysis/ info overload.

    What I ended up doing much more successfully was look at basic market factors - who's buying where, why, and what's not hot right now (but most likely will be later).

    I find in Melb (and prob many other places), demographics is a huge driver, so the abs census stuff is really useful.

    Frankston, Mooralbark, Oakleigh, Sunshine and Narre warren are vastly different markets.

    My (apparently unconventional) advice is: start with somewhere you would like to live in yourself.
    Unless you are not an outlier bizarre person, you probably have the similar tastes to 90% of the population. So start there. Where would you like to live AS A RENTER *not* from a "lovely place" point of view but from a bottom up functional/practical point of view ~ how easy is it to get to work? ~ noisy? ~ easy to clean/maintain (you know, pesky landlords etc)

    The Y-man
     
    The Y-man, 31st Oct, 2019
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  8. Gu42

    Gu42 Active Member

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    Makes sense, how has your approach to finding investment properties worked out for you?
     
    Gu42, 31st Oct, 2019
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  9. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    @Gu42 Pricefinder does 25/26 yrs
     
    BuyersAgent, 31st Oct, 2019
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  10. rook2017

    rook2017 Well-Known Member

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    Frankston or Sunshine
     
    rook2017, 31st Oct, 2019
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  11. The Y-man

    The Y-man Moderator Staff Member

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    Very well overall. I don't think there are any super-duds that are or has been in the mix. The 1BR in Prahran probably the closest to that (bought for $150k in 2001~ish and currently worth $380k~ish)

    The Y-man
     
    The Y-man, 31st Oct, 2019
    #11
  12. spoon

    spoon Well-Known Member

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    20 years ago the USA was giving aid to China, now they are at trade war. 20 years ago the biggest migrant body was from UK, now Asia. I think go back to the fundamentals what draw people to a suburb, according to those listed, families. If there are good schools, shopping and health infrastructure, easy access to public transport, it will grow some time, some how. If it attracts rich migrants, like Glen Waverley, wow, the rest is history.
     
    spoon, 2nd Nov, 2019
    #12
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