VIC Have 450k to spend. Can I dare to invest in Melbourne?

Hi All,

Looking to get some ideas to invest in Melbourne. I understand Melbourne is currently flying high and my budget might not be that high to look for those blue chip suburbs but can I get somewhere middle to outer ring suburbs for a free standing house. I am not based in Melbourne, currently in WA. Would love to get some inputs on which part of Melbourne should I be looking. I dont mind engaging a BA. So any recommendations on that would be great too.

Thanks

Rog

 

I doubt there's much under 450k in Melbourne these days unless you want to go to way outer suburbs.

Can get a standalone house in middle ring suburbs here for that though if thats on your radar at all.

 

Melton, Werribee still look ok for this price bracket. Hoppers crossing maybe. I'm not so familiar with some of the Northern suburbs at a similar distance from city but I imagine you could squeeze something in that way too!

 

Outer ring is possible 50Km out you can get units/houses for that price range. Cranbourne, Pakenham, Clyde, Franskton....

 

What about regional area such as Geelong.

 

Hi DT,

Are you talking about Adelaide middle ring suburbs! Tbh, I havent looked at Adelaide at all. I wanted to explore Melbourne and then Perth. Thanks

 

Thanks Michael for your reply. What do you think of Eynesbury ? I found few H& L packages there. 320sqm land, 430k in total. I am just exploring my options and hoping to talk to few BAs as well.

 

$450k will get you a house in some of the outer suburbs, but it is getting limited. You can do reasonably well with a 2 bedroom apartment in the suburbs. Not inner suburbs but now too far out either.

If the deposit component of that budget is large enough, it could also get a reasonable range of commercial property in Melbourne.

 

Hi Peter,

Thanks. I have never looked at commercial property. Can you give me an example of one that fits my budget just to get an idea.

 

One client purchased a property being used as a fast food shop in a commercial estate. The sort where you've got a bunch of commercial properties and it's the shop where everyone goes to get their lunch.

I've seen 100 sqm of office space go for about $500k in the Eastern suburbs. It should be possible to find something within your budget a bit further out.

Keep in mind that you generally need a 30% deposit and 5% for costs with commercial property. Loan terms are usually 15 years instead of 30. This means that if a bank will lend you enough for a $450k residential purchase, the budget might be quite different for commercial.

 

Increase ur budget up to 550- 600k to buy good property in hopper crossing, werribie, Tarneit or other outer suburb

 

Out in no mans land when you can be in inner suburbs of other cities.

 

Have you ever been to Hoppers? We lived there for a bit while hubby painted an ip. It's absolutely buzzing. I could have happily stayed and I don't even really like cities. Easy access to nice beaches too and Werribee Mansion for walks/picnics. Tonnes of shops, varied restaurants, infrastructure, jobs.

 

I'd prefer no mans land that's 30 min drive away from a real city rather than a big country town any day. In Melbourne we are used to commuting so 30mins is nothing, and many won't need to even commute that far as Hoppers has a lot of employment opportunities on its door step anyway. I'm 50kms from the CBD and people here are paying 900k for house and land packages, 550k for something with dev potential in Wyndham you can't go wrong.

 

I often am there for work stuff now and then and I think it's great, it used to have a "crappy suburb stigma" but I think that's gone. It has everything there and you can be in the city really quickly non peak times

 

Another area to go look into may be Ballarat. 380k - 450k will get you a decent property in Central Ballarat / Soldiers Hill. Albeit regional I would place in the same category as Geelong (Newcomb / Hamlyn Heights areas). Strong future local and government investments, see City of Ballarat - Major Projects.

 

Hi Rog, I just bought in Eynesbury and would say I now know it intimately. I did a lot of due diligence around PSM comps and many site visits to other areas and options before settling on this Estate to invest in. Would be happy to share my findings with you, feel free to get in touch. Matt