Join Australia's most dynamic and respected property investment community

Hi from Melbourne!

Discussion in 'Introductions' started by dante678, 27th Feb, 2016.

  1. dante678

    dante678 New Member

    Joined:
    27th Feb, 2016
    Posts:
    4
    Location:
    Melbourne
    Hello! I'm a 34 year old from Doncaster East. I'm living in my first property, a two bedroom apartment. I am interested in either renting a new PPOR and leasing existing property, or purchasing a new PPOR and leasing existing property. I don't know whether it is safe to buy in a hot market like Melbourne's...
     
  2. monalisa

    monalisa Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    314
    Location:
    Sydney
    Hi @dante678

    Welcome to PC.

    It depends on your goals - I take it PPOR is an upgrade? Do you need to immediately upgrade? Do you intend to build a real estate investment portfolio?

    PPOR is a personal and emotional decision. Melbourne has been going on a while. No one has a crystal ball - but from what I understand, it will continue being attractive to immigrants - who may be priced out of Sydney, and Melbourne is the place for them to own a PPOR.
     
  3. Jake Milne

    Jake Milne #1 Buyers Agent, Vic. Business Member

    Joined:
    1st Jul, 2015
    Posts:
    159
    Location:
    Melbourne
    Sounds like you need advice from your financial planner and accountant more than PC!

    That said Melbourne is hot but if you buy now/ soon you should still experience some growth (in most areas) before the expected downswing or flatter market. Don't take that as gospel though I can't tell the future. :)

    Don't think about timing the market with your PPOR, think about time in the market with it.
     
  4. dante678

    dante678 New Member

    Joined:
    27th Feb, 2016
    Posts:
    4
    Location:
    Melbourne
    Thanks for your welcomes. Yes, ideally a new PPOR would be an upgrade in terms of travel time and garden. it's not necessary immediately to upgrade. However I am worried about being priced out of a house.
     
  5. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Hi @dante678 , welcome aboard.
    I wouldn't be buying in Melbourne at this point, but I'm not familiar with the market down there.
     
  6. DiligentPM

    DiligentPM Well-Known Member Business Member

    Joined:
    18th Jun, 2015
    Posts:
    443
    Location:
    Brisbane
    Welcome to the Forum!
     
  7. larrylarry

    larrylarry Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    3,509
    Location:
    Sydney
    Being in Sydney, I would consider Melbourne but has to fit my criteria. Stress test your serviceability in view of IR rises.