Hi from Melbourne

Hello everyone, I'm not new to investing in property but I am rusty and have lots to learn so Im glad I/we have propertychat and SS as a resource.
I had an investment property about 8 yrs ago which I sold and have been out of the market until now.
I purchased an OTP 2 bedroom apartment in Ringwood, Melbourne which is about to settle and I'm so happy at being back in. I should never of got out but at the time my PPOR was just to small so we decided to knock down and rebuild which meant a higher mortgage. I might have had an investment property but I wasn't an investor because my decision to sell was based on what ifs and not logic. I hated/scared of having to much debt and because of it I missed out on making money. I sold the IP a nice size 2 bedroom 2 bathroom townhouse in Forest Hill Melbourne for $317000 and in todays market It would be cheap at $600000 and easily positive geared.
I'm now 47 a lot smarter, braver and I'm so happy to be back in. Over the next few years I'll be looking to add a few more properties and I know this site will be a wealth of information.

Thanks. Oscar

 

Oscar,

Welcome back to the property investment world!!

Remember that in the end investment debt is just a tool for you to leverage into wealth creation...

Good Luck on V2 of your investing journey..

 

Thanks Couta9, it's a good feeling being back.

 

Hi Oscar
Welcome back to PC

With Melb property currently going gangbusters, I think Ringwood one of the stellar performers you should be sitting on some equity with this purchase?

I think there is still more steam in the Melb market, any chance of buying another?

MTR

 

Thanks MTR, I'm ahead but not much, from what I'm seeing the last 12mths for apartments has been a little flat with 5% growth where other parts of Melbourne have been much better. Ringwood was hot about 18mths ago due to works at Eastland shopping center which is doubling in size. I think Ringwood will continue to improve as areas such as Blackburn, Mitcham, and Heatherdale are so expensive now that Ringwood is becoming more popular.
I couldn't believe this result in Blackburn North yesterday this house sold for $1,327,000. http://www.realestate.com.au/property-house-vic-blackburn+north-119959073

I want to buy another IP but will give it at least 6mths before becoming serious. For now I will learn as much as I can and research a few areas. I'm thinking Frankston, Epping, Werribee, Boronia
I

 

Hi Oscar, good to see you.
Good luck with your research. It seems Frankston gets mentioned quite often, but from what I understand it hasn't really taken off yet?