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Hi from Melbourne

Discussion in 'Introductions' started by Oscara, 3rd Jul, 2015.

  1. Oscara

    Oscara Member

    Joined:
    24th Jun, 2015
    Posts:
    18
    Location:
    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
     
    Coota9 likes this.
  2. Coota9

    Coota9 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    970
    Location:
    Melbourne
    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..
     
    Oscara likes this.
  3. Oscara

    Oscara Member

    Joined:
    24th Jun, 2015
    Posts:
    18
    Location:
    Melbourne
    Thanks Couta9, it's a good feeling being back.
     
  4. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    7,339
    Location:
    Perth, Melbourne, USA

    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:)
     
  5. Oscara

    Oscara Member

    Joined:
    24th Jun, 2015
    Posts:
    18
    Location:
    Melbourne
    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
     
    Last edited: 5th Jul, 2015
  6. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    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?