VIC House IP in Melbourne $450k - $550k

Hi Everyone
This is a great forum and it was good to meet some people last night at the get together at the MF Hotel.
We currently have 2 x IP Units and we are now looking to purchase a house in the $450k - $550k price range. Our wish list items are:

• Need min 4% Yield
• Prefer newish property for depreciation and time poor so would like property 'tenant-ready'
• Min 550m2
• Prefer South East as we live on that side of town but open to suggestions in North & West (or East/NE if there's anything left!). We know Frankston polarises people like no other suburb but we're more pro than against so we'd like to hear people's thoughts on that suburb in particular including better pockets given the suburb's large size
• Not really interested in regional towns or interstate at this stage.

Hopefully this is not unrealistic so looking forward to the readership's views.

 

North West is your go for that price. Consider Keilor Downs, Taylors Lakes, Sydenham, Sunbury etc. In terms of value for money (amenities in the area, ease of getting into town etc) it's hard to go past.

A well located Sunbury home near the train station and town centre could probably be had for low 400s. Right off the Calder, on the Metro train line, almost everything you need in your backyard and for anything else there's Watergardens in Sydenham.

Edit: I don't know much of anything about Franga (or the east in general) but it seems really poor value compared to Geelong.

 

Thanks G Town. Equally, I am unfamiliar with the North West. These seem newer suburbs so presume there are a lot more newer or tenant/deprn friendly dwellings?

 

If you go down Clyde way there are new estates popping up and selling like hotcakes, you have a larger budget than we do, and we have definitely seen some for your land size at the higher end of your price range.

 

Im actually in a similar position.
I would love to hear peoples thoughts on Suburbs like Dandenong North and Noble Park North... They are not newish houses but being around 30km from CBD you wouldn't want to go further out than that.

 

Yes that is correct, the oldest houses in these suburbs are 80s builds with plenty of new builds - all maintenance and tenant friendly!

 

Thanks G Town - plenty of scope there to explore