VIC Inner Melbourne, first home buyer

I’m a young professional who wants to buy a modest property (ie: 1-2 bedroom unit or apartment) that I can live in. Just looking at the moment and trying to learn about the market. I don’t plan to have kids nor do I want to make a huge profit from it, my priority is financial security in the future.

Which areas are good for people to invest in? I’m currently looking at northern suburbs (Preston, Brunswick, Coburg, Pascoe Vale, Thornbury, Moonee Ponds and Essendon). Also considering areas further out, like Reservoir, where it’s easier to find units within my price range.

I’ve also been looking at Footscray but have read that there’s likely to be oversupply in the future. How would oversupply affect a person like me whose main goal is to buy a place I can reside in and pay off the mortgage relatively quickly?

Also what do people think about Box Hill, Hawthorn and St Kilda?

 

I bought a 2b villa in Pascoe Vale South at the beginning of 2017 for sub 6. It's a nice area close enough to the city and with decent amenity. I like the areas you have listed but just make sure you buy the right type of property.

 

Heya Jinx.
Your post is quite confusing?
You say you want a PPOR but you also want an investment but you don’t care much about making a big profit from the investment.....

Are you saying you want a place to live in now (get FHO benefits) but want it closer to CBD likely for commuting. But long term you want to turn it into an investment but when you do that your not after a huge gain because you want something comfortable whilst you live in it??
Is that about right?

If so what is your budget?

 

What's your budget/price range?
You are already in Thornbury so have your boots on the ground, how do you like living there?
My opinion would be stick to thornbury, Preston & Reservoir seeing as you currently reside here (if you like the area), don't go past reservoir station, try stay within 500-800m of a train station....simples.

I do love Moonee Ponds, Essendon etc but I can see greater growth in the northern corridor along high street Northcote through to reservoir.

 

Budget is $350K max. Preferably 280-310

My short-medium term goals are to live in the property, not to sell it. But I want an apartment that’s going to modestly grow in value in case I need to borrow off the property in the future. Also in 10-15 years I’ll probably want to get a bigger place if I can afford it, so therefore I want to make a good financial choice.

 

You can buy an apartment with that budget in Preston and Reservoir but I'm not sure it would be a good financial choice if used to live in.