VIC Investment in melbourne

Discussion in 'Where to Buy' started by google boy, 12th Apr, 2017.

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  1. google boy

    google boy Well-Known Member

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    Hi guys, I would like to know , where u gonna buy if u had the budget of 700k in Melbourne.? I am looking for investment properties for last 2 months .
     
  2. Jingo

    Jingo Well-Known Member

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    Hi google boy,

    Are you able to provide some details of the type of property you are looking for, length of time you'd like to hold the property, yield you are wanting, whether you'd like a house, flat or town house, or an investment close to the city or in the suburbs?

    Kind regards

    Jason.
     
  3. MTR

    MTR Well-Known Member

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    Hi Jason
    welcome back, not seen you for a while on PC.

    Would really love your thoughts on the Melb market at the moment, if you don't mind sharing.

    Don't mean to hijack but perhaps others may also be interested

    Marisa:)
     
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  4. google boy

    google boy Well-Known Member

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    I want a house with minimum 600m2 block of land. it need to be in ok condition to rent it out for 5-10 yrs.
     
  5. Jingo

    Jingo Well-Known Member

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    Thanks Marisa,

    Great to chat with you too! Its been ages. I have been reading, but not contributing - been busy!

    Melbourne is very very hot and I'd stay away. The growth seems to be spreading outwards - as you know, I have properties in the West and these have grown substantially over the past couple of months.

    Not sure how long this will continue - but I'm smiling!

    Kind regards

    Jason.
     
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  6. Jingo

    Jingo Well-Known Member

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    Ok. Which suburbs have you been researching?
     
  7. MTR

    MTR Well-Known Member

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    you should be, your killing it:)
     
  8. Jingo

    Jingo Well-Known Member

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    Thanks, but not as much as you!!!

    Having held property for a while, Its interesting to see the market moves through various cycles.
    We are refinancing some loans at the moment to take advantage of interest only terms before APRA makes more changes.....
     
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  9. MTR

    MTR Well-Known Member

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    Good idea, with all the changes.
     
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  10. google boy

    google boy Well-Known Member

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    I tried my luck in eastern suburb like Clarinda and clayton south but price has sky rocketed. they are nearly 1 million suburb even 550 m2 old house goes around 800k-950k. if u calculate stamp duty then close to 1 million. Now, I am looking towards north. Western suburb are last option for me. I don't like western suburb and neighbourhood
     
  11. Wendy Chamberlain

    Wendy Chamberlain Well-Known Member

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    Remember, it's an investment and you won't be living in it. Depends what you are looking to achieve with the purchase, but if you do your due diligence, the western suburbs offer a lot of value. There are plenty of great neighbourhoods in the west.
     
  12. willister

    willister Well-Known Member

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    I don't see whats the big deal about Western suburbs to be honest, all that danger and stuff is blown well out of proportion. Why would you live 22kms from the CBD for a price tag of $900K at best when you can buy a decent sized block (650m2 to 700m2) in St. Albans - 18kms from the CBD? Added to this places like Clarinda have no train line, St. Albans HAS!

    I wouldn't look North, I was in the market 1-2 months ago seriously i.e. attending auctions and so forth. The prices now for even a semi decent suburb like Heidelberg Heights is well within the $850K for ex commission houses and about 600m2. IMHO The North looks rougher than the West, Heidelberg West is rough as ratsh*t, Reservoir doesn't fair much better!!
     
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  13. tommo c

    tommo c Well-Known Member

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    I agree - and even if it is a little rough, everywhere will eventually gentrify, which is what we're all after in the long run.

    The closer to the city the better IMHO, as long as it has good transport avenues (public transport and highway access), and appropriate amenities.
     

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