VIC Investment Property Under 450k

Discussion in 'Where to Buy' started by AVS, 4th Apr, 2018.

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  1. AVS

    AVS Active Member

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    All,
    I am looking to purchase my second investment property. My current property is neutral and very close to positive. I am looking for similar property which is either neutral or small negative cash flow and potential for capital gains. I am not bound to Vic however since I am living in SA and have investment property in QLD was thinking to target Vic as Syd is far from reach. I have only reviewed basic information so far for some suburbs (thinking about eastern Melbourne) but looking to get some help regarding options for suburb. My budget will be limited to 450k, I am open to house\unit and would like to stay out from apartments. I would really appreciate you input.

    Regards
    AVS
     
  2. Otie

    Otie Well-Known Member

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    Could try pakenham.
     
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  3. skyfury

    skyfury Well-Known Member

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    hoppers crossing
     
  4. Skinman

    Skinman Well-Known Member

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    If you are open to considering the West you could look at Melton. I think it still has a bit of steam left in it this cycle.
     
  5. Mikey

    Mikey Member

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    Hi could be a silly question, but how easy/hard is it to invest interstate? Do we have to physically go and sign the contract once we have an agreed price with the vendor? Or can everything be done online via email these days rather than actually flying interstate?
     
  6. virhlpool

    virhlpool Well-Known Member

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    Melton has a lot of land + house packages supply so be careful in choosing the suburb though. Too much of supply may affect rental demand.
     
  7. Skinman

    Skinman Well-Known Member

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    It’s really easy to purchase interstate without visiting the location. Everything can be done over the phone and on line.
     
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  8. Skinman

    Skinman Well-Known Member

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    True if you did consider Melton I would be looking at established property with a reasonable land component or the ability to add value by other means such as a simple renovation. There is also a residential growth zone you could consider but prices are a little higher in there.

    It really depends on your strategy and plans.
     
  9. Air_Bender

    Air_Bender Well-Known Member

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    Melton has exploded in growth over the past year. I could easily make a decent profit if I sold my IP today which was only purchased last year. I agree that there's a lot of House & Land packages floating around but these are selling.

    Personally I still prefer Melton South which has all the amenities and more importantly, the only train station. Some decent, established properties on a good piece of land do come up for sale once in a while and I believe these will hold their value going forward.
     
  10. hieund85

    hieund85 Well-Known Member

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    Cannot buy a house in Hoppers for $450k. Unit is ok.
     
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  11. Jake Milne

    Jake Milne Well-Known Member

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    At the risk of adding more competition to where I'm buying I'd say $450k is a great budget for Geelong right now. I was very anti-Geelong three years ago but the town right now is a no-brainer for a short-term upswing with above average growth forecasts for a regional centre.
     
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  12. jefn89

    jefn89 Well-Known Member

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    Jake, wouldn't you feel that the Geelong horse or cat if you're of the AFL persuasion has bolted in Geelong or would you still see there being suburbs where you'll continue to see growth in the shorter term. Suppose it depends on your timeframes
     
  13. Greyghost

    Greyghost Well-Known Member

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    I would avoid Melton. Some will advocate otherwise. Supply can go on forever there.
    PS I was born in Melton South.

    I prefer Geelong if that is your alternative.
     
  14. Skinman

    Skinman Well-Known Member

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    Lots of views and opinions to consider. Its the beauty of property investment. No one knows for sure and everyone has their own strategy which dictates and informs their research into the next area and property type to suit them.

    You will probably do OK in all the areas mentioned in the thread. I’d say the most important thing is to get into the market. One thing is for sure you won’t grow your portfolio or achieve your goals while you are sat on the sidelines.
     
  15. AVS

    AVS Active Member

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    It was easy. I purchased my first property interstate without inspecting from inside. I had a look from out while I was there for inspection but couldnt inspect from inside. Managed to complete all process via phone\email.
     
  16. AVS

    AVS Active Member

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    Thanks. I have read fair bit about Geelong. I was considering it as option hence why I wanted to start the discussion. I will consider this in my list.
     
  17. AVS

    AVS Active Member

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    In summary, the general feeling is Melton, Hopper Crossing, Geelong?
     
  18. melbournian

    melbournian Well-Known Member

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    Geelong or RGZ in Melton
     
  19. hieund85

    hieund85 Well-Known Member

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    Hoppers Crossing is not good to invest now unless you get a super good deal (after 3 months I found a good deal for a friend of mine, $50k below market price simply because the vendor did not know he can claim insurance for his damaged house caused by tenant so he sold it really cheap off market). But it is extremely rare and need a bit of luck. And I do not think you can buy good stock in Hoppers for $450k, even not with $500k.

    Geelong is flying but not all suburbs so choose wisely. Melton I am not familiar so cannot comment.
     
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  20. MaddyG

    MaddyG Well-Known Member

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    I second Pakenham.. I have an IP there and very happy with how its going :)