Looking at property investment, I’m currently 24.. Is Cranbourne a good idea?

Discussion in 'Where to Buy' started by jsndvd, 27th Nov, 2017.

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  1. jsndvd

    jsndvd New Member

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    27th Nov, 2017
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    VIC
    Hi Guys,


    I’m new in Melbourne, only been here for a year, originally from NZ.


    My partner and I are looking into investing a property, and live near Melbourne CBD – maybe south yarra or someting (we both work there) anyway..


    I am not quite familiar with the suburbs around here, been doing heaps of research of course.. but is Cranbourne a good suburb to invest in? Looking at property with 400K budget or even less. There are so many brand new houses being built there at the moment, is 2nd hand property a good idea? Will it earn much in the next 5 years or so?


    Suburbs I have in mind:


    - Pakenham

    - Werribee

    - Berwick

    - South morang


    Ideas would be much appreciated!


    Thank you

    J
     
  2. Orion

    Orion Well-Known Member

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    From what I have seen these outer Melbourne areas are currently going through strong growth at the moment (thanks to the first home buyer incentives).

    I think if you act quickly, you'll get to enjoy another 2 possibly 3 more years of this growth phase, depending on interest rates. This is what SQM and PPA both believe, thanks to the ripple effect.

    After this, I believe Melbourne could have a long (5 year?) flat period, although it's all guessing and crystal ball gazing.

    Nothing wrong with established houses, they usually have better locations and are cheaper. If that's all you can afford, it's better than nothing. I would choose an older house over a newer unit though.
     
  3. Trainee

    Trainee Well-Known Member

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    Why 5 years? Your 24. You should be thinking 50 years.
     
  4. Kate Hill

    Kate Hill Active Member

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    Merilin likes this.
  5. Sackie

    Sackie Well-Known Member

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    True @Trainee, but for those wanting to build a portfolio asap they need to have the growth asap to extract as deposits, so its tricky. If Buy and Hold is the strategy then ppl need to choose deals which have the best chance of quickest growth. Buying a deal that will do well in 15-20 years is no good if the investor wants to build a large portfolio.
     
    TMNT likes this.