Looking at purchasing 1st IP in Melbourne's West/North

Discussion in 'Where to Buy' started by NewbieNat, 9th Aug, 2017.

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  1. NewbieNat

    NewbieNat Member

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    Hi everyone, hoping to get some much needed advice.

    My husband and I are looking at purchasing our 1st investment property. We have our loan preapproved at $530k but are looking at the $400-450k range ideally. We live in Kealba in a townhouse and in our mid 30's with 2 kids still have a fairly large mortgage.

    We were ideally aiming for Deer Park, Kings Park, Albanvale or Derrimut but have come to the realisation after researching sale figures that it isn't going to happen. We are currently weighing up between Diggers Rest, Sunbury and Melton as it seems it's all we'll be able to afford.

    Our main aim is long term, to just have a bit more security going into the future. I figure the way to go is looking at something older on a larger allotment with perhaps some potential to subdivide in the future?

    Any advice at all would be much appreciated.
     
  2. Air_Bender

    Air_Bender Well-Known Member

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    With your budget I would look at Diggers Rest, something close to the train station.

    If you're considering Melton then make sure you know your Meltons (Melton proper, Melton West & Melton South).
     
    Realist35 likes this.
  3. NewbieNat

    NewbieNat Member

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    Thank you so much. I really want to avoid Melton, just a strange feeling I have. Diggers was our first option, keeping our fingers crossed that with some growth and eventually a new town centre it will pay off for us in the long run!
     
  4. Air_Bender

    Air_Bender Well-Known Member

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    Melton really isn't as bad as you may think. I bought an IP in Melton South earlier in the year and I've had no issues finding good tenants. Although prices have moved slightly since then there are still some good bargains over there.

    I believe Diggers Rest will perform well in the long term. The suburb has experienced some growth recently but still has a cheap entry price, in my opinion.

    Good luck.
     
    Last edited: 9th Aug, 2017
  5. NewbieNat

    NewbieNat Member

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    Thanks so much for your advice. Will use this weekend to do some more research, ideally hoping that we can find something still in Kings Park/Deer Park under $500k!
     
  6. Anthony Brew

    Anthony Brew Well-Known Member

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    Any reason to go for Diggers Rest vs Werribee (both similar distance to CBD)?
     
  7. NewbieNat

    NewbieNat Member

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    Hadn't even considered Werribee. I lived in Sunbury for 5yrs so I'm a little more familiar with those areas I guess.
    I will be headed out to look at a property on a corner block in Albanvale tomorrow - wish me luck!
     
  8. ashaarrh

    ashaarrh Well-Known Member

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    Was looking at Kings Park quite closely around a month ago and under $500k seems to be non existant. 3 bedders are averaging $510-530k and 4 bedders are usually $540k. I believe Deer Park is a little bit cheaper so you could get lucky for that price range but will need to move fast
     
    Anthony Brew likes this.
  9. NewbieNat

    NewbieNat Member

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    You're right there - we can't afford anything in Deer Park! We have an auction to go to in Albanvale on Saturday, fingers crossed we can snap that one up at a decent price!
     

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