VIC Looking for IP under 650K

Discussion in 'Where to Buy' started by Imran R, 7th Mar, 2022.

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  1. Imran R

    Imran R New Member

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    First time investor and looking for areas in Melbourne for IP under 650K.

    I have looked at Melton/ Rockbank, Wyndham Vale and Meadow Heights and see some new/ established properties in this price range but I am not familiar with areas so it's hard to decide just based on the numbers (listings, rental yields, median price range)

    Looking for areas with capital growth in near future (don't mind negatively geared atm) and pick brains here to see if I should be looking at other areas too.
     
  2. Shawn6334

    Shawn6334 Active Member

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  3. Imran R

    Imran R New Member

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  4. kkkansal

    kkkansal Member

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    Look for a townhouse in Glenroy area, good for rent. Officer and Pakenham good for houses.
     
  5. JL1

    JL1 Well-Known Member

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    I know many on this forum aren't mad-keen on bank and economic forecasts at the moment, but if you do buy, just be aware that basically every bank is forecasting falls over the next 2 years so "capital growth in the near future" is a very risky investment goal.
     
    Imran R and Shogun like this.
  6. kkkansal

    kkkansal Member

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    Every bank forecasted 30% drop pre covid but went opposite way and I am the victim of those predictions. property i was interested in end 2019 was 450k, i paid for similar property 700k in nov 2021.
     
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  7. Imran R

    Imran R New Member

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    I understand these forecasts and a possible downturn but my “near future” is still 5+ years.

    I’m just looking to validate if ~600k+ in these areas is not crazy talk.
     
  8. kevilian

    kevilian Well-Known Member

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    Any one thinks about South Geelong area? like Newcomb, etc?
    I am thinking to buy an IP for similar budget but hard to find one in Melb now.