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.
Friend has an IP in Wyndham Vale. Although it is currently rented out, he is worried about the high vacancy rate there. SQM Research - Property - Residential Vacancy Rates - 2000
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.
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.
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.
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.