VIC Looking for IP with land in Melb for $450k, any suggestions for long term CG?

Discussion in 'Where to Buy' started by ItsMe1985, 14th Jan, 2019.

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  1. ItsMe1985

    ItsMe1985 Member

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    13th Aug, 2016
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    Location:
    Melbourne
    Hello all,
    I am looking to invest in Melb for $450k. Any suggestions of suburbs where I should look for long term CG growth?
    At the moment I am looking at Rockbank (near Bacchus Marsh Grammar) and Werribee. Any thoughts on these two?

    Thanks in advance.
     
  2. Westie

    Westie Well-Known Member

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    The boat sailed in Rockbank a longgg time ago. Read up the Geelong thread for a ton of valuable info, some value still to be had in the area.
     
    Dave3214 likes this.
  3. Yinka Dare

    Yinka Dare Well-Known Member

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    Not much in Melbourne for that price range that has land. Frankston north if you’re prepared to take a risk.
     
  4. Indmr

    Indmr Active Member

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    What are you thoughts about Hoppers Crossing?
    Property Growth has been 12% last year, highest among all nearby suburbs(Tarneit, Point Cook, Truganina, Werribee, Wyndham Vale and Williams Landing. Houses are old however you can get some big size plots (650 - 700sqm) potential of subdivision, with nearby shopping centres, schools, bus stops, you could be lucky if for similar price you can get something near hoppers crossing train station. Rental Yield 3.5%.
    Thoughts??
     
  5. hieund85

    hieund85 Well-Known Member

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    You cannot get any decent house in Hoppers for $450k in 2018 but being in 2019, you may. The market has cooled down since mid 2018. Good houses are being sold ok but price is pretty much the same as 12 months ago or few percents lower. Not so good houses (small, run down, bad location or all combined) are finding it hard to sell and can sit on the market for several months (3-6 months). Same thing happens with good houses but unrealistic sellers. Those houses are down at least 5-10% compared to 12 months ago. Overall, not ideal time to jump in unless you can find a cracking deal. Do not rely on generic data, it is several months lagged.

    Unfortunately, I do not think you can find a standalone house within 700m from the train station for $450k. Need at least $550k. With $500k, maybe but prepare for reno/repair.
     
    Indmr likes this.
  6. johnmteliza

    johnmteliza Well-Known Member

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    Mornington VIC
    A few good opportunities in Mornington, Dromana and Rosebud or even Frankston. But this is a competitive price point. Good capital gains as well in these markets.
     
  7. Otie

    Otie Well-Known Member

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    You might be able to pick something up with that budget if your lucky in Meadow Heights, or maybe Broadmeadows if your lucky. I heard on the news a few days ago that Meadow Heights is listed in the top growth suburbs during this downturn so far.
     
  8. JohnPropChat

    JohnPropChat Well-Known Member

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    Keep an eye on the market, in 12 to 24 months might be a good entry point. Too easy to get burned this late in the cycle.
     
  9. ellejay

    ellejay Well-Known Member

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    I sold up in Hoppers Crossing mid last year and the market was turning to a buyers' then. Could be worth a look now, I don't know.
     
  10. Ronald86

    Ronald86 Well-Known Member

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    Search in Realestate by map with filters on price and look north/west. As mentioned meadow heights, broady and i would add coolaroo close to train would be best..