Looking to invest in NSW or VIC pre approved for 350K

I would look at Coolaroo, Dallas, Meadow Heights area for positive cash flow IP's in Melbourne. My thoughts are that these areas will offer good capital growth over the next 5 years. I also believe you can't go wrong buying in Geelong. There is a number of suburbs that would offer positive cash flow, however, I feel that Belmont & Grovdale will have a good jump in value over the next 12-24 months.

 

Thanks everyone for your advise. I have taken them into consideration and decided to put down a offer for a place in Belmont VIC.

I just have a couple of questions..

The agent asked me to sign the front page of the section 32, is this legally binding?

My offer has not been informally accepted yet but the agent tells me that there's' a high chance that it will be. His forwarded my the contract of sales and asked me to sign once its been looked at by the conveyancer.

I have sent the section 32 to the conveyancer to look through at free of charge. However i think i will have to pay the full fee when i need them to look through the contract of sale.

Do i wait for the informal agreement from the vendor before asking the conveyancer to look through the contract? I don't want to have to pay them then the vendor rejects my offer.

Vinh

 

The way you make an offer in Victoria is through the contract of sale. Put down your conditions and an expiry date and time.

But discuss the number you are looking to offer with the agent first.

 

That was quick! I like the way you work. Hope you get it mate

 

My offer has been accepted the contract signed .. waiting for pest and building + finance.

 

Thats excellent news!

 

That's excellent!
I really believe you made a good choice with Belmont.
I can provide you with contact details for builder and a pest inspector if you haven't got one already. They are actually looking at a house for me as I write this. I was very close to buying in Belmont, but was lured by another property in Clifton Springs,Vic.

 

What's your view on Geelong in general? What's driving CG there and specifically in the places you named? Why would some choose those suburbs as opposed to a new house and land in Armstrong creek for under 300k as well?

 

For those considering investing in Geelong and surround suburb, have a read at their development plan.

https://drive.google.com/file/d/0B5bjZp2EJs-EMURycWhPdjh1UlF1VkJZOVFtM3JMRTdySk1F/view?usp=sharing

 

Belmont in particular has always been a good suburb for families eg schools, transport, shops etc. Recently that side of Geelong has further improved with the big improvements made to Waurn Ponds shopping centre. It's expanded & really looking good. Unfortunately Waurn Ponds has become unaffordable for many. Belmont is literally across the road from this shopping centre. It's in very good proximity to the university and you'll find that it's not much more than 15mins drive from Torquay.
I'm not sure if the figures, however from my observations it seems to be on the rise. There isn't heaps in Belmont under 350k any more, and there is a few creeping in that 400-500k range.
With armstrongs creek, I think you will find that you won't get house and land for under 300k, maybe a unit?

 

I'm keen on Geelong. There is a lot of attention from the state government re; Geelong, seems like they want to make up for ford and Alcoa drowning.
People have drawn comparisons with Newcastle and Geelong, both previously relied on a few big companies, they left and more modern things come in.

 

Congratulations