VIC Melbourne ~$700k - Would love some suggestions

Hi All

I have been reading through this forum and I am very impressed with all of the very informative posts. Keen to get your opinion on a question I have running through my mind.

I have a decent townhouse in Adelaide and a house on a 600m2 block in Banyo, Brisbane. Looking to get into Melbourne to have exposure to one of our two major cities. Budget ~$700k (max $750k) @ 3.25% yield. Long term capital growth play but don't want to go too low on yield. Should be ready to buy within the next 2 weeks.

I have been advised to try to get a good sized block of land (which would mean further from the CBD) as opposed to a townhouse closer in. In particular, Frankston and/or surrounding areas was mentioned at my price point. Proximity to the beach and transport links sounds appealing.

Just running a poll to see what you guys think regarding getting a good size block of land near a beach but a lot further out vs a townhouse closer to the CBD.

Happy to hear any advice that you might have. Thanks in advance!

 

Welcome to the forum!

For that money, maybe try a bit closer? Seaford, perhaps? Mornington too, though they're hard to come by at that price range, though further out, but nicer.

Other than these options, cast your eye over to Geelong's premium areas. Same sorta train/car journey to the CBD, better demographics (if you buy carefully), close to Torquay and the GOR.

Can't go wrong with buying close to the water.

 

When you say long term play, how big is your timeframe?

 

I don't plan to sell over the next 40 years. BUT.... That doesn't mean I want to wait 40 years for good growth. Ideally I'd like to get some growth over the next 5 years to pull some equity out (not required though) and ideally I'd want it to double in value over the next 10-15 years. Obviously there is no crystal ball for this though.

 

Thanks Westie! I'll check out your suggestions as well. I was told that I can potentially get a bit closer in as well so I won't write that off. I do feel that being close to the water will become even more sought after in the future.