Melbourne Bayside SE- options assistance & buyers advocate recommendation please ?

Discussion in 'Investment Strategy' started by Mark0001, 24th Jan, 2020.

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  1. Mark0001

    Mark0001 Member

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    Hi,
    I'm hoping I can get sme advice from the forum on options please ?

    Current situation - 2 IPs, renting current home in East Bentleigh @ $2k/month. I'm looking at buying a PPOR but would like to get something where I can do value add over 3-5 years before potentially moving onto the next project/house.

    I've got $200k deposit for a PPOR & can probably afford around$600k total mortgage. I need a 3bedroom (have 2 teenagers with me part time) with small backyard for a dog within max 30 mins drive to Sandringham College (Bluff Rd) & close to train as I work in the CBD. I need to do school runs for the next 4 yrs so while I've considered a lifestyle move to Creswick I'll be living in the SE for the foreseeable future.

    Current options I'm thinking about are;
    1. Purchase a corner block or large block with rear access (if I can find one) then subdivide
    2. 'Renovators delight' as I've done basic renovations in the past, although I'd need to ensure some cash left over for materials so that would restrict price.
    3. Buy a villa in a suburb closer to Sandringham & spend my spare time/cash windsurfing/working on my gf's house instead of renovating

    Suburb options seem to be Seaford or a bit further inland ?

    Thoughts on suburbs or options ? Also recommendations on Buyers Agents who know the area reasonably well ?

    Thanks
    Mark
     
  2. The Y-man

    The Y-man Moderator Staff Member

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    Man.... windsurfing and Creswick don't add up in my head....

    The Y-man
     
  3. The Y-man

    The Y-man Moderator Staff Member

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    Quick clarification - is that $600k total purchase or up to $800k total (200+600)?

    The Y-man
     
  4. Mark0001

    Mark0001 Member

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    YMan, there’s 3 lakes around Creswick that are apparently reasonable for windsurfing.
    Looking at $600k total.
     
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  5. housechopper2

    housechopper2 Well-Known Member

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    Really struggling to find what you are looking for in that budget that close to Sandringham.

    The subdivision is certainly out of the question as it would be much further away from your preferred school. For investment purposes I like your idea of buying a renovators delight. But you might need to compromise a little on location or house/townhouse size.

    A suburb like Noble Park would have what you are looking for in a 3bdr house on 600sqm block. If you want to be closer, perhaps consider a Villa unit in Clayton South
     
  6. Peter_Tersteeg

    Peter_Tersteeg Well-Known Member Business Member

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    @Lisa Parker is an expert buyers agent on the Eastern and Bayside suburbs.

    I would buy a property in Ballarat instead of Creswick. There's no growth drivers for Creswick beyond affordability. Ballarat is the same distance or closer from the various lakes you're alluding too (Dad & I sank a boat on lake Learmonth when I was 13, good times).
     
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  7. The Y-man

    The Y-man Moderator Staff Member

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    The question from the OP was whether Seaford was ok.

    Agree with you NP and Dandenong are within a 30 min drive and house backyard doable at ~$600k.

    To the OP = No idea from me on Seaford market....

    The Y-man
     
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  8. housechopper2

    housechopper2 Well-Known Member

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    Seaford is achievable. No chance of getting to Sandringham in 30 minutes for the school run though.
     
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  9. shorty

    shorty Well-Known Member

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    Subdivideable corner block in bentleigh is probably around 2x your budget. 600k is tough. Dingley Village maybe if you get lucky?
     
  10. Wendy Chamberlain

    Wendy Chamberlain Well-Known Member

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    You'd probably be better looking for an older style 3 bed villa unit that you can add value to.

    With our aging population, I'm seeing an emerging trend with dated homes becoming available as the owners are moved in to care or pass away. The owners have not had the ability to modernise them or resources/support for upkeep, so those properties offer the potential to gain entry into a suburb you otherwise couldn't afford, as the homes need some TLC.

    The 3 bedders are snapped up though, as they're less common then the 2 bedders.
     
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  11. Mark0001

    Mark0001 Member

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    Thanks everyone for the input.

    Shorty - yep, Bentleigh is way out of affordability post divorce (it's where my last PPOR was)
    Wendy - thanks for the tip.
    Y-Man - your name rings a bell, were you on the Somersoft forum as well ?
    Peter - thanks, I've messaged Lisa.
    Housechopper - Yep, Sandy is way out of budget, Dingley as well by the looks of it.

    Cheers
    Mark
     
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  12. croseks

    croseks Well-Known Member

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  13. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Noble park probably meets your budget and school distance commute and CBD train access but is quite inland.

    Seaford means the teenagers could also take the train to school if you wanted.
     
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  14. The Y-man

    The Y-man Moderator Staff Member

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    Yes.... as are many on the fourm here who migrated..... :)

    The Y-man