VIC Melbourne - first home buyer - under450k

Hi, a brief introduction: a factory worker, 60k annual income. 170k saving. After 10 years of renting and saving, I am thinking of buy my first home in Melbourne. I wonder if it is possible to find a property within 30km from CBD within my budget (maximum 450k). I would prefer a bit of land (if possible) or 2 bedroom unit. I plan to turn it into an investment property in the next 5 years. Any recommendations? Thank you very much for your help.

 

Welcome to the forum. If you want to stay closer to the city then West or North of Melbourne would be your best bet. For that amount you can get a few old houses in Werribee or if if you can go a bit further you can get a bigger house in Melton with big Lots.
If you consider Unit you have lot more options within 30km.

 

Where do you work mate (suburb) can you see yourself being there for a long time? I'd consider buying somewhere accessible to your work.
Have you a preference on areas/district I.e northern suburbs, south, eastern western etc?

 

Hi, I am working in Kensington but I may look for a new job in the East in the future. I am interested in East and South east. However, because of limited budget I don't mind searching other areas within 30 km from CBD.

 

Thank you

 

First of all well done saving that much, very few have the discipline to pull off that much pure savings.

Given we are reaching the end of the bull run, you won't get much more than pure speculation when it comes to what is a "good investment". its high time on the cycle so what ever you buy, be prepared for the long haul. and by that, i mean don't factor considerable capital gains into any of your planning.

You've given two very different ends of the spectrum so it will help to narrow that down. Consider this as primarily a purchase for place of residence, and an investment second. No doubt you will trade off location for functionality, but which is more important? Some prefer to be in the right area and like the "lock and leave" of apartments. I have friends paying through the nose to live in central for this. Personally i prefer the space for hobbies and pets, and don't mind the $30 uber home on the few nights i go out. I can't just walk to the pub and meet friends on a whim, but in the last few years all my mates have moved in different directions anyway.

Think about what you want your lifestyle to be for the next 5 years, some questions you may ask:

• what will you want to use your space for? (dog, car, entertain groups of friends, a DIY workshop?) take the Einstein approach - go as simple as possible, but no simpler. if your residence forces you away from hobbies, will that be too depressing?
• what will your regular commutes look like? as well as work, think visiting friends and family (bearing in mind they may also move..). if its over an hour travelling to see friends then no doubt you'll see them less. will that become too depressing for you?
• do you have, or will you be starting a family?

 

I'd go for a 2 bedroom unit around Ascot Vale with potential to add a bit of value. I've had a look on realestate.com.au and there seems to be a decent amount at your price range. I personally wouldn't want to live in any of the suburbs in Melbourne where that amount would buy a house

 

Definitely Werribee for your budget - It's got a lot of potential and not too much further than your 30km from CBD.