VIC Melbourne IP

Discussion in 'Where to Buy' started by Alex123711, 16th Mar, 2020.

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  1. Alex123711

    Alex123711 Well-Known Member

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    I am considering an IP in Melbourne at the moment, any ideas what suburbs/ areas I should look at? Budget is around 800
     
    Alex123711, 16th Mar, 2020
    #1
  2. Mumbai

    Mumbai Well-Known Member

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    If you have read through the forum, these are the sort of information that we expect you to furnish before anyone can help:

    - whats your goal with the IP purchase? CG, yield
    - long term or short term
    - what type of property and configuration
    - which suburbs have you shortlisted so far
     
    Mumbai, 16th Mar, 2020
    #2
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  3. The Y-man

    The Y-man Moderator Staff Member

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    Without any parameters, it'd be quite a list.....

    For places I am familiar with IF IT WERE ME looking at the price range:

    I'd go for a min 3 bedroom:
    Anywhere along the Mernda line up to Sth Morang
    Anywhere along the Lily/Belgrave line
    Anywhere along the Glen Waverley Line (unlikely to find)
    Anywhere along the Pakneham/Cranbourne line as far as Dandenong

    Subject to power lines, main roads, etc etc

    The Y-man
     
    The Y-man, 16th Mar, 2020
    #3
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  4. Alex123711

    Alex123711 Well-Known Member

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    Looking for CG, long term, as close to the city as possible, so probably units at this price range? Or is it better to get a house further out?
     
    Alex123711, 16th Mar, 2020
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  5. The Y-man

    The Y-man Moderator Staff Member

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    House further out, or townhouse/unit closer in (not apartment).

    Sorry I left off some important areas in the list above:
    Anywhere along the 907 bus route
    Anywhere along the 905 and 906 Bus Route as far as the Stocklands Pines SC

    The Y-man
     
    The Y-man, 16th Mar, 2020
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  6. Alex123711

    Alex123711 Well-Known Member

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    Thanks, what about 2bdrm brick units within 10km of the CBD? Such as Hawthorn or Abbotsford etc
     
    Alex123711, 16th Mar, 2020
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  7. The Y-man

    The Y-man Moderator Staff Member

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    Meaning of a unit in NSW or Vic? See House vs Units Meaning

    If you mean "apartment" - I'd say NO for that price range. No scarcity = lower rent, lower cg.

    If you mean "units" in the Victorian sense: Sure, if you can find one in the EAST side for that price.

    No idea of unit markets in the West.

    The Y-man
     
    The Y-man, 16th Mar, 2020
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  8. Alex123711

    Alex123711 Well-Known Member

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    Seems to be differing meanings in VIC, one person says it's anything strata'd another is units with land, I'm think of something like a 4-6 unit brick block with no elevator.
     
    Alex123711, 16th Mar, 2020
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  9. The Y-man

    The Y-man Moderator Staff Member

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    Yeah we are very confused people down here.... (and agents do their best to get your attention including selling apartments as houses!!)

    Avoid anything with someone else living on top of you or below you - you can do much better in that price range.

    The Y-man
     
    The Y-man, 16th Mar, 2020
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  10. purkulator

    purkulator Well-Known Member

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    Sorry to hijack this thread. I have a similar question. So if I simply wanted highest CG over time property, otherwise no constraints (budget and otherwise), what would be the ‘no brainer’ type of suburb and property type to select in Melb?
     
    purkulator, 24th May, 2020
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  11. The Y-man

    The Y-man Moderator Staff Member

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    CG is dependent on what you pay up front! So I'm afraid it's never a "no brainer".

    For the highest probability of CG in my neck of the wood, it would be a house an at least 800 sqm+ in the inner east.

    The Y-man
     
    The Y-man, 24th May, 2020
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  12. purkulator

    purkulator Well-Known Member

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    So would you say, most likely as close as possible to the city, the larger the land the better or only to a degree and only certain suburbs within the inner suburbs?
    And when you say CG is dependant on what you pay upfront: are you suggesting the more you can afford to pay, the higher the CG?
     
    purkulator, 24th May, 2020
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  13. The Y-man

    The Y-man Moderator Staff Member

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    Rarity is what you are after. Big blocks are rare in the inner east, especially near transport.

    That's why I would actually prefer (for similar asking price)
    https://www.realestate.com.au/property-house-vic-glen+iris-133641086

    to say
    https://www.realestate.com.au/property-house-vic-kew-133563462

    The kew one you are paying for the house, the glen iris one you get a crappier house (reno opportunity), bigger land and much better PTV access.


    No - I just meant if you pay at the peak of a market, you'll take ages to make up for the mistake. Timing is everything.

    Having said that, yes, the more you can afford, the less competitors there are.

    The Y-man
     
    The Y-man, 24th May, 2020
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  14. purkulator

    purkulator Well-Known Member

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    That makes sense! So I suppose you are suggesting generally speaking, look for something scarce. Generally large land is scarce. Better to pay a premium for bigger land than a nice house as land appreciates not the property.
    However, when we speak land size, do you consider whether the suburb has development potential such as certain suburbs generally do not allow town houses and units much and therefore a big land may be redundant from a development point of view? Or would you say the greater land size will always still carry higher CGs as it is always more desirable for any individual future investor who wants to even build a single property on a big block?
     
    purkulator, 24th May, 2020
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  15. The Y-man

    The Y-man Moderator Staff Member

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    Yes and no.
    Obviously if it is the last house standing with a big yard and there are townhouses all around it, it's rare and precious.

    There are low density suburbs where you can NOT develop (so they are full of acreages) - these won't IMHO grow as fast, but one day when the surrounding suburbs are all apartments/units, I am sure people will say "wow, if only...."

    The Y-man
     
    The Y-man, 24th May, 2020
    #14
  16. Spiralkut

    Spiralkut Well-Known Member

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    I live in Melbourne and without doing any development id have to guess Watsonia as the biggest CG improver next 5 years under 800k
     
    Spiralkut, 25th May, 2020
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  17. purkulator

    purkulator Well-Known Member

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    Cheers Y man, appreciate you inputs.
    @Spiral, I’m suprised you wouldn’t pick something more central along the lines of Malvern, Kew, Balwyn?
     
    purkulator, 25th May, 2020
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  18. The Y-man

    The Y-man Moderator Staff Member

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    He said "under 800k".
    You'd get an apartment/townhouse for 800k in Malvern, Kew, Balwyn.

    The Y-man
     
    The Y-man, 25th May, 2020
    #17
  19. purkulator

    purkulator Well-Known Member

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    Oh never mind, I thought he was answering to me
     
    purkulator, 25th May, 2020
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  20. The Y-man

    The Y-man Moderator Staff Member

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    Maybe he was :)

    He is saying Watsonia (which has a station) may be a much lower cost outlay project than the example I suggested.

    Incidentally I wouldn't personally do Kew - it's just a PTV nowhere - but that's probably just me.

    The Y-man
     
    The Y-man, 25th May, 2020
    #19
  21. purkulator

    purkulator Well-Known Member

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    I think you are hinting at Glen iris then? :)
    So many blue chip suburbs in the South-East - Balwyn, Kew, Camberwell, Toorak, Glen Iris, Malvern, Malvern East, Hawthorn, Prahran, St Kilda, Brighton
     
    purkulator, 25th May, 2020
    #20
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