Melbourne market - please help with my situation

Hi all, I’m really trying to work out if I buy a PPR at the moment. I’m 31 single and have a budget of circa 1.2-1.5M.

I have an IP in Brisbane plus invest in shares. I like investing and I’m not super set on a location for PPR right now but everyone I speak to pushes me to get one.
I feel like Melbourne has had a long run, interest rate coverage is very low; I.e. I’m tipping in a fair bit over and above just to own it after all costs. Throughout the pandemic, I felt pretty at ease without being under pressure to act in Melbourne but now I’m wondering..? What is the sentiment on the Melbourne market at the moment? I just fear missing out a bit I guess. I do have strong income capacity so should always be able to have a deposit within 6-12 months if I invest elsewhere. Thanks in advance.

 

You may want to look at this

Melbourne deals

 

I did actually! Ha. Thanks for that-they’re actually my areas atm. To be honest, feeling super lost. Would love anyone to suggest me a financial advisor that has experience in residential and commercial property.

 

Is your only dilemma, will buy if it goes up and wont buy it if goes down?

other things might be do you have a family and want a ppor for stability, school, etc?

 

If you're feeling lost then go with what you know; where would you want to live? Buy there. You can never go wrong buying something you'd want to live in yourself. If you like it, others will too.

 

I’m not lost in the sense of where to buy but more whether I invest now or buy a PPOR. I’m just fearing missing out on the PPOR front. Won’t have kids for at least five years.

 

If you're not sure go with the highest potential for growth, then that'll give you more options for when you do decide what you want to do with yourself.

That's what I've done. Everyone says you should start this game with a clear goal in mind. If you don't have a goal, what are you supposed to do, just sit on the sidelines till you figure it out? Make money now, figure it out later, sometimes that's the most people can do when they can't even see beyond the next few years.

 

Thank you. To be clear, try my best to buy a cracker IP and come back to the PPOR later? I won’t have an issue raising a deposit again so perhaps that’s good advice?

 

Will you have trouble borrowing money? Have you spoken to a mortgage broker about borrowing capacity?

 

I won’t have trouble at the moment no. From initial conversations with the broker I should be fine to buy an IP and the a year later PPOR or vice versa. I just kind of want a strategy going forward.

 

Yup that's what I would do.

 

Yes, I would buy an IP now if I am you, in either Brisbane or Perth. And buy PPOR when you’re ready to settle down with kids. Find something you and your husband/wife like. School zone etc.

Meanwhile, just rent wherever you like. Even the 1.5 m apartment

 

1805/25 Coventry Street, Southbank, Vic 3006
https://www.realestate.com.au/property-apartment-vic-southbank-429807966

Enjoy brand new , poor owner probably stuck overseas

or this one,

701/1 Roy Street, Melbourne, Vic 3004
https://www.realestate.com.au/property-apartment-vic-melbourne-430463306