Hi all I’m not only new to this forum, but new to the investing game. I’m mid 40’s and always been fearful and conservative to purchase my first investment house. I have lost the fear and am in a position to do my first step into the property investment market. Exciting times ahead! I have kicked myself way too many times in the past. I have watched the highs and lows and I’m ready to purchase something with a long term vision. As left field and potentially not ideal for a first investment due to the slower growth etc, I’m actually looking at Phillip Island. I’m aware of the obvious holiday rental market but my vision would be to purchase something central in Cowes with the vision of long term. Position being the main driver and an entry price I can afford. This would be a long term strategic move with a long term tenant. Apparently there is a rental shortage for long term tenants? Is this a crazy move? If I purchased in SE Melbourne it feels like the risk is minimal in comparison to Phillip Island. Any feedback and thoughts are highly valued and appreciated.
I think so. If you can afford, buy a 3/4 bedroom house with big land blocks in Frankston or Cranbourne. This will give you better results in the long run.
Thankyou for you reply. The price range I’m looking is up to 500k. I hardly get any dirt for that in those areas unfortunately. So that’s my dilemma. Do I purchase a 600m2 block ( around that size) with a house in Phillip Island with a nice 4-5 brm home or a 3-4 brm home in Cranbourne on a 200m2 block for the same price. Cranbourne is less risk as it has the infrastructure there. Phillip Island though has a nice entry price and larger block in central Cowes for future retirement plans.
Welcome to PC What caused you to lose the fear ? many times when we lose stuff, we find it again "with Compound interest" Weight is a great example ta rolf
I’ve lost the fear simply by watching the market and the whole ‘should have’ head games. So many times I wanted to purchase and didn’t only to watch it boom down the track. I then decided to read everything and educate myself as best as I could
Sounds like it wont be back then Getting over that "should have " all over myself thing isnt easy. ta rolf
Phillip Island has actually been the best investment option. The Cowes median house price has increased by $100,000 in the past 12 months. The median house price in Silverleaves has also increased by $176,000 in the past 12 months. Rhyll's median house price has also increased by $100,000 in the past 12 months. San Remo's median house price has increased by $150,000 in the past 12 months as well. This is in contrast to Cranbourne and Cranbourne West's median house price only increasing by $30,000-$40,000 in the past 12 months. The Cranbourne area is likely more risky than Phillip Island despite its infrastructure. This is the strongest growth Phillip Island has seen in the past 10 years. Also other suburbs in Phillip Island have had growth of $50,000-$60,000 in the past 12 months too which still exceeds the growth experienced in Cranbourne.
