Opinions on what Investment options in VIC pleasee

Hi all,

My first post woot!

So I have about 100k cash saved and have got a pre approval from the loan for about 520k.

I am trying to stay below the 600k mark to avoid stamp duty.. so let's set the budget at 580k..

I am probs going to live in the property for the first 6 months, and then chuck it on rent.

The goal of the property is long term capital growth (fingers crossed).. I am looking at a few areas and am about to pull the trigger real soon but thought I would seek some advice.

I have been looking at this property in Clyde North in a estate called Delaray developed by Villawood, it has a body corporate fee that is paid each year but provides the residence access to their local facilitates, suites my life style and sure it will suite others (for resale value?).

However, their is a few other areas I have been looking, one of them Armstrong Creek near Geelong, South Frankston, Chelsea and Sunbury.

I will purchase a town house or a unit with my budget.

What do you guys think, ??

Any other areas you will recommend ?

Please any advice will be highly appreciated !

 

Im in pretty much the same situation as you.... im going closer to the city though and looking at a detached unit. If you go over 600k you pay a reduced amount of stamp duty. So if you are slightly over thats ok you will still get a discount. Unfortunately these prices have gone so high im struggling to find anything decent within my range closer to CBD.

Ive been hearing alot about Chelsea lately... Ive never been there myself but Ive seen the suburb pop up alot...

Ive personally been trying to find something very close to a train station or tram (prefer train).. you open yourself up to renters who dont have a car, or have a car though like to use transport.

I refuse to buy in estate and am trying to avoid paying body corporate fees yearly. If you are going to go for something with fees just make sure you know how much.. ive been seeing $500 per quarter for some and more. 2k per year adds up. But thats my strategy... I would also suggest getting a building inspector through the property to know what your dealing with, to protect yourself from issues that may cost you an arm and a leg later on, or from buying a lemon. The fees are usually about $500 (dont quote me) but well worth it if you are very interested in a property.

Good luck my fellow newbie

 

Could you stretch the budget to 700k? You would still get a stamp duty discount.
You could buy a 600sqm 3bed 1 bath in St Albans
It's 25min to the city by train, not too far from the airport either

Frankston would be another option but I don't think you can buy 600sqm there for under 700k anymore.

 

If you’re willing to go out west you could look at Laverton. You can get a 3x2 newish townhouse (some with no strata) within your budget.

20kms from CBD, train line and freeway access and pretty close to Altona.

Still a bit rough (according to the locals - I’m from WA so can’t comment) but is gentrifying and I believe will continue to do so as all the old housing is subdivided and more and more TH’s go up.

Just to be transparent I already have IP there.

 

Hey, how are you going with tenants in Laverton? Whats your property type? Why did you choose Laverton?

 

My tenants have mainly been military personnel who are stationed at the nearby RAAF base. Generally no problems, only down side is they tend to turn over once a year so I’m up for re letting charges rather than lease renewal. Last lot moved out at end of December and it’s still vacant at the moment.

I’ve got a townhouse and it is stand alone and no strata.

I bought there as I saw a lot of potential for gentrification it’s changing a lot (demographic, property types etc.) proximity to transport links to CBD and other ammenities and a large price discrepancy to neighbouring suburbs.