VIC Paralysed on where to buy a PPOR/IP combo for a 10-15 years hold?

Hi Everyone.

Have been house hunting and researching for 9 months now and feeling we're closer to being ready to buy, but would appreciate some advice on where to buy considering our plan.

Our situation

• No kids.
• Budget up to 1 mill but looking to spend $500-900k.
• Mid-30s.
• Own a townhouse in North Melbourne.
• Work in the city, but with some flexible WFH 1-3 days per week.

The house & plan (PPOR + IP combo)

• Looking to hold this property for 10-15 years.
• Years 1-5 it'd be a PPOR — natural light & access to nature a priority for us.
• Years 6-15 it'd be an IP (though would try and play the 6 year rule for CGT discount), don't need positive cashflow from this property necessarily, but wouldn't want to be too negative either.
• After 10-15 years, looking to sell and make money on CGT.

So what should we buy?

We've been to 100+ inspections this year and the following areas have been our favourites ( to live in), but seeking feedback about which will also make a good IP considering the 2nd half of our 10-15 year plan.

• Upper Ferntree Gully to Belgrave area (inc. Kallista, Selby, Ferny Creek, Tecoma, Upwey, Tremont) — very interested in the places with 1000m2+ blocks in sunny pockets which are close to walking trails + under 5 min drive to train station.
• Ringwood, Ringwood North, Heathmont, Croydon, Croydon South — nice and leafy. Big blocks. Not too far from CBD. Seems underpriced?
• Rye, McCrae, Rosebud — nice and leafy, near the ocean, $500-700k houses on 800m blocks seem underpriced compared to other peninsula areas? But maybe have already boomed too recently?
• North Coburg, Reservoir, Brunswick — like the pockets near Coburg lake and Merri Creek are great and convenient

Thanks in advance!

 

So questions are:

• Which of these areas seem like the best bet for CG in 10-15 years, while also having ok rental yield for some of that time?
• Anywhere else that we should strongly consider?

 

Where are you going to live from year 6?

 

Thanks for the responses so far

@Trainee "Where are you going to live from year 6?"
We're looking to move to NSW from year 6. Considered buying there, but we're not ready to move there now so wouldn't be able to live in it 1st year to make it a PPOR and also would want to rent for a few years to try and work out where we would settle.

@The Y-man "why not try and buy? Rent first?"
We're happy with all of these areas as short term PPOR (approx 5 years) so it's not so much about try and buy — my uncertainty and questions are moreso seeking advice on which will make for the better investment in light of our plan — ie. which would have best CG when selling in 10-15 years.

 

I’d take the upper FTG to Belgrave as the mountain highly desirable area on doorstep & also stops potential for more land, rail to city etc.

Next Ringwood area etc, closer to the freeways/Eastlink, still rail access to city and also noting more likely for potential future subdivision /rezoning of the land than Upper FTG.

Good luck!

 

https://www.realestate.com.au/property-house-vic-strathmore-134951610

It's not a house. It's a home!

 

Blimey. All very different areas. You would need to take out the crystal ball to see which will attract the most demand in 15 years time.

From my personal perspective, having lived around North Melbourne in smaller homes most of my adult life, I also experienced a similar yearn to move further out and for more space.

Having swapped homes to go east and rosebud, Id say I still prefer North Melbourne as a base. Just so convenient and walkable. Property growth wise, I probably wouldve done similar if I had just kept the north melb townie (one similar sold for $1.5m recently).

If I want an escape, just booking a hotel or airbnb wouldve been much easier. Although Rosebud is going through a boom right now so things are looking up. But on that point if you are looking at spending 700k in the area, the property will either be very small or nowhere near a nice beach /walks etc. Also a real lack of walkable amenities in the area, need a car.

 

Looks like one next door to the main ‘castle’ movie house if I’m not mistaken.
Is that right?