VIC Plan to Buy in Western Suburbs Melbourne?

Hi everyone,

First time buyer here, looking to purchase my first property. Ideally would like to purchase around the 550-600K mark, move in for 12 months (save on first home buyer stamp duty concession), then lease out as rental. The house has to be ready to live in (i.e. not need immediate renovations/not off plan etc.)

Looking at houses in Western suburbs so can drive to CBD easily. Have attended auctions in Sunshine West/St. Albans, but prices have gone above reserve.

Any suggestions on where to look that would meet these criteria?

Overall, main goal is to have steady passive income long term.

Thanks for your help.

 

views on negative cashflow at first, and expected capital gains? Why income?

 

Sorry, very inexperienced. My post was not clear at all.

From what I've read - I don't mind negative cashflow at first. Would like capital growth as I plan to have more investment properties in the future and would like to have some equity. Does this sound like a good investment strategy?

 

Maybe, but youve just completely contradicted your first post about wanting passive income.

Property is rarely passive, and your better off with shares than property for income. What resi property is good for is gearing, which magnifies capital gains and losses.

You need to be clear about what the investment will and will not do, and you want to achieve. And wanting to get rich is not clear enough.

 

I bought in kings park in 2017 for 497k. Houses in the suburb have gone up during the same year but then went down again. The same house should be around 510k now and many other properties in the area as well. It's only 19km from cbd and i think it will do very well over the next 10yrs.

 

Thanks for your help, I will do some more research

 

Thanks for your help, will look into Kings Park

 

Thank you, appreciate it. Will have a read