Hi Guys, Just looking for a bit of direction if anyone has a suggestion as my partner and I seem to be stuck in analysis paralysis!! We are looking at purchasing a PPOR around the $600k to $650k mark and want to make the right choice to push us along in our investment journey! As we are first home buyers I guess we want to get the best bang for our buck which will hopefully allow us to continue on the investment journey. So my question is do we look at an apartment in a central location (St Kilda area) a freestanding unit in the Bayside area or buy / build a house in Geelong? Any information or help would be amazing and much appreciated!!
We are prepared to live in any of these areas as I think it would be wise to take advantage of the First Home Owners savings and then turn it in to an IP and go again. Well that is the plan moving forward. Whatever it takes to get ahead!
I would suggest like Ni says, (if I can be that informal Sir Knight) your paralysis comes from combining an emotional decision of your PPOR and the cold hearted numbers of an investment property. Choose one, either drink wine and discuss whether you want to live in a unit or house and all the emotional lifestyle drivers of your house (heck, I live in the worst capital growth area ever, I live here for the mountain biking and mountains not the growth), or you just simply look at the numbers and buy the one that stacks up, not taking any of your likes/dislikes into account. I've done this, lived in a sh**hole area in a crappy house surrounded by tins of paint and plaster dust because I knew it was ultimately an investment. Choose Surfbaby choose. Stop trying to have it all in one thing. It's mountain bike or road bike.
This is great advice! I too am in the same situation. We want to buy a house and live somewhere, but I'm too worried Melbourne has run out of steam. I should stop looking at is from so much of an investment POV.
@Surfbaby have you made any progress with your decision? What area will you be working in? That must have a bearing on your decision. If this isn't your dream home then I think you need to look for capital growth so that you can use equity in the future to go again. Having said that I'm a big believer in living close to work. Can't get back time sitting in traffic. So I'd be looking to buy somewhere that is convenient for you.