VIC PPOR in North/North-East Melbourne, $580k budget

Hi,

My partner and I are currently looking to buy a house/townhouse/unit/villa (not apartment) as a PPOR within 30km of the CBD. We were initially looking in Reservoir for a townhouse/unit with plans on eventually selling (maybe renting it out) and upsizing (currently only have 1 source of income as partner is still studying), but expect to live in this property for at least 5 years. Our main goal was to stop putting money into paying rent and to have our own asset.

Current criteria:
- Up to $580k budget
- North/North-East suburbs
- Minimum 2 bedroom, 1-2 bathroom (w/ bathtub), 1 garage
- Close to train line
- Preferably not a narrow/busy road.

We're having some trouble narrowing down a location. For example, is a unit/townhouse in Reservoir a better investment versus a 3 bedroom, 500+sqm house in Thomastown? We were also looking at some units in Diamond Creek, but not sure if that's the best idea for a long term investment. What areas would be good to consider regarding capital gain?

Happy to provide more information if that can be helpful.

Thank you in advance!

 

Thanks for the quick response and the links. We were trending in that direction with our thoughts i.e. why get a unit for a PPOR when we can get a house slightly further out.

Will definitely start looking into areas like Epping more. Having enjoyed living in Craigieburn for the past 3 years, I assume these suburbs aren't too dissimilar.

 

If you want to be near the train line in north east, it is worth to look at Hurstbridge or Diamond Creek.

 

Watsonia would be possible for an older townhouse or newish villa near the station.

 

Something like this for example
https://www.realestate.com.au/sold/property-house-vic-watsonia-131657642

 

Check out hawkstowe estate in south morang. Bit further out but absolutely has it all - station, playgrounds, parklands, ponds with ducks, brunch at two beans cafe and kangaroos. New build on dixon creek drive for 50k above your budget.

 

I grew up on the Hurstbridge train line, and have friends and family up and down the whole line - Hurstbridge and Diamond Creek are great suburbs, very good community feel, but they are very different to Reservoir, which would feel like a typical Melbourne suburb - much closer to the city. Hurstbridge and Diamond Creek definitely start to feel a lot more 'bushy' (technical term), which might be a big plus or a big detractor depending on what you like.

$580k won't get you very much in Watsonia. I am a big fan of the suburb, and have family and friends living here too, but there are parts of it that are a bit sketchy - and I suspect the $580k would find you living in those parts. Friends who bought in cheaper parts of Watsonia are constantly dealing with break in attempts, and it's not ideal.

 

I thought Watsonia was overall good. Could you please highlight the bad areas?

 

I personally looked at Thomastown for quite some time and I believe due to the 16kms proximity to CBD it will eventually start reaping benefits, however the area seems a bit rough to me.
Mill park is probably better, if you lived in Cragieburn, epping to some what extend should give you a similar vibe, mostly young families and a younger age group.