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VIC PPOR Inner Melbourne?

Discussion in 'Where to Buy' started by Paulito, 1st Sep, 2016.

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  1. Paulito

    Paulito New Member

    Joined:
    29th Aug, 2016
    Posts:
    2
    Location:
    Melbourne
    Hi Guys,

    - We're looking at purchasing a home to live in.
    - We have 300k deposit saved.

    We are looking at Port Melbourne primarily - home/townhouse. But we're also thinking of looking at other suburbs where better growth is predicted (I'm not keen on sunshine though!!)

    Can anyone recommend suburbs, or a strategy for us to maximise our potential captial gains in the long run?

    Are there any paid resources which anyone can recommend to assist with the purchasing process (analytics / insights?)

    We have been having a look at Brunswick, Kensington there seems to be some potential there. But I believe we are too late to get good deals in Seddon, Yarraville

    Very green - be nice!

    Paul
     
  2. JacM

    JacM VIC Buyer's Agent Business Member

    Joined:
    12th Jul, 2015
    Posts:
    1,111
    Location:
    Melbourne, Australia
    Hi Paul,

    That's a decent deposit you have saved.

    Where you buy will largely be affected by borrowing capacity. Have you had a chat with a broker as yet?
     
  3. Pixie

    Pixie Active Member

    Joined:
    27th Jun, 2015
    Posts:
    28
    Location:
    Vic & NSW
    What criteria are you after ?

    Accessibility to city?
    Public transport?
    School zones?

    Etc....
     
  4. Pixie

    Pixie Active Member

    Joined:
    27th Jun, 2015
    Posts:
    28
    Location:
    Vic & NSW
    Lol wish I had 300k in deposit
     
  5. Paulito

    Paulito New Member

    Joined:
    29th Aug, 2016
    Posts:
    2
    Location:
    Melbourne
    Hi,

    No we have not talked to a mortgage broker yet - but I dont envisage we will have any problems in that space, as we are a dual income family, no kids, no debt, no fancy cars or anything..

    We like East Melbourne and Port Melbourne. But in this bracket we'll be limited in terms of the style of investment, so hence me googling like mad and trying to come across here!

    Our desired criteria is something like:
    - Less than 10km from city.
    - House / Townhouse. 2br, ideally 3br.
    - Walking distance to a train station
    - Tram only (i.e Port Melbourne) is OK but has to be a predictably short travel time

    To give you a sense of what we're currently shortlisting...

    11 Capistrano Place Port Melbourne Vic 3207 - Townhouse for Sale #123472058 - realestate.com.au
    20 Little Derham Street Port Melbourne Vic 3207 - House for Sale #123259410 - realestate.com.au
    9 Eveline Street Brunswick Vic 3056 - House for Sale #123449150 - realestate.com.au
    2/105 Neill Street Carlton Vic 3053 - Apartment for Sale #123467874 - realestate.com.au
    41 Barnett Street Kensington Vic 3031 - House for Sale #123357950 - realestate.com.au
    123 Rankins Road Kensington Vic 3031 - House for Sale #123471466 - realestate.com.au
    55 Elphin St Newport Vic 3015 - House for Sale #123427438 - realestate.com.au


    Would love some help or guidance as to what the forums think!

    Thanks
     
  6. Lil Skater

    Lil Skater Well-Known Member Business Member

    Joined:
    18th Jun, 2015
    Posts:
    385
    Location:
    Melbourne
    Personally I'd stay away from Brunswick/Carlton. Travel by car is a PITA on a normal day, let alone peak hour. I would also probably not do Newport because of the Westgate. (I drive a lot, can you tell?).

    Kensington is a lovely area, has transport and also pretty fast to lease out should you decide to rent it out down the track.

    I think if you like Port Melbourne though, stick with it. It's a nice area, close to the city, has reasonable transport if it's in the right spot, growth has been reasonably steady (not huge, but not awful).
     
  7. opal3259

    opal3259 Well-Known Member

    Joined:
    13th Jul, 2015
    Posts:
    127
    Location:
    Melbourne
    Hi Paul,

    Few more suburbs that I think fit your criteria that are worth looking at:

    - Ripponlea/Elsternwick
    - Balaclava/St Kilda East
    - Ascot Vale

    None of which are in the 'cheap' category - but I feel they punch above their weight and will do well over the medium/long term.

    You'll get a combination of being relatively close to the city, close to transport, great food + cafes, etc.

    Key consideration will be what your plans are in relation to kids and school.
    Good luck on the search!