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
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?
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
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).
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!