VIC PPOR or Rent in Melbourne confused

Hello Property Gurus here,

I am monitoring this forum from few months now and thought of getting your advice on my move on buying a house. I moved overseas with my family (me and my wife in Aug 2019) to Melbourne and more than one year from then we are irking towards getting our own house rather than renting. There are few more reasons why this has come up in our mind, I have listed them below. Basis that can you suggest what should be our next move. Should we wait for one more year or go for the hunt?
Reasons
1. Rented a house in Melbourne east but we are feeling its too small and would require us to change it. So instead of renting again looking to buy.
2. Have a stable job for now at least survived corona with decent income saved upto 70K (this i can invest) in one year. Wife is pursing studies in Sw Development right now.
3. Looking to start a family.
4. Looking for suburbs like Epping, Mill Park, South Morang, Craigieburn fits the budget somehow of 500-550K.
5. Not looking for big land, like to keep things manageable.

Hope to hear some feedback!

 

I guess it would come down to 2 things
a) do you think prices will continue to rise, and
b) would it cost you much more to buy?

 

1. Make sure you speak with a good mortgage broker first (preferably one from this forum) so you know what your BC is and if your deposit is sufficient.

2. Is proximity to trains and other amenities important to you?

3. Is commuting time important to you?

4. Is proximity to family, mates, communal places of worship important to you?

5. Is buying newish and flashy important to you?

We can recommend suburbs and down to street-level detail too, but I suggest you have a think about the above things (of course, including what Terry's already asked).

 

Whilst I would say buy, I don't know if you will get a house in the suburbs you mentioned for that price point! If you have your heart on those suburbs, try to buy between 300m-1km from the train stations.
All the best, exciting times ahead for you mate!

 

I believe so the prices will rise, it may not significant though depending upon on the areas. For eg: Geelong is like booming now, people moving away from city to regional due to WFH and other stuff. But as I said I am still new to the country and just talking on the historic facts. Would need this forums advice.

 

1. No, can I be put in touch with some good ones.
2. Should be with in 5-10mins drive.
3. Can travel for up to one hour one side, preferably.
4. No, rest of family is overseas. No issues with the worship place and all.
5. Preferably new but anything less flashy will do.

 

No not yet.

 

Good mortgage broker first. Before everything else.

why new?

 

Saw very old properties in the east side, just did not like spending so much on them and then repair. I am ok with anything under 5 years for personal living.

 

Based on your budget and needs for public transport and primary school (starting a fam) :

Are you open to 2-bed townhouse? If so, will suggest Footscray, Maribyrnong, Glenroy because their primary schools are good and median price is within your budget.

If house is a must, unfortunately, I can't see any suburbs that have decent primary school and good public transport while being under your budget.

If you can drop public transport, my data suggests Kings Park, Truganina, and Albanvale.

 

Hi @sam2607
I would rather suggest looking into Wollert, Mernda and Doreen.
Mickleham and Sunbury may also stack well in terms of numbers.

Regards
Ashish

 

Thanks Ashish.

 

Thanks Ben, you have listed some good options and areas. I will have a look.

 

No worries. By the way, what does "SW Development " mean?

 

Software Development

 

I see! I thought it is a place in South West of Melb. My bad.

Good luck. I'm in software/data/web too. It's a fun space.