VIC Rowville...house or unit

Hi all,

Would love some advice. I’m looking to buy in Rowville to initially live in for a few years then rent out. I’m choosing Rowville over Dandenong/noble park/boronia/Ferntree gully as I will be living in it for a few years and this suburb is close to family and I feel more secure living here.

My dilemma is currently - do I buy a 2B1B unit in a established area, close to stud park and PT, or do I hold out and buy some land that’s slightly larger in the new development and build a 3B2B house.

Factors to consider
- units: close to shops, close to PT and is generally quite spacious for a unit (200+ Sqm), but only 2 bed 1 bath. Unsure of capital growth
- house: about 350m from high voltage power lines sitting on around 270sqm in a new development. Is 3 bed 2 bath and is bigger than the unit but unsure of capital growth due to the close proximity to power lines.

similar in price (unit is maybe 20k cheaper they’re going for auction so who knows), my budget is $650k.

also wondering which side of stud park is the better area of Rowville? Left (near Caribbean gardens) or right of stud park?

any advice would be greatly appreciated! I’m also a first home buyer.

 

Any advice please?

 

What's your plan once you move out?
Do you plan to buy again? If you max out your serviceability, it may not be possible to get another mortgage for a PPOR (even if you add the rental income). You may be forced to sell in a few years if you want a new place. I just don't think 2-300 sqm will appreciate much, considering interest rates can't continue trending down.

• house: about 350m from high voltage power lines sitting on around 270sqm in a new development

I have barely any experience compared to the rest of this forum, but this sounds like an absolute disaster.

I think you'd be much better off buying a dated 3bed/2bath on 600sqm in boronia, ft gully or endeavour hills for that price.

 

I live in Rowville up in the Timbertop area (opposite the Polish club). it'll be you PPOR then an investment? if that's the case, I would suggest an established house on a larger block. What else do you want to know about Rowville? i would Definitely prefer to live on Stud Park side to Stud road. The streets have a much nicer look and feel.

Be warned Stud road traffic is nightmare!!

 

Yep would be looking at PPOR for a few years then rent it out. I was driving through the area near stud park reserve and definitley a nice feel!
My budget won’t allow for a larger block unfortunately, at around 600k a unit is what I can afford in that area. Since it’s a PPOR I would rather an area where I feel comfortable in, could also look into E Hills but don’t know much about the area and it’s serviceability.
Where abouts is timber top estate?

 

Would a 2bd1b be ok in that area? I know lots of people tend to take quantity over quality when it comes to land, but I would see more value in less land in a better neighbourhood over more land in a not so great neighbourhood. Eg; 2bedroom units in Hampton have seen much greater value and demand over a 700m block in Dandenong. Is this way of thinking incorrect? Happy to take on feedback.

As fhis is my first property, I’m planning to live in it for a few years while I build equity and then purchase an investment property or fixer upper.

 

It really depends on what your goal is with the property once it becomes an IP. You might get your intended rental yield on a 2bd1b, but it may lack capital growth and development opportunity.
What is your goal for property once you move out of it?

With the budget you've mentioned, I would certainly be looking at Endeavour Hills. There are multiple bus routes hubbed at Endeavour Hill shopping centre and Dandenong station is closer (Google Rowville trainline, there has been a proposed line for years with no project start in sight). Train station access is know issue for Rowville.

 

Timber top estate is near Tirhatuan Lakes Golf Course on stud road. Southern end of Rowville.
Even E/Hills with a $650k budget you could get a newish 3 bed, 2 bath townhouse or if you’re lucky squeeze a 3 bed, 1 bath house but it will be a renovator job. If you have some basic skills or happy to organise some trades, I’d suggest look there.

Would suggest these would probably be better than the 2 bed apartment.

Assume if you are talking about power lines, the new build is on the old golf course off Wellington Road. It’s not really near the shops or close to much apart from easier access to Eastlink.

Good luck!