VIC Thornbury and next property

Hi,
My wife and I bought our first IP 1.5 years aho. It's a 2 bedroom unit in a block of 10 in Thornbury, Melbourne. The unit is 40 years old and has no amenities. Its value is 520 k and we owe 420 k.
We haven't had the unit appraised but I think the price is holding up quite well considering the current market. Do you think it has potential for capital gain in the next few years?

Also, we have 80,000 in savings that we might use for our next investment property. We were thinking of looking to buy something in Adelaide. Our budget is 300 k. Do you think it would be a good idea? We are looking for a place that has as much capital gain as possible.

We have a combined income of 200 k and we own our PPOR outright.

 

Welcome to PC @Cabricabri

I don't know Melbourne market very well, so I'll let our our other Melbourne experts answer your question in relation to the potential CG in Thornbury for next couple of years.

If you are looking at Adelaide, you may want to start reading these posts
adelaide suburb review | PropertyChat
and perhaps reach out to members like @D.T. to have a chat to get some insights on what's currently happening on the ground.

In terms of whether Adelaide will have much CG in the next couple of years - no one knows. You need to do your own due diligence and see which city you believe will give you the best CG return. Some articles which may be of interest to you:
https://www.domain.com.au/news/domains-property-price-forecasts/
With Values Falling Nationally, Has There Been Any Significant Improvement In Affordability?

Again, suggest you to use them as part of your own due diligence but not as bible.

Cheers,
David

 

Given the age, I'm guessing it's a villa unit? Much better than apartments. Thornbury is also highly sought after, I would keep it at least until the next boom.

 

Plus possible potential to value add