What are people's thoughts on buying a unit in Epping/mill park/lalor/Thomas town in Melbourne?i have about $450k to spend as an investment property.priced out of houses so was thinking units.want to buy and hold for long term.seems can still buy a decent unit in those areas for under $450k Thankyou
Very position specific. Must be able to walk to station or 901 smartbus. Failing that, at least a bus that runs 7 days a week, and into the evening. The Y-man
units have really only just started coming to these areas in the last few years. 12 months ago you could pick up a house on a full size block in Lalor for 450k. You'll probably be lucky to get around 350/week rent, which means around 4% gross yield. Pretty good by Melbourne standards but not amazing when you look interstate. Brisbane and Perth both offer far superior yields and will get you into much more desirable areas. I guess you need to ask yourself what your expectation for your investment really is, and is a unit in one of these areas really the best way to get it? Re. long term hold, buying at this point in the cycle that really is your only option.
