VIC Units & Apartments in Kingsville/Seddon Under $450k

Discussion in 'Where to Buy' started by plank, 12th Jun, 2021.

Join Australia's most dynamic and respected property investment community
  1. plank

    plank New Member

    Joined:
    12th Jun, 2021
    Posts:
    2
    Location:
    VIC
    I'm interested in buying a small unit/apartment for my Mum to retire in. She currently lives in the Kingsville area and loves it around there so ideally I'd like to buy something around that area (Kingsville, Seddon but perhaps also Maidstone, Footscray West), preferably under $400k, but could go up to $450k or a bit higher if something is good enough.

    She spends half of her income on rent and has little superannuation, so I figure if I can do this, it will make her retirement a lot easier to manage.

    Here's a few I've looked at that seem reasonable:

    https://www.realestate.com.au/property-apartment-vic-seddon-136378850
    https://www.realestate.com.au/property-apartment-vic-kingsville-136020510
    https://www.realestate.com.au/property-apartment-vic-kingsville-135805998
    https://www.realestate.com.au/property-apartment-vic-south+kingsville-135853066
    https://www.realestate.com.au/property-villa-vic-south+kingsville-136094886

    Since she wont be paying rent, I'm not super interested in yield. But I'm wondering from a capital growth perspective if there anything I should be considering? Since the primary goal is to get a permanent roof over her head, it's not the most important thing, but hey, if it grows in value too, then that is definitely a bonus.

    Alternatively, are there any other suburbs that would be more likely to benefit from property price growth than the ones I've listed here?

    Any advice would be massively appreciated!
     
  2. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    10,327
    Location:
    Australia
    How far is she from retirement?
    If you dont charge rent deductions might be an issue.
    Does it make more sense to build your investments, and pay for her rent in retirement instead? Esp if something like this might not have much growth, and you tie up your assets on something that doesnt grow?
    How much assets do you have yourself?

    wanting to help your mum is great but with a bit of planning you might be able to do it better.
     
    MikeyBallarat and plank like this.
  3. plank

    plank New Member

    Joined:
    12th Jun, 2021
    Posts:
    2
    Location:
    VIC
    Likely a few years but not more than 5.

    Hmmm, I hadn't really considered this fully but I'll definitely look into this. Just looking at the rental prices for these areas it seems very reasonable.

    About $5 mill.

    Yeah makes sense, I don't mind helping her out but would want to do it in a way that makes some level financial sense.

    Thanks for the input!
     
  4. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,505
    Location:
    Melbourne
    Might need to get something on the ground floor, as climbing stairs can be a pain (literally) as you get older. Ignore I said this however, if she is like a mature age triathlete or some such.

    The Y-man
     
    plank likes this.

Build Passive Income WITHOUT Dropping $15K On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia