What to do in the current property market (Melbourne) as a first home buyer looking to invest

Hello everyone,

First time poster, long time stalker.

I have come to the realization that I'm not getting any younger and the market doesn't seem to want to slow down anytime soon (Melbourne).

I'm a 25 year old single male currently living with my parents. I worked FIFO for over a year and now I am based in Melbourne again for good. I've had my fair share of travelling and living life as a student so its time to get serious.

I'm a qualified Civil Engineer on a salary package of $105k, I have around $50k saved up (appalling, I know) and have been looking at my first IP since the start of this year. I have gotten a pre-qualification for ~$500k.

I want my first property to be a house with a decent block of land (600sqm+), which has limited me to areas such as Doveton (South East), Coolaroo (North), Delahey/Kingspark (West, although I'm slowly getting priced out in this area) and their surrounding areas.

I'm just wondering what you would do, if you were in my current position:

a) Keep looking, act quick just to get my foot in the door

b) Sit back, do research and wait for the market to calm down

c) Look to buy interstate?

d) Compromise and start looking at townhouses/flats etc

I'd love to get into property development in the future, which is why I am aiming for a house with a decent block.

I know the best time to invest was yesterday, but what are you opinions on my actions going forward?

Is it still a good time to buy an IP right now? In Melbourne?

 

Hi Michael,

how did you go with your purchase. What is your current position/situation?