Where should I buy 4th Property?

My broker has just called me and told me I have approx. $600k to spend. I already have properties in
Leichhardt (Sydney), Crestmead (Brisbane) & Somerton Park (Adelaide).
What are your thoughts on where to buy next one? I obviously like to diversify and was thinking Melbourne but I think its the wrong time in the cycle for Melbourne. I am looking for growth and
neutral to slightly positive cashflow. Maybe go back to Brisbane again? thoughts?
Thanks Guys & Girls!

 

Melbourne is too hot unless you really know your market.

Why not Perth? It's pretty dull here so you can take your time to pick a good one for a bargain price.

 

It depends if diversifying further is the most important factor. If it is I would say Melbourne but yields don't seem to be great so getting a neutral/positive cashflow place might not be as easy.
Other than that I would look for something in Brisbane or Adelaide but in another part of each city. Outer north Brisbane and maybe southern suburbs of Adelaide.
$600k might get you 2 places in Adelaide or one with a fair bit of funds left over in Brisbane ($200-250k).

 

I would agree, even if diversification is a key driver, I wouldn't see an issue with having 2 properties in the one city a big issue. As @HUGH72 says, diversification could mean different parts of the same city.

 

$600k goes a long way in Perth right now. Just need something that can attract a tenant for now.

 

I live in Perth, not a fan of this market, regardless whether investors consider this a bargain, I see the opposite, easiest way to lose money, because its a falling market and we don't know how low it will go.
Another chestnut is the fact that rents have dropped 15-20%, and we have no idea when the market will improve because its about the state of our economy and jobs and both are stuffed at the moment.

My pick would be Melbourne market, lower end, attracting FHB and investors, look west inner/middle ring or south east.

Read posts by @sash and @Cactus both have had great success with land and house packages in Melb market

Alternatively, my next pick would be Brisbane, once again you need to be selective not all areas are moving, make sure you network with people on the ground who understand what is happening in terms of volume, days on the market etc.

MTR

 

I must say I agree with @MTR 's comments with respect to Perth.

 

I like the inner ring suburbs in Adelaide... yield is poor though. I've been watching croydon, prospect, clarence park etc.

Having 3 already you should have an idea what your strategy is and the type of property that fits this.