Hi, Time has come to look for my next investment, I am looking for a 2 bed unit around Melbourne for $400k budget(not an apartment). I already have 3 fairly new houses including PPOR in the SE area (Berwick/Cranbourne) and would be looking for a different suburbs. The suburbs I have narrowed down are Dandenong/Noble Park again in the SE area and Frankston/Weribee/Bundoora and is looking complete a basic reno once purchased. Any advice on these areas would be appreciated or any other suburbs that I should be looking at.
Hi In my experience, if I am dealing with anybody over the age of say 55 years old, they use either word apartment and/or unit interchangeably when talking about the same type of property. And these properties are those that are either found in single and 2 storey older style buildings built in the 60's, 70's and 80's and newer style high rise buildings. Villa/townhouses is a word that is often used interchangeable to each other and never really confused with the word unit and is often a larger premises and often has its own garage, rear yard and sometimes can be found double storey and even up to 4 bedrooms. Regards, alicudi
So you have probably over 1 million invested in the Melbourne area, have you thought about diversifying into another city? Most commentators and some people on this forum say Melbournes growth cycle is close to it's peak although some outer areas are still rising ie South West. If Melbourne continues to grow then you will capitalise with your existing properties, but if it stops for a few years then you won't get any further capital growth in your portfolio if Melbourne is the only place you own in. If you really want to do a reno what about Ballarat, Bendigo, some areas of Geelong or if not fussed about reno then take a look at a house in Adelaide (usually ticks over at 3-4% growth most years) or Deception bay area in north Brisbane. If you can find a city or regional town with that will offer some consistent capital growth over the next 5 years that would be my advice in order to continue to build equity and further invest.
I am far from 55 almost got to double my age to get to 55. I am not looking for an apartment in a multi floor building, I am more looking for a villa unit or home unit, where a group of dwellings is in one or more single storey buildings, usually arranged around a driveway @Todd Thanks for the tips, end of last year I did start looking into QLD maybe I should continue down that path but I am not too warmed at the idea of buying in Adelaide just personnel preference I guess.
