VIC Where to buy first IP in Melbourne under $540k?

Discussion in 'Where to Buy' started by werdna, 6th Jun, 2017.

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  1. werdna

    werdna Well-Known Member

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    Thanks Melbournian! Decisions decisions..
     
    werdna, 13th Jun, 2017
    #41
  2. sash

    sash Well-Known Member

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    If you are thinking of buying in Melbourne or Geelong for sub 350k...you better get your skates on.....that is about to go the way of the Dodo shortly...even Melton will push past this in the next 18 months in terms of median
     
    sash, 13th Jun, 2017
    #42
  3. werdna

    werdna Well-Known Member

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    Hi Sash, I'm looking up to 540k mark. I haven't seen a 350k property in Melbourne in a long long time..
     
    werdna, 13th Jun, 2017
    #43
  4. WattleIdo

    WattleIdo midas touch

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    Yes.
    You'll be paying top dollar wherever you go in outer Melb. Perhaps try some strong regionals which haven't yet moved? I think there are a few well-kept secrets around. Depends what you're looking for but I think it's important to get both cashflow and capital growth for the first one. Also, you don't have to max out.
     
    Last edited: 13th Jun, 2017
    WattleIdo, 13th Jun, 2017
    #44
  5. WattleIdo

    WattleIdo midas touch

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    Best to take all-comers with a grain of salt. Both Frankston and Werribee are getting infrastucture upgrades. I'd think if that's the attraction, you'd go with Frankston. But I'm not a hyper.
    Are you currently invested in Werribee @melbournian?
     
    Last edited: 13th Jun, 2017
    WattleIdo, 13th Jun, 2017
    #45
  6. sash

    sash Well-Known Member

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    hmmmm ...you could be right even melton is now 350k....was not the case just 4 months ago
     
    sash, 13th Jun, 2017
    #46
  7. melbournian

    melbournian Well-Known Member

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    Nope in progress structuring a deal ATM I think Frankston has made that leap and is different price point compared to Werribee.
     
    melbournian, 13th Jun, 2017
    #47
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  8. sash

    sash Well-Known Member

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    I agree Melbournian.....the Indians and Chinese and other Southeast Asians are now driving the price of Western Melbourne.

    My competition is not investors but largely Indian families buying up blocks near train lines in places like Wyndham and Melton.

    Very soon most places in Wyndham council will start with 5 in front and places in Melton a 4...matter of 18 months. By that time I would have pocketed another $1-1.5m in equity across all my investments in Melbourne/Geelong ....if Brissie goes that is another cool $1...so its all apples...
     
    sash, 13th Jun, 2017
    #48
  9. melbournian

    melbournian Well-Known Member

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    Just when I was looking Werribee a year ago it was a 2 and Pt cook was a 3 in front - no way Qld has many suburbs that can move like Melbourne. There was a group or developer wanting to create a dev called "Indian junction" in tarneit but had to call it tarneit junction - the dev would be shops that sold Indian groceries Indian cinemas entertainment temple etc. they're the ones pushing the west in Melbourne from Pt cook tarneit Werribee Wyndham hoppers melton etc.

    I was ard couple years ago and this was not the case in the west. that is why I laugh when ppl here keep saying commie mainland Chinese pushing up prices in Melbourne. No diff to that 1200% land tax for 9 commercial properties in Brighton there are so many suburbs and areas. I was raised and schooled off Frankston and I can tell u they ain't many commies bidding up there lol
     
    melbournian, 13th Jun, 2017
    #49
  10. sash

    sash Well-Known Member

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    Yep no commies but a lot of whities....;) ......not a lot of brown/yella fellas either...

    I can see Frankston and Werribee prices being with cooeee of each other one day...

    With all due seriousness...it know this is politically incorrect...but I reckon why Brisbane has not boomed is because the recent immigrants are heading to Melbourne in droves..

    Though I reckon Brisbane is getting a lot of refugees from Sydney (due to high housing prices).....the local *****s have now woken up to this now....
     
    sash, 13th Jun, 2017
    #50
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  11. werdna

    werdna Well-Known Member

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    I'm also interested in Werribee but my only concern is the crazy amount of land estates popping up, meaning that land isn't so scarce. Especially in a few years when more of people's H&L homes are built.

    But on the flipside, Werribee is a great mix of old meets new, infrastructure upgrades are in the works and the shopping centre extension is a good sign of the change
     
    werdna, 13th Jun, 2017
    #51
  12. werdna

    werdna Well-Known Member

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    werdna, 13th Jun, 2017
    #52
  13. sash

    sash Well-Known Member

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    Look similar to the cnr crap box I have in Melton Sth....walk to station...go ya good thing...

    The good thing is I bought mine for 155k....to think I was going to sell it...for 250k at one point....I am being told as it is corner development potential exists......so 4 is on the radar in the next 12-18 months....
     
    sash, 13th Jun, 2017
    #53
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  14. werdna

    werdna Well-Known Member

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    Hahaha! I can't believe this area is on its way to booming. Similar story to Werribee though, there's just so much land popping up so will be interesting to see what happens in the next 6-12 months here.
     
    werdna, 13th Jun, 2017
    #54
  15. 7434

    7434 Well-Known Member

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    I like Werribee south, but it's a long term guess, when that farm land converts, if it does, beach front develops, stuff along those lines. Geelong too, need industry to return, it's shrinking but it will come back I think.
     
    7434, 14th Jun, 2017
    #55
  16. werdna

    werdna Well-Known Member

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    werdna, 14th Jun, 2017
    #56
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  17. willister

    willister Well-Known Member

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    I worked near the shopping centre in Frankston on secondment back in the early 2010s, there were a few Chinese already there at the time - some lived there for work/school, a few invested. Not really a Chinese hotspot, but I really do wonder who the hell will buy the planned apartment around the shopping centre.
     
    willister, 14th Jun, 2017
    #57
  18. melbournian

    melbournian Well-Known Member

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    probably monash uni ppl - as far as I know back in the day - there are not many Asians living there. no doubt shopping area precinct hasn't really changed 20 years. it has got a very good beach cliff area and if you drive up to mt eliza, there is a stop on the road for a view point. It has similar stuff like elwood and brighton. but back in the day it is pretty rough. still no better place for the price to grow beachwise not many in mleb.
     
    melbournian, 14th Jun, 2017
    #58
  19. werdna

    werdna Well-Known Member

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    werdna, 15th Jun, 2017
    #59
  20. ashaarrh

    ashaarrh Well-Known Member

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    Firstly congrats on saving up that much of a deposit!
    I actually bought my first IP 700m away from here 14 months ago. 3br, 1bthrm on a 590m block and I paid $370k.
    While I'm over the moon with the CG I've had over the past year I wonder how much more the area will grow relative to other suburbs in the coming years. I personally think the area has already boomed and am looking elsewhere currently for my 2nd IP.
    Been reading about Werribee so going to start doing some research there myself
     
    ashaarrh, 16th Jun, 2017
    #60
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