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

Thanks ashaarrh and great to hear your thoughts. You got your property at a great price, 10 Camden was last sold in 2010 for $325,000. So if you got yours for $390,000 in 2016, you did very well! That makes me think.. I'm potentially buying at peak or close to peak of the market right now.

But then again, what's the use in playing the waiting game? Don't see prices going backwards, if anything, prices will keep going up but at a more steady pace, or maybe stall. I don't see them going backwards especially if the property is in the right location in the right suburb.

Yeah Werribee is an interesting one - the new land estates make things a little complicated though. There may be a LOT of competition in the rental market in a few years when more and more H&L packages are built up in the likes of Lendlease's Harpley estate.

 

I actually snagged it at $370k, not $390k so very happy!
Definitely agree that I don't see prices going backward but just wondering how much more steam is left in the Frankston market.
All the available land around Werribee is important to consider I think however hard to know how it will impact on the value going forward. May need to also look into the surrounding suburbs around Werribee like Hoppers etc

 

Hi

In my personal opinion this area was much much nicer and heaps better than Karingal 15 years ago. I don't know what it is but when I go through it now I notice it seems to have lost its appeal and charm so to speak. However just like Karingal it will have some messy parts and some nicer parts, it was originally known as the "Marylands Estate" and in the 1980's was much nicer back then.

You ask is it to close to the train line? I am not up to date with what train services operate on that line but it used to be the Vline train that went towards Hastings and goodness me it could make the houses shake but I have a feeling the trains have changed from all those years ago. Does the very close Leawarra train station still operate and does it have frequent trains to Frankston cbd?

It is still walking distance to Karingal Hub but I think the best thing is to use your own judgement, it is most certainly a nicer place to live than Frankston North "The Pines".

Regards,

alicudi

 

I believe that railway line is rarely used at present. I have heard/read that there are plans to get it up and running again but it needs to be modernised etc. One of those things that will happen one day.
I wouldn't think it's too close myself.
However, I would say proceed with caution. Prices do sometimes go down in Frankston and vacancy rated do sometimes go up. Just the same as the rest of Melbourne in the GFC we didn't have. On the other hand, there are plenty of places worse than Franga.

 

Thanks for the help guys - I'm really not sure about this side of Franga. I was always sold on the Karingal side. Not sure if I should just take the plunge with it, or wait for the next one to pop up..

 

How old are you mate?

How old are you by the way?

 

Hi Seby643 - I turned 23 this year.

 

It's refreshing to see other like minded people our age. I'm 26 myself so it's nice to see someone else who shares similar interests

 

There are some good buys within the surrounding suburbs within that price range.
Perhaps Carrum Downs and to a lesser extent Skye? (may be priced out of skye)
I've just purchased my first in Carrum Downs within that price range

 

Yeah I might start looking outside of Franga - it's just getting too expensive, and if I don't buy before July 1, I'll definitely be priced out completely

 

I've also recently started thinking about post 1 July and the impact this will have on the market. Wonder if it will impact the market as noticably as people are saying it will

 

I really hope it encourages people to look more at apartments and less at established homes... my fingers are crossed that what I'm looking for (established homes that need a little bit of work) doesn't appeal to the onslaught of FHBs next month... hopefully there's little impact on pricing but we can only wait and see

 

There's 10-12k first home buyers in VIC per year, spread over every house sale that is made I'd imagine the impact would be incredibly significant when you factor the reputation some of these south eastern suburbs have, they don't exactly appeal to all first home buyers.

 

Insignificant**** ..pays to double check your typing...

 

Yeah great point and fingers crossed. There are still good properties coming on the market every day

 

So Werdna...you keep asking people of advice...some have offered their advice...so the question is ..are you still circling the wagon? Or have you bought something?

 

Yes and really grateful for everyone's advice. First time purchasing so it's a tad nerve wracking and everyone's input is definitely making it easier.

I put in offers on two homes in Franga but unfortunately no luck there. The market is changing so quickly right now from both a property supply and lending point of view. So back to the drawing board and continuing the search, I'm now looking into different areas and ideally want to buy in the next 11 days.

 

Just with those two lines, I'd be careful.
Fear of missing out combined with a short time line ( effectively one more week of Saturday Open houses ) Can result in you buying something that doesn't meet your initial goal to satisfy the time constraint or perhaps over paying.

Post July won't really be any different there will be a tiny percentage of first home buyers in the Frankston market. In addition to that I was told by several agents in the south east after being unsuccessful with my offers that they have many clients withholding until July as they believe they will get more for it then (same line of thinking as you) and if I was still looking at that stage they'd be happy to help me lol.

If what they are saying is true then there will be an increase in supply and that will help you far more than any increase in prices due to stamp duty changes.

 

Thanks atreyfuan - you raise some great points and I'll keep this in mind. Admit it probably is a bit of FOMO driving my search but I need to pull it back and rely on the numbers

 

Any updates?