Where to buy in Melbourne $450 - $600k budget

Discussion in 'Where to Buy' started by StaceyLen2109, 3rd Feb, 2020.

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  1. StaceyLen2109

    StaceyLen2109 Member

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    Hey there everyone!

    We are about to purchase our second IP and keen to start researching Melbourne suburbs. We have an approx budget of between $450k - $600k. Big range but open to renovation or minor update but would not want to go over $600 k including renovation. Our strategy is long term hold for capital growth.

    We know yields are not great in Melbourne and is why we thought a renovation might be a good idea. We have renovated our own home so know our way around a renovation.

    Keen to see what everyone's thoughts are on best suburbs to buy in for rental yield and longer term growth. We know we won't get close in so looking up to approx 26 km.

    Thanks in advance for any recommendations or insights.

    Cheers
     
  2. StaceyLen2109

    StaceyLen2109 Member

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    Just adding that we are looking for a 3 bedroom, 2 bath house :)
     
  3. Westie

    Westie Well-Known Member

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    Either side of the bay? Can't go wrong with the water being close. I'd say for that money, buy in Geelong or Frankston/Mornington sorta area.

    Other than that, start narrowing your search down and more people will respond. This is like asking people to help you without you having started helping yourself :)
     
    The Y-man likes this.
  4. StaceyLen2109

    StaceyLen2109 Member

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    Point taken @Westie - very broad question ;)

    We have been doing our homework and plan to do more research with a real estate friend with their RP Data login on Friday night on west and north west suburbs (thinking Hoppers, Werribee, Derrimut, St Albans etc). Trying to get something on a train line but have not looked at how these suburbs have done and is what Friday night is for.

    Purpose for my post (and I should have made this clearer) was to see if there are other suburbs we may not be thinking of. Frankston / Mornington was not even on my radar so thank you :)
     
  5. Westie

    Westie Well-Known Member

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    Good on you for starting your research. Don't forgo Geelong either, some parts are still undervalued, so DYoR and ask away for specifics.
     
    VICPER likes this.
  6. The Y-man

    The Y-man Moderator Staff Member

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  7. schmucky

    schmucky Active Member

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    I'm in St Albans. Its great from a train line perspective (20 -30 mins to CBD) ... and I like the longer term growth outlook. However the rental yield ins't great. 350 pw for older style house on >500sq block and most likely set you back at least 600k. Lots of subdivisions happening atm in particular areas.
     
  8. investnow

    investnow Active Member

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    victoria
    Im in the boat like the OP.
    Still dont know what to do....
    House prices are going insane
     
  9. Westie

    Westie Well-Known Member

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    Well you better get your skates on. When the government opens the immigration tap up again, it'd be anyone's guess where that'd take property to. This is, of course, IMO.
     
  10. Kurshid Ahmed

    Kurshid Ahmed Member

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    I'd say the new growth areas in North West like Woodlea and Atherstone would be worth to include in your research. The median price in Aintree(Woodlea) for a 4 bed 2 bath is around 650 - 670k rent about 430/wk and In Atherstone (Strathtulloh)
    is around 530k and 385/wk in rent. If you can get a house at or under this price you can hold for long. Aintree has the grammar school and a functioning train station and easy access to freeway.
    Atherstone too has a train station and proximity to freeway, also a big town centre and hospital is planned for in future. But these suburbs dont meet your 30km radius to cbd condition. They are about 40k from cbd.