VIC Where to buy IP for 500-650k near Melbourne?

i am at early stage of researching potential suburb near Melbourne to buy my next IP, anyone have any suggestion of suburbs to look at for less than 650k?

- prefer a house on a decent size land
- somewhere ~15km from CBD, closer is always good
- walking distance to train station
- good rental market
- capital growth protenial

 

Fawkner, Glenroy, sunshine/Albion

 

Hi Ewly,
There are some good areas at the moment to invest in but my question is what is your goal? Are you looking for a property to renovate, HOLD and rent out or develop on?

 

Thanks for reply, I am thinking to hold and rent out, wait for capital growth. But maybe one day if I I've enough fund, I may consider renovate or develop.

 

Thanks for reply, I will start look into this areas, any good on bad pocket I should aware of? cheers.

 

I couldn't tell you the best pockets of fawkner. It has done well because of coburg and Brunswick. Potential Dev sites too.

You may also want to look at Hadfield, but the side closest to coburg (South hadfield).

As for Glenroy, look at the pascoe vale rd side of the train tracks. They are putting the level crossing underground and a market on top in the future, however the congestion around Glenroy rd and pascoe vale rd is crazy at times.. So coming back a bit towards oak park is here I prefer. But the larger blocks in this area will go for a premium as they are good Dev sites.

I think you will find sunshine itself a challenge at that price, but Albion is still possible. Prob the closer to sunshine plaza and Albion station the better. Any deeper and you go into sunshine west territory and ardeer. Also be careful of what street in Albion, some use some of the back streets as short cuts so you can get a bit of traffic. I mean that some of the side streets are main access points to other side streets. Also be aware of all the larger old unit blocks in some streets (only a couple) that run off Anderson rd. You will lovely heritage houses and then 3 big unit blocks (with unsavoury types living there) followed by more lovely heritage houses haha.

$500-$600k will still get you a solid IP. As you do not have the luxury of spending $800k in say glen Waverley or chadstone etc etc, get the advantage by picking the best pocket in the best area you can afford/believe has good growth prospects/infrastructure Dev/gentrification etc etc

Good luck

 

Is there any risk in investing in the areas suggested (fawkner, albion, Hadfield). They are not suburbs I would feel safe walking around at night, or even during day. Are these factors irrelevant as long as the fundamentals are good?

 

I still wouldn't feel safe walking around fitzroy at night...

 

Do you feel safe walking around Mt Druitt at night? See how many people are invested there

 

Don't know the area though I just read about it on here. I see the upsides, but for my first investment property I'm sticking to my home city

 

Mt Druitt was an example. Not saying you should absolutely go and invest there

 

Sorry wasn't too clear. I meant the risks of investing in a lower socio-economic area which are able to be minimised by good tenant screening and good property management

 

I am looking at a pocket in Fawkner- looks like old commission housing street- I don't know Fawkner well, is this an area to be avoided? Seems to cheap to be true?