Join Australia's most dynamic and respected property investment community

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

Discussion in 'Where to Buy' started by ewly, 17th Apr, 2016.

  1. ewly

    ewly New Member

    Joined:
    17th Apr, 2016
    Posts:
    3
    Location:
    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
     
  2. Greyghost

    Greyghost Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,262
    Location:
    Melbourne
    Fawkner, Glenroy, sunshine/Albion
     
  3. jpcashflow

    jpcashflow Well-Known Member Business Member

    Joined:
    21st Jun, 2015
    Posts:
    371
    Location:
    Melbourne
    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?
     
  4. ewly

    ewly New Member

    Joined:
    17th Apr, 2016
    Posts:
    3
    Location:
    Melbourne
    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.

     
  5. ewly

    ewly New Member

    Joined:
    17th Apr, 2016
    Posts:
    3
    Location:
    Melbourne
    Thanks for reply, I will start look into this areas, any good on bad pocket I should aware of? cheers.

     
  6. Greyghost

    Greyghost Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,262
    Location:
    Melbourne
    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
     
    Whitecat likes this.
  7. househuntn

    househuntn Well-Known Member

    Joined:
    26th Apr, 2016
    Posts:
    94
    Location:
    Melbourne
    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?
     
  8. Greyghost

    Greyghost Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,262
    Location:
    Melbourne
    I still wouldn't feel safe walking around fitzroy at night...
     
  9. hash_investor

    hash_investor Well-Known Member

    Joined:
    11th Oct, 2015
    Posts:
    914
    Location:
    Sydney / Canberra
    Do you feel safe walking around Mt Druitt at night? See how many people are invested there
     
  10. househuntn

    househuntn Well-Known Member

    Joined:
    26th Apr, 2016
    Posts:
    94
    Location:
    Melbourne
    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
     
  11. hash_investor

    hash_investor Well-Known Member

    Joined:
    11th Oct, 2015
    Posts:
    914
    Location:
    Sydney / Canberra
    Mt Druitt was an example. Not saying you should absolutely go and invest there
     
  12. househuntn

    househuntn Well-Known Member

    Joined:
    26th Apr, 2016
    Posts:
    94
    Location:
    Melbourne
    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
     
  13. Otie

    Otie Well-Known Member

    Joined:
    26th Mar, 2016
    Posts:
    293
    Location:
    Vic
    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?