VIC Where to spend 250k in VIC?

Discussion in 'Where to Buy' started by Linh, 11th Aug, 2017.

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  1. Linh

    Linh New Member

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    Hi all, I was after a little bit of advice regarding my first property investment.

    - I am looking to purchase my first property which I plan to live in for a year or two before going back to study and renting it out.
    - I have a budget of 250k. Location is not an issue for me when I'll be living in it, so anywhere in Victoria (city or rural) would be fine.
    - House/unit/apartment are all viable options for me.
    - I plan on it being a long term hold, eventually using equity to buy a PPOR

    My preferences (in order) for the property are:
    1. High yield where the rent can (or almost can) cover repayments, which will be important when I go back to study and will be working part time
    2. Capital growth

    What suburbs and property types would you knowledgeable folk recommend? I'm open to every suggestion and I thank you for taking the time to respond.
     
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  2. Property God

    Property God Active Member

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    Get a small townhouse in lakes entrance.

    Good rent and in your budget
     
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  3. Mick Butterfield

    Mick Butterfield Well-Known Member

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    I like Sale at that price point.
     
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  4. Steven_S

    Steven_S Well-Known Member

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    Leopold, Victoria
    Your spec doesn't really describe your goals, your risk profile, or your minimum living requirements but the northern suburbs of Geelong offer options at that price point.

    Could also take a look at Ballarat.

    Both Geelong and Ballarat offer good growth prospects and are within close proximity to the Melbourne CBD.

    VIC - Geelong
     
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  5. Lions4Eva

    Lions4Eva Well-Known Member

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    + 1 to Geelong. I have bought property in Corio and possibly looking to purchasing another soon around Norlane.
     
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  6. RS Gumby

    RS Gumby Well-Known Member

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    Yep I'd go for Sale also
    Lots of RAAF Base infrastructure coming up
     
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  7. D.T.

    D.T. Specialist Property Manager Business Member

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    Or maybe have to look a little further afield to Adelaide if thats your budget. At least you can get into the metropolitan area then.
     
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  8. Pentanol

    Pentanol Well-Known Member

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    She said she'll be living in it...

    But yeah +1 for getting as close to Geelong CBD as possible!
     
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  9. Linh

    Linh New Member

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    Thanks for your replies everyone, very much appreciated!

    @Steven_S @Pentanol @Lions4Eva ; I obviously did a little research before posting on here and the northern suburbs of Geelong were definitely my first pick. Seems close to Geelong CBD and travelable to Melbourne CBD. It did seem to be pushing my price point though with most houses on realestate.com.au between 250-350 rather than sub 250k? Is there much going in that sub 250k range?

    If not, would it be worth it to stick the boat out an extra 20-30k to acquire one of these properties over the other options? I have a supportive family that could definitely chip in although it would be my preference to do it without them.

    @Mick Butterfield @duanerek @Steven_S ; Sale and Ballarat are interesting options. They do seem to have great rental yields - although on Your Investment Property mag website it shows that house prices have been stagnant or even slowly declining over the last 3-5 years, should that be a concern?

    @Steven_S ; To clarify my situation, I am in my early 20's with no dependents and living with family paying minimal rent. I have no debts etc, have no qualms about living in 'seedier' suburbs or anything like that. My only financial restriction is that I plan on going back to university, which is why I'm aiming for a property with high-ish yield.
     
  10. Property God

    Property God Active Member

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    If you go university why not stay at sunshine or footscray?
     
  11. Linh

    Linh New Member

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    Can you please send me the links to the $250k properties in Footscray? Must have missed them! :p
     
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  12. Property God

    Property God Active Member

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    Haha buy eith 250k you can get a 350k loan and get a 600k place in sunshine or brybrook or maidatone. These places good chance to appreciate. And close to unit. And if vietnamese suburbs important to you then they are good too.
     
  13. alicudi

    alicudi Well-Known Member

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  14. Todd

    Todd Well-Known Member

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  15. The Y-man

    The Y-man Moderator Staff Member

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  16. Todd

    Todd Well-Known Member

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    actually 1.2kms to walk. 13 min walk
     
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  17. Lightie

    Lightie Member

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    I just bought a 1bedder in Altona north for 250k. rents for 250 a week.
    Surrounded in 800-900k houses
    Close to everything 15mins from city. Lots of land content.
    No brainer
     
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  18. Westie

    Westie Well-Known Member

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    @Linh - give Altona Meadows/Nth a go if you want to stick to metro Melbourne, you might still be able to find something in your price range, but you gotta put your skates on aka hurry up.
     
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  19. jimmy

    jimmy Well-Known Member

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    Traralgon! As i live there and it has character houses, is relatively cheap, great amenities, good night life, an hour from the beach and snow, 10 mins from the bush and a bit under 2 hours from the city! I am a bit biased though
     
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  20. Westie

    Westie Well-Known Member

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    @jimmy - has T moved recently in terms of prices? Too far out for most people is what comes to mind.