VIC Which of these 3 properties would you prefer as an IP?

What would you prefer as an investment?
Reasons for your choice would be appreciated.

All sold around $500k very recently

1. Kings Park
20km out from CBD
545sq
3bd
rent about $340
Sold 355 Taylors Road, Kings Park VIC 3021 on 08 Apr 2017 for $496,000

2. Sunshine
15km out from CBD
320sq
2bd
rent about $320
Sold 2A Ritchie Court, Sunshine VIC 3020 on 04 Mar 2017 for $490,000

3. Epping
20km out from CBD
545sq
3bd
rent about $370
Sold 3 Horseshoe Crescent, Epping VIC 3076 on 04 Apr 2017 for $480,000

 

Sunshine has the best location, but the block has the least potential. I think there's better value for money available.

Hard to say out of the other two, I'm not really familiar with either suburb (in terms of transport, facilities, etc). They look fairly comparable.

 

Thank for the reply.
Suggestions where else to purchase for no more than 500k would be great.

 

Hoppers Crossing
Werribee
Various locations around Geelong

 

Croydon, Hoppers Crossing, Werribee, Frankston South and Pearcedale worth a look.

 

Broady, development site, near the rail if they are around at this price, sleeping giant as someone said

 

No chance! Two auctions last week that I know off, one sold for 575k (which I attended via phone) within 1 minute of the station and another 570k!

 

Not all houses are of exactly the same value.
I am assuming that a property with 15% less land (or some other moderate difference) would be available for a different price.

 

What did you think it was worth?

Hard to say, all have their drawbacks, it would be between Kings Park and Epping but as someone has mentioned the KP is on a main road...If I was in a situation like that i think the only option for me would be to stretch $100K If i really had to buy in this market, opens up a lot more doors. Personally for the $600K mark, I'd be looking hard to fringes of St. Albans or Albion...

If you budget could stretch even $55K, have a look at something like this on St. Albans
s fringes:

11 Tullaroop Court, St Albans, Vic 3021 - Property Details

535m2. Nice square block so you maximise full potential though I dont think units or townhouses would float here. 80s build BV house, like many on surrounding streets...
1.6km from Ginifer Station (now nicely underground so no traffic issues)...so not exactly remote....

I lived in this area in the 80s before moving to the East side of St. Albans when my folks stopped renting....kinda nice quiet area BUT I heard it used to be landfill and really it's dead around there..very "barren bushy feel"

 

Yeah that property would definitely be preferable.

My thinking though is that regardless of the budget, people would suggest adding a little on top for something better

But yea that property does seem to be easily worth 50k more in value terms. I think if I saw both options I doubt I would be able to stop myself paying the 50k extra.

Btw where did you see it saying 535m2 and how can you see it is a square block?

 

Onthehouse.com.au: Your Home for Property Research

Scroll down to middle, sometimes they list it and sometimes they dont list the size probably 80% they do though unless its new units or something....

I just use google maps to zoom in, appears pretty rectangular to me....

I think people suggest going for more these days because you simply can get something better for a little bit more. Many friends did this in the past, well before the boom and profited and then there are those than went cheap and really regret it now, despite still pocketing hundreds of thousands anyway...

 

Heck, this is even better IMHO:

51 Leonard Avenue, St Albans, Vic 3021 - Property Details

1.3kms to station, much large block 650m2...and in St. Albans proper!!

Only drawback is its not a BV house...but its an IP...doesnt need much renos either....and i think much easier to rent out than St. Albans South.

 

Well you did say near the rail so I was saying there's no chance you can get one at 500k there, especially one with development potential.

Agent quoted 420-450k, I was prepared to go max 530k. I believed it was worth around 510k though.

 

In this market, out of the 10 or so auctions I've attended, nothing went for below $100K from highest quoted price range.

Anyway, with Broady, why would you want to be so close the the station?? I think the best is about 500m to 1km, probably 700m is best.

 

Yes it is even better, but your price is going the wrong way for my budget! lol
Definitely would be totally maxed at 550 and that would be a last resort if I could not find something decent at 500 that was not around 90% as good in terms of growth potential vs a 550 place.

Appreciate your comments though since they apply to property in general.

 

saint alban is already expensive. now. whoever bought last year, they have made profit.