VIC Which suburb will you choice in Mel

Discussion in 'Where to Buy' started by Rachel80, 29th Dec, 2016.

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  1. Rachel80

    Rachel80 Member

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    Hi guys,

    I and my husband are planning to buy IP in Mel. Our budget is between 600k to 700k.
    We would like to buy house/townhouse or villa. Cash flow it is important for us. As
    we are not able to effort to put too much $$ for holding it.

    Which suburb we should look at it ? what is the reason for that ?

    We will be really appreciate for your suggestions.
     
    Rachel80, 29th Dec, 2016
    #1
    Joynz likes this.
  2. larrylarry

    larrylarry Well-Known Member

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    Hi @Rachel80 there are a number of threads about Melbourne. Trawl through them first to get an idea of what's on the ground. Threads like VIC - Best place to buy in Melbourne ~500-600k Cashflow is likely to be found outside Melbourne. Others will chip in I'm sure but an initial search and read will assist.
     
    larrylarry, 29th Dec, 2016
    #2
  3. Chris Au

    Chris Au Well-Known Member

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    Yep, search function is a powerful tool.
     
    Chris Au, 29th Dec, 2016
    #3
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  4. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    Hi @Rachel80

    As cashflow is important to you, it is important to be clear on the size of deposit you'll contribute and whether that will be genuine savings or equity release money (which is borrowed money). This is an important factor that is a big part of determining upfront cashflow.
     
    JacM, 29th Dec, 2016
    #4
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  5. Scott No Mates

    Scott No Mates Well-Known Member

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    I like South Yarra - but that's just me.
     
    Scott No Mates, 29th Dec, 2016
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  6. The Y-man

    The Y-man Moderator Staff Member

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    Not sure you can get a house/townhouse/villa in SY with that budget though.....

    The Y-man
     
    The Y-man, 29th Dec, 2016
    #6
  7. Iamnumber5

    Iamnumber5 Well-Known Member

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    What is the reason for the choice?
    Don't you think it's over supplied there?
     
    Iamnumber5, 29th Dec, 2016
    #7
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  8. kierank

    kierank Well-Known Member

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    Mooroolbark

    Watsonia
     
    kierank, 30th Dec, 2016
    #8
  9. The Y-man

    The Y-man Moderator Staff Member

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    I'm going to do my usual "hype Epping/Mill Park" thing :D (south of Findon Rd, NOT under the power lines)

    Reason - affordability, decent rental returns (for Melb standards)
    WARNING - I could be just telling you to do this coz I have vested interests in the area and am trying to ramp up prices!

    The Y-man
     
    The Y-man, 30th Dec, 2016
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  10. Scott No Mates

    Scott No Mates Well-Known Member

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    I didn't say that I'd be buying residential ;)
     
    Scott No Mates, 30th Dec, 2016
    #10
  11. Coota9

    Coota9 Well-Known Member

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    For me Melbourne value is still in the North and Western area's close to ring road and train line as you can get..


    Melbourne Median.PNG
     
    Coota9, 30th Dec, 2016
    #11
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  12. Realist35

    Realist35 Well-Known Member

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    What would be the rental yield roughly those areas?
     
    Realist35, 30th Dec, 2016
    #12
  13. Coota9

    Coota9 Well-Known Member

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    Coota9, 30th Dec, 2016
    #13
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  14. Realist35

    Realist35 Well-Known Member

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    Realist35, 30th Dec, 2016
    #14
  15. Coota9

    Coota9 Well-Known Member

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    @The Y-man may be onto something...

    4.25% Yield
    Sub 450K Median
    Road/Rail links
    Earmarked a future growth area under Melbourne 2030...
    Vested interest maybe;);) but area looks the goods IMHO
     

    Attached Files:

    Coota9, 30th Dec, 2016
    #15
  16. Realist35

    Realist35 Well-Known Member

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    And 25km from CBD?
     
    Realist35, 30th Dec, 2016
    #16
  17. Iamnumber5

    Iamnumber5 Well-Known Member

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    :)
    Whats the reason for commercial then?:)
    It happens to be one of the suburb that i closely monitor, therefore would like to hear what others have to say
     
    Iamnumber5, 30th Dec, 2016
    #17
  18. Scott No Mates

    Scott No Mates Well-Known Member

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    @Iamnumber5 - Reasonably tight vacancies, strong retail strip, growing population.
     
    Scott No Mates, 30th Dec, 2016
    #18
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  19. Debz

    Debz Active Member

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    To OP, i would agree with others and will pick the North of Melbourne, specifically Epping. Prices are still realistic unlike some suburbs so attracting a lot of buyers, and look at council websites and the amount of infrastructure going into Epping ;) It is already a very well serviced suburb.
     
    Debz, 30th Dec, 2016
    #19
  20. larrylarry

    larrylarry Well-Known Member

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    Where's OP? Not keen anymore?
     
    larrylarry, 31st Dec, 2016
    #20