VIC Looking to buy IP Melbourne 900-1.2M

Hi All,

I am looking to purchase a house for investment and possibly live in Melbourne as Sydney has simply gotten too expensive.

Have done some research and asked few friends however this has got me more confused.

Currently, looking at suburbs <~10km of CBD (e.g. Preston) as I heard many are being gentrified and naturally being closer to CBD is always a plus, unless this is different in Melb?

Otherwise, I have been looking at Southeast in suburbs such as Cheltenham, Moorabin, Moodialloc, as being close to the coast could be a plus?

I have been recommended to look further East, however some I feel are too far from CBD while others (Box hill, Mt Waverly) have gotten too expensive

As I am basing my assumptions off property trends in Sydney good to hear what everyone else thinks and any other suburbs you guys think I should look at?

 

I think prioritising investment as the chances for me to live in is quite low

 

if its investing, with such a budget - why melbourne? your land tax gonna be very high. also with such budget if u indeed in melbourne, u can buy nearly anything. so choose best suburb with best school and get largest house.

for 1.2M they can buy the street LOL

 

I'm based in Sydney so don't know Melbourne that well. I feel compared to Bris, Perth, Melbourne's growth has been relatively less while I'm priced out of Sydney lol.

In regards to why Melbourne it's because I do come to Melb quite often and do enjoy the vibe the city offers so in the off chance I do need to relocate Melbourne is somewhere I'm happy to stay

 

Wow thanks that's definitely good insight. I do feel there will be some catching up by Melbourne as more people end up in my boat.

In regards to suburbs is there any other recommendations? I've been given advice of 10km within cbd is generally a good guy as it's being gentrified but not sure how true is that.

Also Footscray seems like a interesting proposition but I've also heard to avoid the west?

Keen to hear your thoughts

 

good luck! i wouldnt invest based on "feel like" or potentiall of the off chance. but maybe u get lucky

 

Wow what a difference. I guess these are the things you don't know if you're not a Melbourne local. Was wondering if there's any other suburbs like Keysborough as these could help me expand my quite limited range right now.

 

Yea I know it adds uncertainty which makes it difficult but honestly the chances of that are quite low. So investing would be the priority and looking to tap into the hivemind for new suggestions

 

This was a bargain
38 Stanton Crescent, Rosanna, Vic 3084
https://www.realestate.com.au/sold/property-house-vic-rosanna-144285036

compare to

28 Stanton Crescent, Rosanna, Vic 3084
https://www.realestate.com.au/sold/property-house-vic-rosanna-122189586

47 Stanton Crescent, Rosanna, Vic 3084
https://www.realestate.com.au/sold/property-house-vic-rosanna-131781522

 

Similar experience for me with a 2/1/1 in Moonee Ponds bought in 2014. Bought 460, current val 630(ish). Really great area for lifestyle/walkability/parks/open space + easy access to city (30 minute cycle). Lacklustre gains but can't complain too much as it served as a PPOR for half the time.

 

Wow that's a bargain, feels like the VIC market has declined since, surely can't be any longer with the rest of Aus property pumping like crazy. How much do you think the covid levy's been impacting housing prices?

Was that a townhouse? To me 7km of the Melb CBD is quite close would have expected greater gains using my Sydney logic. Is it simply North and West were under developed because I hear the inner ring suburbs have undergone significant gentrification over the last few years making it quite desirable to younger crowd (I think newtown, redfern in Sydney) is this true?

I have been looking at Preston, it seems like a good suburb ~10km of CBD with good transport and schools with a few houses around the 1-1.2M range. What's the opinion around there or surrounding pockets?

 

vic budget coming up will be a shocker. Expect sentiment to declined further. There are some areas doing really well, eg doncaster east due to school zone

 

Expect new taxes...let`s see what they come up with. It could be investors with more than 5 properties to donate one to address the rent shortage

 

Of those listed I’d like Cheltenham / Mordialloc as close to some high $ areas and will get some ripple effect spill over from Black Rock / Beaumaris as premium bayside suburbs.

Also close to train and Southland shopping centre.

I’m not sure if you’d find something in your budget though as not actively watching those suburbs.

Good luck