VIC IP with long term options in Eastern suburbs to 1.6m

Discussion in 'Where to Buy' started by Ax_, 24th Apr, 2024.

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  1. Ax_

    Ax_ Member

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    Hi,

    Looking at buying an IP in Melbourne East with as much land as possible, so down the track (probably 10+ years) it would have the potentially put 3 townhouses. Can spend probably up to $1.6m.

    I’m thinking of this as a bit of a property hedge for my children. We live in the Boroondara area, so no chance there, but ideally within 15 minutes. Happy to hold and rent for a while.


    Have been looking at Blackburn, Burwood and some surrounding areas.

    There’s seems to be some investor / developer style properties coming on the market at the moment. So could be a good time to do it.

    Anything areas you would recommend?
     
    Ax_, 24th Apr, 2024
    #1
  2. SuperOlaf

    SuperOlaf Well-Known Member

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    Ashburton and Mount Waverley and if you are willing to go further out, Vermont South.

    Regarding your future plans for townhouse development, look out for location of mature trees in any property your are considering. In my experience, it is very hard to maximise development in the nicer parts of Blackburn for example, due to very strict vegetation rules and very very vocal community.
     
    SuperOlaf, 24th Apr, 2024
    #2
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  3. The Y-man

    The Y-man Moderator Staff Member

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    A big enough block / lenient council to do a 3 pack could cost quite a bit - @Ax_ have you found any examples?

    The Y-man
     
    The Y-man, 24th Apr, 2024
    #3
  4. Swuzz

    Swuzz Well-Known Member

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    Last edited: 24th Apr, 2024
    Swuzz, 24th Apr, 2024
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  5. The Y-man

    The Y-man Moderator Staff Member

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    The Windella one comes with a lovely view of the power lines :D

    The Y-man
     
    The Y-man, 24th Apr, 2024
    #5
  6. Ax_

    Ax_ Member

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    Ax_, 24th Apr, 2024
    #6
  7. Swuzz

    Swuzz Well-Known Member

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    Bonus - A reminder of man's ability to generate electricity!
     
    Swuzz, 24th Apr, 2024
    #7
    craigc, The Y-man and Ax_ like this.
  8. Swuzz

    Swuzz Well-Known Member

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    I just put a max price and 1000m2 in the land size filter in REA.com, view by map and zoomed out until it showed results.
     
    Swuzz, 24th Apr, 2024
    #8
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