HI ppl,
What do you think is it a good idea to buy a unit or flat of same price in Melbourne zone 1 or house in zone 3?Hi amni23,
Welcome to the forum! Can you give a little more detail about your plans? I’m from Melbourne and it really depends on what you are planing to do with the property.
Cheers
Sooshie [
]“Giving is a Blessing, receiving is the bonus”
Thanks for replying to my post.
We (me and my partner) are planning to buy our first home of upto 250K . Currently I am renting a flat in Carnegie and I like the suburb but it’s so expensive to buy, so in our budget either we can buy a unit or we can buy a house in zone three.
We are confused what will be good for us in terms of property appreciation.
We prefer to live in house[] and at the same time we dont want to go too far from the city, as we work in city.What do you suggest what should we do?
Hi amni23,
You will be hard pressed to find a house in Carnegie or surrounds for 250K. Oakleigh South, some parts of Ashburton, Chadstone, you might be lucky. Try http://www.realestate.com.au or http://www.property.com http://www.domain.com.au
I prefer houses to flats. However…you could..1)Get someone to wrap/lease option a house to you
2)Get someone to wrap the deposit for you
3)Find another couple in a similar predicament, buy a house (like a 3-4 bedroom) on a joint venture. Share the house and all out goings.If you buy in the Carnegie, Murrembeena area you could always use the equity in a unit to purchase a house, and rent it out to a uni student.
I live in East Bentleigh/Moorabbin and the houses have skyrocketed, but the units are still hard to move. Closer to the University (Monash Caufield and Clayton) it appears units are easier to sell.
These are just some thoughts, maybe someone else will jump in now.
Cheers
Sooshie []“Giving is a Blessing, receiving is the bonus”
Hi amni23,
I would be looking at a house that needs some work (no restumping) in Western suburbs or along the proposed Scoresby freeway corridor – as I believe that this areas will still grow.
Good Luck!Hi Sooshie,
SO you prefer house hmmm. What do you think of Clarinda? I am very much suspicious why the prices are not so high there even though it is in zone one.
And Could you please give me some links or directions from where I can get some info about wrap thing. I dont what this is !!!!Thanks…
Hi amni23,
There is some info on Wraps on this site, try here….
https://www.propertyinvesting.com/strategies/wraps
Or check out the forum ….
https://www.propertyinvesting.com/forum/forum.asp?FORUM_ID=13
Hope this helps.
Cheers
Hi amni23,
Clarinda and Dingley is getting more expensive. However, there are overhead power lines close by, so you should be careful what you are looking at. That is unless you don’t mind living next to humming power lines. I avoided buying in Cranbourne for the same reason, even though I know that people may not have the same health concerns about this as I do.
Highett, Cheltenham, certain parts of Ashburton are still okay if you look for an older house that needs some work.
Darwin gave you some links about wraps… Have a read of those and see what questions you have arising from that.
Springvale, Noble Park, Dandenong are still in your price range. Or you could try another area all together, like Fairfield (certain areas) which is also close to the city.
With regards to what my preference is, ie. house or unit. I prefer houses, because at this stage of my life, If I had to live in a unit with my kids, my cats and my husband working in one room, I don’t think I would have my sanity! (Although some think I’ve lost that already [][:0)])
Basically and generally speaking a unit, is like a house, except a house has land, land appreciates, houses/buildings depreciate. Hence, the negative gearing attraction of property.
I don’t know at what stage in life you are at, but it always pays to plan foward thinking, rather than say “I wish I’d….”
Have a look at the wraps link. There are still plenty of houses for sale. There is no rush to make a decision.Cheers
Sooshie []“Giving is a Blessing, receiving is the bonus”
G’day Amni23,
It sounds like you are looking to buy a principal place of residence – ie somewhere for you to actually live, as opposed to buying an investment property…..
Might I be so bold as to suggest that you buy with your heart.
If Carnegie does it for you – buy something in Carnegie !! If an “outer” suburb gives you what you want, then buy there !!
Make yourself a “wish list” – eg how many bedrooms/bathrooms/big backyard for the dog/near a park for the kids/within 10 minutes walk to the train station/how much can you afford/brick/weatherboard/etc. Then find it, then buy it ! You have to live there, so buy something that you want to live in, in a suburb that you want to live in, based on your “wish list”. You will probably live there for many years, so buy something that you actually want to live in, rather than chasing returns or growth or other intangibles.
Investment properties must be bought with your head only – the heart should have nothing to do with it at all.
Good luck
BDM
Hi BDM,
If I have to buy according to my wishlist then I have to wait for another 3-4 years.
I think instead of waiting for 3-4 years to buy dream house better buy anything. Even though this is my first property and I am going to move in but I am planning to live there for 2-3 years and then renting it out.G’day Amni23,
Hmmmm – how about making a “Reality List” as well as a “Wish List”, compare the two, then meet in the middle…..
But I think that you know what I mean.
Or, alternatively, you could just move to somewhere near Port Douglas in QLD, and lie on the beach for a while. It’s very nice up there…
Either way, I’m sure you’ll have fun !
[8D]
BDMBdm,
your second option (qld beach) sounds better[]Spend 300K on 2 or 3 bed house and rent it out for $310 per week. Negative gear it and rent somewhere else yourself cheaper than the rent for the house, say $220 per week. If you can get the numbers right depending on your combined salaries and using the higher salary as a tax base, you may even go positive cashflow within 12 months. Who knows ! whatever you do when you find something serious, get an independant professional property valuation. But dont forget the phase brand new ofer the best tax benefits. So perhaps look for a brand new unit or villa or townhouse etc
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