Hi Everyone
I am looking to buy my first PPOR under $250K in Melbourne… Have looked at 2 bdrm units no more than 10km from CBD but they have been so small I just don’t think I could live in most of them…
For under $250K I can get a 3 bdrm home in Sunshine which is only 14km from CBD. Sunshine is cheapie suburb at the moment however I think in time prices will only improve..
Am I better buying a house in this area or continue looking for 2 bdrm unit closer to CBD (Essendon, Moone Ponds etc????
Cheers
SarahAs a guide – there is a relationship between house prices and unit prices where the unit price is just under 80% of the house price.
It is a guide only, but look at 2 brm houses in the same area of where the units are to se if they may be under or over priced.
But that only gives you a guide to whether you are buying well.
From what you have said, I would say you are more interested in lifestyle, therefore you should be weighing up other aspects of the two areas.
As to whether Sunshine as an area will also outperform – you will need to compare with neighbouring suburbs, or planned infrastructure. Due diligence is the key.
Regards
JohnInspired Finance
(02) 9944 7776Hi Sarah,
If you like that side of town have a look at West Footscray, it is pretty high up the list of the fastest growing suburbs, in terms of median price, over the last 10 years.
Regards
AlistairHi Sarah,
Rather than giving you a direct answer I think you do better if you come up with the answer to these questions yourself. I am not trying to be a smarty, but rather to suggest you go back to the start of the process in helping you decide the suburb and the area you’d like to buy into. To do that you will need very clear list of what you want.
I am sure you will get many people who will give your their opinion, but at the end of the day it would be better to come up with your decision on this yourself, and I am sure you can as you continue to research and pondering what it is that you want.
I can recall replying to one of your posts a few monthe ago where you were looking out toward the airport, so I see you are still looking. Thats good, it means you have not yet come across exactly what you want and that seems to be of great importance to you.
A quick example for you when I bought my first PPOR and infact I still live in it! I had a list of must haves to consider buying, and I have to tell you the area I bought in was never one I was considering as it was too far out (live in sydney 25km from CBD) However, as it has my list of must haves (i wont list them, as I am sure the are irrelvant to you) it become a must buy. This was only in 2001, and I have to tell you its been very good to me giving me a great lifestyle and appreciating some 65% since then.
You will find your place that fits everything you want if you realistic about it. It may take you a while yet and you may look at scores of properties in several suburbs before you do. Keep on keeping on and don’t give up ever.
I am reading a book titled “The Insiders Guide To Buying Real Estate bu Partick A Bright. While I have boguht quite a few places it has some really good tips. Its written by an ex realestate agent whose now a buyer, and he shares some very good information on how to get the best possible deal on your home or investment property. Worth a look, I have already picked up some great tips and I am only up to Ch5!
All the best Sarah
Cheers
Simon
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