Hello,
I am new in property investing. Currently I want to buy a I.P in east or south east Melbourne for under $300K. Can anybody give me good advices where to buy.
Thanks ®ards,
GPWhat do you want from your property? Do you want good capital growth? Do you want a median house? What sort of tenants do you want to target? (middle class, or lower?) Do you want to renovate or subdivide and sell?
In terms of potential capital growth:
Suburbs located near the new Eastlink tollway may be worth a look. Some of them may have already gone up in price, but surrounding areas may go up once it is open.Berwick and Pakenham are located at the end of the suburban crawl currently, so as demand for houses rise, Melbourne may continue to creep in that direction.
Kelly
I reccomend somthing totally different. Look at Yaraville, a small underdeveloped suburb that will explode even further soon, in my oppinion.
If you want long term growth, I would look at Frankston, it is getting a tidy up at the moment and is at the end of eastlink.
I agree with Frankston suggestion.
I have bought multiple properties there and if you call frankston real estate agents, you will find out that its been the busiest time for them in years. (some will tell you its been the busiest ever)
If you a do a search on realestate.com.au, properties sold in frankston (Under contract/ under offer) from the first 200 search results would be atleast 5 times more than for any other outer suburb.
Seaford prices have risen very sharply in the last 6 months.
Some of the properties I earmarked in seaford have gone up 20-25% within the last 12 months. Completion of east link (scheduled to be opened late this year) is only going to add the pressure on capital values as would the frankston marina.It is the last bayside suburb where you can find reasonable properties for under $250k. Frankston North already has had 15-20% increase in values in the last 8-10 months.
good luck
Good luck with Frankston/Seaford area…….ive been trying for a couple of months now and everything is being snapped up. Everything in 'central' frankston that is.
I turned my attention to Rosebud and picked up a great house 2 streets from the beach and 2 seconds away from the new Shopping Centre for around $220 and the block size was around 900.
In saying that ive still got my eye out in frankston. In my opinion it has huge potential. Some real estate agents you talk to are certain it will 'double' in 5 -7 years.
Good luck for whatever the future holds.
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