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If it is an investment, you are not trying to buy a place to suit your lifestyle. It’s only about the numbers. Look at historical and projected capital growth, rental yields and vacancy rates for each of the areas mentioned. The rear pages of “Australian Property Investor” magazine are good for this. Also keep a close eye on a couple of areas on http://www.realestate.com.au/rent to get a feel for how long properties are taking to rent. If no single house in an area stays on the books longer than a week, then that’s a fair indicator that rental property is in demand in that area.
Hi Jac,
Is there a way to find out either on http://www.realestate.com.au/rent or domain.com.au how long has a property has been listed for rent? this will help me in accessing how the area is performing in terms of vacancy rate.
Thanks
Aftabk
I have a rental in corio bought this time last year, does anyone know the lastest update for that area in growth potential over the 3 years and where did u get the info from.
cheers colHey col,
Nice to hear that you have investment properties in Corio. I am thinking of investing in Corio as well. How long did you have to wait before you got the tenents in your investment properties?
Also, what areas of Corio are better for investment?
Cheers.
Aftabk
In general try to stick to supply constrained property (ie don’t buy units in an area where they’re building more and more units, or houses in a new estate/next to a new estate if theres new supply coming on, it just floods the area and reduces growth potential).
units.I live in Melbourne and targeting Geelong and Ballarat. The land seems to be plenty in those areas and the houses don’t seem to be in scarce as they are lining up with the population growth. Would you be able to suggest some areas with supply constraint?
With a budget of 220k you will be certainly limited. It may be worth considering your options in regional/interstate at the same time – there’s no harm in looking at the comparisons. In general try to stick to supply constrained property (ie don’t buy units in an area where they’re building more and more units, or houses in a new estate/next to a new estate if theres new supply coming on, it just floods the area and reduces growth potential).
I’d much prefer 2 bedder investments than 1 bedder any day – it appeals to a slightly larger market than 1 bedders, but houses always trump units.Yes, I am looking for a 2 bedder, it is a wise investment long-term. I reckon 2 bedroom house has a better scope but would be a bit pricey compared to a 2 bedroom unit.
Thanks Ethan, I am looking for a 2 bedroom apartment. What would be the best source to find a property that would require some renovation and of course find a house below the market value.
Hi there,
I am looking to invest in Corio, VIC. Please let me know how your experience has been. I have a budget of around 200K and looking to buy a 2 Bed room unit. Is this area and Norlane safe to invest?
What are you thoughts?
AftabHi there,
I am looking to invest in Corio, VIC. Please let me know how your experience has been. I have a budget of around 200K and looking to buy a 2Bed room unit. Is this area and Norlane safe to invest?
Any thoughts anyone?-
This reply was modified 8 years ago by
aftab.
Thanks Patrick for an awesome, detailed and comprehensive response. You have touched upon various points. As I am a newbie in property investment and looking at various options in Melbourne. On one side, we have a student accommodation where there is a high rental yield and it is cheap to buy (very tempting) but no capital growth plus and large turnover (students come and go frequently).
My budget is around 200k-230k. If I buy a non-student accommodation 1 bedroom unit or apartment, my concern is it would be hard to get in that price bracket in good suburbs and even if I did manage to get one, the property would be in a distressed condition.
Has anyone been in a similar situation?
Cheers.
Aftab-
This reply was modified 8 years ago by
