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Thanks for that – I had not considered those things. The more I read and think, the more I like the idea of owning land. There is a lovely house in Boronia and another in Chelsea for under 500k. Chelsea should be a good area to buy in as it’s near the beach, has a train line, shops, freeway…..
You’ll probably hate me for it, because I know real investors are risk takers. But I dont want any debt. I have some bad experiences. So while I know that I could use 500k in cash more wisely by getting a couple of properties and growing my property portfolio, I just want to get one property and have that paid for., and know its there. Maybe once I have that I can start to feel secure enough to take some risks with the next one. I have been through crippling debt and my goal has been to fully own one investment property. I need to fulfill that, and then start to think more broadly about my options.
Chapel St and Richmond are good places for me to look into as well, thanks for that. I think around Chapel St and St Kilda Road offers a mix of being close to transport, close to the city, close to the Bay and also close to parks which provides a nicer lifestyle than inner city or docklands. They can have a suburban feel while being so close to the city. This may attract demand for properties in those areas?
I forgot o say that the reason I chose Melbourne is because I live in Melbourne.
