All Topics / The Treasure Chest / Melbourne IP $400k – $500k

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  • Profile photo of OPMOPM
    Member
    @opm
    Join Date: 2003
    Post Count: 110
    May 28, 2003 - 4:32 pm

    I’ve been asked by a friend to buy something for her in Melbourne for $400k to $500k max.
    My friend is working overseas at the moment, and wants something that can be rented out in the meantime before she comes back to live in it.

    I’m after a house, preferably period style that is rentable but can be improved/renovated in the future.
    Can anyone suggest an area that would show good cap gains within 5km of the CBD?
    The property would be a long term buy (5-10) years, possibly longer, so anything with a history of good growth is preferable.
    I’d love to get something for her bayside, but prices in this range are very popular at the moment in areas like St Kilda, Albert Park and Elwood.
    North Melbourne, Carlton, Fitzroy and Kensington would also be considered but i don’t think the growth would be as strong there?
    What do people think about South Melbourne, Prahran, Richmond, and Collingwood?

    If you had $500k to spend on a house, where would you buy?

    Thanks

    Profile photo of G-MAN007G-MAN007
    Member
    @g-man007
    Join Date: 2003
    Post Count: 37
    May 29, 2003 - 12:14 am

    Im currently researching footscray, I believe its proximity to the CBD, large period style housing stock, proximity to restaurants etc and the growth in the surrounding suburbs will definitly make it a suburb to watch in the next 5-10 years. With 400-500k you could buy something really nice in seddon or yarraville which have become very trendy in the last few years, to the east Thornbury, preston, fairfield and Northcote have the makings of real movers.

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