I have three thoughts
1. It is currently a buyer’s market as the interest rates rises. Well, not truly but close to what we have compared to the last couple of years. So, why not start looking for bargain properties in the next 6-12 months. I have been looking in some areas, although most properties sell, there are still some potential bargains out there waiting to be snapped. What do you guys think?
2. Has anyone checked out Cranbourne. Cos’ it is an up and coming area. Although close to Dandenong etc., it doens’t seem to be polluted by ‘ferals’ who hit the headlines frequently in news. Nice new houses with big land and new with potential for depreciation benefits. Rent alone ranges from 4.5-6% which is good by Victorian standards and potential capital gains later due to the quality of land and housing. Whaddaya think mates??
3. Also, if people have bought up all the overpriced properties, wouldn’t they be a little cash strapped and therefore the market will be full of properties at a bargain price when the interset rates go up further especially those with weak holding power
I dont like Cranbourne. Too much land around there, too far from city. Too much still needs to be developed. I prefer Frankston than Cranbourne.
Hi,
I live about 15 min’s from Cranbourne, and know it quite well.
Personally, I don’t buy for capital gain, and so am probably the wrong person to comment, but I wouldn’t be buying in Cranbourne for capital gain with the market headed the way it’s going. It’s possible you may just end up with a big “money pit”, and no capital growth for a few years.
Depends really with what you are trying to achieve. I don’t include depreciation in to my calculations.
Good luck,
Del
Cranbourne has great potential that will never be realized. When the councils amalgamated the focus shifted from Cranbourne (was the centre of the shire) to Berwick and Fountain Gate. The new pool at Fountain Gate was originally proposed for Cranbourne, the geographical centre of Casey but the council said Fountain Gate of take a hike. Target wanted to add a second story to the shopping complex and was told no, so they went to Pakenham. The berwick Nrre Warren area is neatly mowed and well tended. Go to Cranbourne and you will see it is neglected at the expense of Fountain Gate an Berwick. I still have 3 IPs in Cranbourne, but have sold the other 3. I thought once as you are but I am dissapointed.
Dave
well i guess all are in agreement that Cranny is atm overpriced in terms of returns in rent and capital growth.
thanks muchly for the insightful comments that i would never get antwhere else
looking at it now from this new angle i can see all your points
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