Hi all,
I’m a total newbie when it comes to PI. My partner and I moved from WA to VIC last year, so we’re new to VIC suburbs too.
We’ve been looking to buy a home, my parents live in an apartment in Southbank and they help look after our little bub. We both work in the city so we want something not too far from the city and we’d like to spend hopefully less than $300k.
Here are a few options in mind:– Smaller villa/townhouses or unrenovated homes on bigger size land in YARRAVILLE, NEWPORT or SEDDON. Reason: good access to West Gate Fwy and close to WILLIAMSTOWN (stable median price of $600k).
– 2 Bedroom high rise apartment in Southbank. Reason: hugely convenient.
– a brand new home in POINTCOOK.
Your advise/opinion would be sooooo greatly appreciated. Reading your posts, I believe there are so many experts in this forum board. Thank you in advance! [snitch]
Hi Straw 610,
I don’t know much about Point Cook, but both Yarraville and Seddon are areas that look to be on the way up (Newport is a little close to the industrial areas for my liking) and have been looking around that area as well as West Footscray myself. I like the proximity to the city and Williamstown as well and prices are still quite low in comparison with other inner city suburbs.
A high rise in Southbank is quite risky in terms of investment as there are a significant number of unoccupied units there and still more being built. However, it may suit your lifestyle so it depends where your priorities lie.
Regards,
Cameron Perry
Finance Consultant
F.R. Perry & Associates
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044Without knowing the Victorian suburbs my comments are more of a general nature.
Debt for your own home is amongst the most draining of all debts as it usually takes up a large chunk of family income and has such a long life. In essence the one thing I would strongly advise is to start modestly so that this financial drain is not too significant. There is often little or no need for the four bedroom, study, theatre room and all associated mod cons and each one of these features does add start up costs and ongoing costs to your situation.
For me start modestly and then look to investing when things are established and stabilised.
Future family plans may have an impact on this plan.
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958If I was in your situation I would be looking at renting an apartment in Southbank/City to take advantage of being close to your work and babysitters. (Petrol is expensive. You wouldn’t have to use the car at all)
That apartment market being what it is, you should be able to rent a great apartment at a very good price.I would avoid the West as the West Gate Freeway/bridge is a bad bottleneck with accidents nearly every day that impact commute times.
Use your money to buy an IP (not an apartment) in a nice area.
Or save up for when you have to leave the city for schooling for your child possibly.My opinions only.
Tony
Well, I must say thank you all for your opinions.
Gives me something to think about….
Much appreciated.
Welcome to Vic Straw610. I too have made the move here from WA and also have a wife and small bub of just 8 months.
We live in a very small apartment in Armadale – East Suburbs. We continue to look for prpoerty in the east suburb area. Its got great infrastructure ie easy access to trains (to CBD) and the freeway if you just want to duck off to the peninsula and relive the memories down there, similar to the region of Margaret River with great wineries etc etc etc.
There is plenty of property around. Our focus remains buying for capital gain but also allowing us to do some small reno’s as to not over capitalise but try and add value and get some capital growth. Whilst I think we all read that the market has slowed I have personaly seen property still recently going to sell for a much higher price then what was expected. Im talking about suburbs like Armdale, Malvern East etc, and to us, it just shows if you focus to profit based on the purchase and do a bit of a reno yourself, then you can still get a good price. People will always want to live in great areas/suburbs.
Right now, we looking to possibly off load our current apartment to free up our equity and to go back and rent. The flipside is we’ll release equity to buy more IP. Im still struglling with the concept of dead money with paying rent
Haven’t quite convinced myself to do this just yet.best of luck,
I didn’t come from WA, but I live in Bayside Melbourne and also have a small bub (almost 9 months). I like this area because it also has good infrastructure and public transport, plus is close to the beach.
I think the inner west, around Yarraville, is a great area to invest, or to live if you don’t have kids, but space is great for a family.
This is probably not a particularly informative post, but I just felt like joining in when the thread started getting onto the subject of bubs. I’m a very proud and happy new parent.
Regards
AlistairWell after just having sold out of Glen Waverley and bought in Edgewater (just near the Flemington race course) I couldnt be happier. It has really left me wondering just what on earth the appeal of the eastern suburbs is?? To me it seems even more so now like a sprawling mass of surburbia similar to LA in some regards.
As well as having much more room the other thing I have noticed is the air quality is sooooo much better!!! Plus it takes me 5-10 mins to drive into the city[lmao]
I laugh at the poor schmucks who think they are onto a winner buying a 3 bedroom townhouse in the east for 500k when you look at whatthat could do over the west.[inlove]
Hi,
I have moved to Melb only 6 months ago.If you are still interested in purchasing an apartment, I would look at the docklands as a possible alternative to southbank. Its a little more pricey but would appear a safer investment.
Although everyone comments on inner city apartments, the QV complex has done quite well and is central (Bounded by Lil Lonsdale, Russell, Swanston).
We have also purchased a unit in Prahran. We are happy with this area and 2brs can still be found for under $300k.
Hope this helps
MatAs I was reading some of the comments, I thought “Yep, I agree”. I still cant get over the ‘rent = dead money’ concept in my head. Just like what ‘bmcgregor’ said.
I guess my main concern is the convenience of living in your own property as compared to renting. It gives you the freedom to renovate and do whatever you want to do with your home, especially with the little bub. I love living in Southbank for convenient reason, but I just cant imagine renting for another 2-3 years.
I also agree with ‘blogs’ about why pay 500k+ just to live in the small property in the ‘Eastern suburbs’ when you can get just as nice property in the North/Western suburbs. That’s the only reason why I havent really looked into the Eastern suburbs. For $300k, we’ll have to sacrifice both the distance AND space, AND living in an older home (that’s becoz I prefer townhouse/villa as to units/apartments). BUT, having said all that I do understand that the Eastern suburbs are generally better investment.
I don’t generally favour buying anything without land (ie. units/apartments vs townhouses/villa) but I guess I’m open to it. What do you all think about buying ‘units’ or ‘apartments’ in the inner Eastern suburbs like Prahran, South Melbourne, etc?
Would it be a good idea to buy a unit, live & renovate, try to pay it off as quick, then rent it out and use the equity for mortgaging the next bigger home?
Irene.
Been reading the forum heaps. Some latest thoughts (true or false?):
1. Owner occupied investors rely more on the capital gains more than anything (ie. rental returns, etc). From the forum, everyone seems to think that there will be not much of a capital gain in Southbank apartments in the next 5-6 years due to oversupply.
2. Point Cook is an ok buy for less than $300k for its distance to cbd and the lifestyle it provides for young families. It might (or should?) be a good long term (10 yrs) investment for home buyers.
3. Yarraville – for about $300k, there’s too much renovations need to be done. Do kids ride bikes on its streets?
I’m just kinda blogging my thoughts. $300k to spend for a home for a young family in Melbourne, what other suburbs is there?
Have you had a look in the Bayside suburbs. You won’t get a house for $300K, but you could get a townhouse or large unit, somewhere between Cheltenham and Mordialloc, if you are prepared to buy something that needs improvement. Its actually quite quick to get to the city from there too, because there are express trains from Cheltenham.
Regards
Alistair Perry
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