Hi all,
I am new here.
A bit about myself first. After a bad business investment and a rather nasty divorce that resulted from it, I am starting afresh. I have about 50k in cash and want to invest in Melbourne. I am working in the north of WA at the moment and living with a colleague. I would like to spend up to $300k on a long term investment and would appreciate some help on Melbourne suburbs and where the best place to invest would be.
I have a problem that the web connection here is about 28kbps (painful) so searching for info is quite difficult. Any advice would be appreciated.
cheers
Hayley
Hi Hayley
Know all about the nasty divorce settlement.
I too have started back into the property market and I am learning fast.
My suggestion if you are up in WA, is to maybe invest in a good buyer agent in Melbourne who knows the area and will hopefully make a sound investment for you.
I currently have one in WA and about to contact another one in QLD. It’s hard if you don’t know the areas, and harder still when it’s your first IP.
I figure if the first property is a winner, it will boost your confidence and then you might be able to go on your own from there.
Also try and buy Australian Property Investor magazine. Valuable!
Good luckSimon
Hi Hayley,
In my opinion l think you need to make sure you are clear about the Investment and look at what it is for… Is it for a quick gain is it for long term growth.,..
After spending 10 years in the property market in Melbourne CBD l have seen a lot happen over this period and l am a big believer that Melbourne CBD (IN THE RIGHT DEVELOPMENT) is still a great place to invest…..l doi belive this is more of a long time growth…..
(5 years) you just need to look at the growth numbers in population and you can see that Melbourne is a stand out…If you have any questions on Property or Finance
PLEASE FEEL FREE TO ASK…Cheers
thanks simon and Redcorp for your replies. It definitely is a long term investment for me and hopefully the first of many (but that is a long way off). I will definitely get that magazine the next time I head into town.
Do you guys have any ideas of good investment areas that Under 300k would get me in Melbourne.
cheers
Get a copy of API (Australian Property Investor) – around $9.00, and in the back it usually has all the postcode / suburb / prices for medians in each area. Use that in conjunction with a map to figure out the area’s you can afford and where they are.
Once you know where you can afford, then you have to figure out:
House or Apartment
New or Old
North, West, East or South East
etcThen you can research the particular area’s you’ve identified of interest.
Cheers,
Simon.
I shouldn’t be telling anyone this as my little hide-away will be gone forever;
I am from Melb and live in DROMANA on the Mornington Peninsula, an hour south of the city (currently living in L.A until next year). It is beautiful, and far better value than the ‘postcode’ seaside towns of Portsea and Sorrento further down the bay.
I have seen Dromana grow since moving there in 2000 from a nice, quiet little holiday village, and it is now really a suburb. There are many more permanent residents there now and they are mostly families moving in.
The commute traffic is always on the increase (I know this as it pisses me off). With the new Eastlink freeway underway, which will connect with the Mornington Peninsula Freeway, and the Martha Cove Marina under construction 2 km’s up the road in Safety Beach, I reckon the future for our little spot is very good. It is very near Mt. Martha which has become unaffordable (as has Safety Beach), has no amenities and no beaches; go figure! The overflow has to move south to the next cheaper area.
We have seen our house double in value since we bought it (we have bay views which increases demand), and recently there have been sales of houses over $1 mill. Even so there are still very affordable properties around for under $300k, and several of these cheaper properties are older houses, nearer the beach on bigger blocks.
Rent returns are around 5%, so nothing exciting there, but the subdivision and cap growth potential are ongoing. It has excellent beaches, shopping (bigger malls only 10 mins away in Rosebud), primary and secondary schools. Check it out.
Also, as mentioned by me and others on previous posts is FRANKSTON (we have an I.P there). This is also a sleeper, on the Bay, has excellent amenities and is within commute to Melb. Train travel to CBD is 40 mins, by car about the same. Prices have been on the increase in spite of the recent slump, but it is still very affordable. You need to buy in the right part of the city I believe.
Cheers,
Marc.
[email protected]“we get sent lemons; it’s up to us to make lemonade”
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