Hi my brother is 20 years old and looking to buy a property (his first) we live in perth and he cannot affrord a decent property here. I was thinking he could buy in a suburb in melbourne (and still live here with my parents) like deer park he would rent out the property and pay the remander upto $250 per week. We were hoping that melbourne prices would go up and he could eventually sell the melbourne house to buy one in perth. Should he buy maybe two houses in deer park what does every one think.
Hi Jamie
Good for your Brother! Hope it works out for him. Deer Park is cheap but is in fairly low socio economic area in Melbourne. I do not believe the capital growth is terribly flash in this area (I should know as I live close by). It does have a great shopping mall and there is a train station on the metropolitan service but that's about it. The prices in inner Melbourne are booming at the moment but the madness hasn't hit the outer mortgage belt.
I would be more inclined to look within a 10-12 km range into the city for growth. With the amount he has to contribute to the mortgage he shouldn't have any trouble. Eastern suburbs may be out of his price range but Northern might be worth a look. West is a bit of a gamble, I believe, but happy to hear other's opinions.
Make sure you do your homework and check the Capital Growth stats for an area before you start.
Good luck.
Regards
DJayYes, Deer Park is historically "lower class". But being sandwiched in between the new "upper class" suburbs like Caroline Springs and Cairnlea, there has been significant improvement in the area – e.g. new buildings and new shops popping in the Deer Park shopping area, redevelopment of parks, etc.
So don't write off Deer Park too soon.
Hi,
Consider Frankston, the capital growth should be there ! Good suburb to invest.
cheers !Hi,
Consider Frankston, the capital growth should be there ! Good suburb to invest.
cheers !i have been watching the melbourne market around that area for about 6 months.. being the deer park area, point cook and also narre warren and toing and frowing as i go. we have finally decided on truganina which is just close to point cook which is supposed to be the place to buy but just out of my budget. it is also surrounded by great shops, grammar schools, close to the water and also has melbourne views. we took a trip down there and could see this massive building project going on that will not stop in a few years. we drove through deer park and point cook, sanctuary lakes, werribee, tarneit, hoppers crossing and truganina. and on paper truganina has the assets and is still a fair bit cheaper than point cook which is on the better side of the highway but just as close to the city as truganina. so we have bought there for an investment property and by george we got a better deal, and a better block and opposite a park. very happy here .. atleast until it is built and rented.
tell your brother to google earth and watch properties selling in melbourne all over the place and listen out for leads especially as he is not from melbourne like myself. i am happy with my choice and excited and i think that area is a great choice. the rest of australia is just about out of reach now.
cheers
mel
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