All Topics / General Property / Melb Western suburs for IP

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  • Profile photo of s0805s0805
    Participant
    @s0805
    Join Date: 2006
    Post Count: 85
    October 8, 2010 - 1:19 am

    Hello there,

    I am doing the initial research for my first IP investment, and looking at the melb western suburbs with some potential.

    My budget is max 340K looking for unit (Not high rise buildings).  strategy is buy and hold and replicate with equity earned. Just wanted some one's opinion about suburbs like footscary,maidstone,West footscray (Maribyrnong City Council ).  does anyone hold investment property in these areas? what are the opinions?

    any feedback positive or negative around these suburbs would be appericiated.

    thanks
    Saurin

    Profile photo of PC_MelbournePC_Melbourne
    Member
    @pc_melbourne
    Join Date: 2010
    Post Count: 43
    October 8, 2010 - 8:46 pm

    We targeted the western belt of Melbourne also as our investment spot from Newport –> Sunshine. That was approx 16 months ago, and back then you could still get decent property for $350-$600K. Today the prices have shot up somewhat. I think Sunshine might be your best bet.

    For 340K you will find 1 bed apartments, real small 2 bed apartments, and you will be competing with a lot of folks looking in the same area.
    If you go further out to Werribee, Hoppers Crossing & Tarneit. You can get 3 bedroom houses, although if your planning on renting this out, these areas have a lot of rental competition so do think hard.

    We got 2 IPs in Newport, 1 in West Footscray and 1 in Yarraville.

    All have been performing nicely. Still think these area’s are undervalued compared to the same radius to the city in sister suburbs, so we will keep investing in these areas ourselves.

    Profile photo of s0805s0805
    Participant
    @s0805
    Join Date: 2006
    Post Count: 85
    October 9, 2010 - 12:56 am

    excellent thanks very much for ur reply. As you already have IP’s here. how is tenancy demand in these area, I am also concern about the locality in these area specially tenants, I m living in eastern suburbs throughout my life…..unemployment rate in Maribyrnong council area is 8.5%. somewhat worries me…….is it possible to get decent tenants in these area…… thanks……..

    my budget is 340K max…..minimum i want 2br apartment or unit (not high rise buildings). I know it is hard to find but that is something i have to search for, possibly run down property, is there any real estate agencies in these area u recommend someone with decent knowledge of area or something and understand the investment potential

    thanks
    Saurin

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