Hi guys.
Would love your feedback..Me and my partner has just relocated to Melbourne from NZ, both of us have already found permanent full time job and are very keen on buying a house to live/invest in..we both work in the city. our price range is under 350k mainly because from our research we can still get a decent 3 bedroom house in melbourne suburbs for that price..
We have heard great things about TARNEIT??is this real??few of my friends have said this is the place to buy as it is still cheap and there are lots of things being developed?is TARNEIT the best place for us to buy right now and have a good investment in the next 2 -3 years??or is there any other suburbs that are better to invest in..your help would be hugely appreciated..we know that it takes around 40min to travel to city from tarneit but from what i have heard so does most of the other suburbs in melbourne!
Howdy
Lucky for you I found this in the Paper this morning
http://data.id.com.au/idforecasts/ with Tarneit being Number 1 for Population growth.
It seems lots of people could be heading there….in the next coming years….which is a positive sign I guess.Dont know much about tarneit except population growth is certain…
I would seriously reconsider buying in this area if I were you. There is no housing shortage in this region- Vacancy rates are up around 10% if some threads on this forum are correct. If there is no shortage of housing in an area, then there is no reason for prices to be pushed higher (simple supply and demand economics) and so houses in this area will theoretically underperform in the medium term.
I would look to a well established inner ring suburb if I were you, even if it means buying a 2 or 3 bedroom apartment instead of a house. Properties in this area will likely grow in value due to a housing undersupply and proximity to transport, services and the CBD.
Luckily for you I saw the above post, as I definitely would not buy in Tarneit………..
Cheers,
LukeTarneit's vacancy rates currently sit at 10.5%. I agree with Luke in being very cautious about buying in Tarneit. At under $350K, I would be looking to buy an older, standalone 2 bedroom unit (that may be in need of some work), and in a well-established North Eastern or Eastern suburb, preferably in the middle ring, no more than about 25 kms from the city, away from a main road, but walking distance to a train station. Here's an example:
http://www.realestate.com.au/property-unit-vic-mitcham-107546370
Asking is $365K, but of course you could offer less, based on how much your research indicates it is worth. Vacancy rates at Mitcham are 1.5% at the moment. Vacancy rates won't mean a lot to you initially when you're living there, but it is the hidden factor that contributes to price growth, even as you are unaware of it.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
