Which Melbourne area to invest in with a budget of $400k

Hello Kristina1980,

The answer is ANYONE can find properties that arent advertised.

Often when I have purchased into a project where the site value overrides the existing construction value, I will use a position of entry into the property and the body corp (in other words .. ownership of one or more of the properties onsite) to get an idea of the membership of the bodycorp itself.

And from that .. I will make private offers to each individual as to a reasonable price.

You are looking for value in your area. And you are also looking at not compromising on lifestyle.

However, as you might guess .. the more in demand your area is .. the deeper your pockets have to be.

And you arent the only one. When Brunswick and Fitzroy boomed in the late 90s, I followed the map up .. and started investing in Northcote. It was the logical progression .. and as it turns out .. right on the money.

Anyone can approach a person with an intent to purchase. It doesnt take a Buyer's Advocate to do that.

In answer to your Yarraville as a better lifestyle purchase .. the areas of Newport .. Williamstown and Yarraville all had their chance to boom from 2005 onwards.

Its just .. they didnt.

They still remain good value areas proportionately for purchasing in. But the issue is .. the company you keep, and the lifestyle you have.

The main road into town still is crowding over the Westgate .. and until that clogging gets fixed .. it has been a major issue for people purchasing to live and work from the area. Try MELBOURNE RD into the city at peak hour .. and you will understand why. Or Williamstown Rd from Yarraville onto the Westgate.

Short summary .. it might be best to go a short journey further out .. to get the accomodation you wish for with the lifestyle you choose.

Or .. you can think creatively .. and work out ways in which you can get to what you want.

Both are valid options. And the answer is yours to decide.

Maybe a car to drive to where you want to be?

Agree. Mind you the people I know who live in that area and work in the city take public transport (train) instead of driving, which is a huge plus for that area.

Kristina, you mention about moving, but also talk about an investment. Which is the property going to be, PPOR or IP? As one would be more emotionally driven than the other.

Cheers

Tom

I remember the days when you wouldn’t dare to mention you live in Newport, Yarraville, williamstown, etc as you would have been labeled scum. Today I don’t bother looking its that expensive. Sure traffic isn’t the best but nothing like the east.

The secret is to buy as close to the city as possible. There are also ways of making a high return or buying a property at cost by directly investing in a development project.

Excellent!  Remember to check back in periodically and let everyone know how your story panned out    In a few years your story will be able to act as a guide for others that are just starting out as you are today.