Hello All
I have got a question for the more experienced folks (more experienced than me, that is, pretty much everyone on this forum:) )
I am looking at a Villa Unit – in a block of 3 with the following specs…
Suburb: Altona
Street: Queen St – One street behind the beach
Specs: 2BR/carport/central AC
Location: 50 mts. from Railway stn, Coles, Cafes & above all beach. There are also some primary schools ard there.
Objective: To own an IP (currently owning my own home). It can be -ve geared.
Price: ard. 240K
What do you guys think? I believe that if this unit was in Sydney (1 street away from beach), it would be atleast 3 times the price. I know about the melbournians lack of love for the western suburbs, but I guess it will only be time before that changes.
rgds
nick
Hi Nick
I have a couple of properties in the western Subs of Melbourne (even though I'm based in Sydney). You're right – that close to the beach in Sydney would be worth a lot more.
Don't know much about Altona and up until recently I have been ecstatic about my properties in Melb however the last 6 months have seen massive rental increases for me, as well as values starting to move so I'm now not so unhappy about it.
Do the numbers – what return can you expect? If that's in your price range, it might be a worthwhile investment. Also, can you improve on it to gain more growth/return?
Can't help with specifics for the area – but perhaps some food for thought?!
Regards
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