Hi there
Am thinking of buying an IP in Melton; my first investment property. I am currently living overseas but am familiar with the area. Using equity on my home loan and earning potential, I am looking at properties up to $180,000. Wanting advice re unit v house purchase. I will not be able to manage the property, so would like something low maintenance but would look at renovating in the next 5 years. Ideally, a CF + property would be good but may be out of luck here! Have been out of the country for a couple of years (but looking forward to returning) and wondering if anyone has any suggestions about what area in Melton is best to buy in? ie west, south etc
Also, any contacts for a property manager would be appreciated
Many thanks in advanceDon't buy in Melton…… I lived in Melton and moved to Bacchusmarsh. Melton now, has got the option to buy house and land packages for $200,000. These are poping up in new estates all over the area. Brand new! Plus melton really doesn't have a good name for it's self.
Had a friend who bought 4 houses in melton. He lived in melton and got the taste for property. But sold up 3 years later with nothing to show for it. No real capital and alot of mantainence. plus -cashflow.
Try ballarat on the west side.
I believe Melton is a no go for the present and then future.but if you can see otherwise, you do what you gotta do.
cheers mate
markThanks for your thoughts Mark, I will check out Ballarat. Looking at the long term growth in the area with the new Deer Park Bypass and Melton being part of the 30 year extension plan. Always good to have feedback…..
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