Forums / Property Investing / Help Needed! / Investing in Footscray

2019 Money Magnet Symposium - Discover how to make, and keep, more money and achieve a financially empowered future
Viewing 12 posts - 1 through 12 (of 12 total)
  • Profile photo of kris07kris07
    Participant
    @kris07
    Join Date: 2007
    Post Count: 101

    Hi Everyone :)

    I'm 24 and recently purchased a house in Seddon (Vic). I'm considering investing in Footscray due to the solid growth the area has experienced.

    I was wondering if anyone has seen the the new apartment developments called  "Silver River"? If so, what are your thoughts in regards to capital growth and the possible limitations that might be inherent?

    Also, I'm only looking to invest in the apartments that have city views.

    This is my first posting on this site…so any help would be much appreciated

    Profile photo of kris07kris07
    Participant
    @kris07
    Join Date: 2007
    Post Count: 101

    Correction – development is called "Salt River"

    Profile photo of JpcashflowJpcashflow
    Participant
    @jpcashflow
    Join Date: 2007
    Post Count: 575

    Hi Kris,

    Ive been looking to purhcase a second IP as well. Are you talking about the apartments on Ballart rd in footscray?
    If so be very cautious becasue in areas like footscray flemington and highpoint etc there are heaps of apartments being developed.  Im just wondering would there be a demand to meet the supply?

    Its like the docklands area so many apartments that have been developed but so many reamain empty.

    Jpcashflow | JP Financial Group
    http://www.jpfinancialgroup.com.au
    Email Me | Phone Me

    Your first port of call in finance :)

    Profile photo of kris07kris07
    Participant
    @kris07
    Join Date: 2007
    Post Count: 101

    Hi John,

    The apartments are near Dynon Rd.

    You're certainly correct in saying that theres an increasing number of apartment developments occuring in Footrcray. Although alot of them tend to be student accom's.

    Footscray being a Princple Activity Centre (2030 plan) such developments will continue occuring. I guess the speculative question is whether there will be a demand for such properties.

    Personally I think there will be given the proximity to the city and rising house prices in the area will ultimately push FHB out the the housing market and into something cheaper – apartments. Also,young professional's are generally time poor, therefore apartment living is quite appealling, especially from a maintenance point of view.

    The property market in Docklands is certainly picking up and will continue to do so as its expected by 2020 Docklands will have over 20,000 residents and over 40,000 workers and will be/is home to NAB, ANZ, AXA. I agree though the developments have been and somewhat dissapointin. It needs more time i guess…

    Profile photo of kris07kris07
    Participant
    @kris07
    Join Date: 2007
    Post Count: 101

    Hi John,

    The apartments are near Dynon Rd.

    You're certainly correct in saying that theres an increasing number of apartment developments occuring in Footrcray. Although alot of them tend to be student accom's.

    Footscray being a Princple Activity Centre (2030 plan) such developments will continue occuring. I guess the speculative question is whether there will be a demand for such properties.

    Personally I think there will be given the proximity to the city and rising house prices in the area will ultimately push FHB out the the housing market and into something cheaper – apartments. Also,young professional's are generally time poor, therefore apartment living is quite appealling, especially from a maintenance point of view.

    The property market in Docklands is certainly picking up and will continue to do so as its expected by 2020 Docklands will have over 20,000 residents and over 40,000 workers and will be/is home to NAB, ANZ, AXA. I agree though the developments have been and somewhat dissapointin. It needs more time i guess…

    Profile photo of kris07kris07
    Participant
    @kris07
    Join Date: 2007
    Post Count: 101

    Hi John,

    The apartments are near Dynon Rd.

    You're certainly correct in saying that theres an increasing number of apartment developments occuring in Footrcray. Although alot of them tend to be student accom's.

    Footscray being a Princple Activity Centre (2030 plan) such developments will continue occuring. I guess the speculative question is whether there will be a demand for such properties.

    Personally I think there will be given the proximity to the city and rising house prices in the area will ultimately push FHB out the the housing market and into something cheaper – apartments. Also,young professional's are generally time poor, therefore apartment living is quite appealling, especially from a maintenance point of view.

    The property market in Docklands is certainly picking up and will continue to do so as its expected by 2020 Docklands will have over 20,000 residents and over 40,000 workers and will be/is home to NAB, ANZ, AXA. I agree though the developments have been and somewhat dissapointin. It needs more time i guess…

    Profile photo of JpcashflowJpcashflow
    Participant
    @jpcashflow
    Join Date: 2007
    Post Count: 575

    What ever you decide to do im sure their would be a positive out come.
    I agree with you in a sense if u are looking near Dynon rd you really cant go wrong i guess its only 5 mins away from the city and its about 10 mins away from major shopping centers.

    Congrats on the property in Seddon nice area that will continue to grow i think.

    im looking for a second property at the moment have a look at areas such as deer park or sunshine

    Jpcashflow | JP Financial Group
    http://www.jpfinancialgroup.com.au
    Email Me | Phone Me

    Your first port of call in finance :)

    Profile photo of kris07kris07
    Participant
    @kris07
    Join Date: 2007
    Post Count: 101

    Thanks. I quite like Sunshine from an investment point of view.

    Profile photo of Free@last[email protected]
    Participant
    @free-last
    Join Date: 2005
    Post Count: 13

    Hi Kris,

    I am thinking the same area to invest, Footscray. It is a very good location and with the development proposed for docklands, i reckon the value will go up quite fast. Docklands apartments has been snapped up quite fast now so the surrounding suburb will feel the ripple effects.

    So I am with you in term of investing in footscray.

    If i can ask you, are you using your equity from your first home? Do you know how to do that?

    Cheers,
    [email protected]!

    Profile photo of kris07kris07
    Participant
    @kris07
    Join Date: 2007
    Post Count: 101

    Hi [email protected],

    I will be using the equity from my home to invest – cross collateralisation. I have spoken to a broker, however he's sugguested that this is not the best option. Rather this implied that having an individual structure will be best…im curious if he's sugguesting this becasue of possible commissions etc..

    Cheers!


     

    Profile photo of kris07kris07
    Participant
    @kris07
    Join Date: 2007
    Post Count: 101

    Hi [email protected],

    I intend use the equity from my home to purchase the IP's – cross collateralisation. What do you believe would be best stratgey?

    Cheers!

    Profile photo of DCHDCH
    Member
    @dch
    Join Date: 2007
    Post Count: 4

    In regards to your investment strategy it is always best to speak to an accountant that specialises in property investment.
    If you are planning on using the equity in your own home I would recommend setting each property up as it's own independent loan with it's own independent line of credit.  Use the equity in your own home as security but don't draw down on it.  This way when it comes to tax time etc you are able to manage each property independently and all expenses/ revenue will be easier to determine.   If you want advice, I would speak to MoneyChoice who are specialist in brokering for property investors on 03 9428 0755.  I have used them for a while and have found them to be very efficient and helpful.

    Hope that helps
    DCH

Viewing 12 posts - 1 through 12 (of 12 total)

You must be logged in to reply to this topic.