SeanMMember@seanmJoin Date: 2010Post Count: 1
Hi Guys and Girls,
I am after your opinion where I should buy my 2nd investment property.
I bought my 1st Investment property at Balnarring on the Mornington Peninsula.
This property has just been revalued 50k to 65k more than we payed 2years ago.
I have had approval from the bank to borrow 435k.
My dilemma is to invest within 10kms from the CBD Melbourne or buy anther property on the Mornington Peninsula.
What areas close to the CBD would be a good investment with the money I have to spend?
Thanks for your time
Regards SeanducksterParticipant@ducksterJoin Date: 2004Post Count: 1,674
Have you looked at Frankston. It is close to east link and public transport to CBD
Just you are not going to find a property 10k to CBD for $435k unless it is a small unit or apartment.BaysideParticipant@morningtonJoin Date: 2018Post Count: 64
The peninsula continues to be a great place to invest. Good growth as of late while Melbourne cools.
Coastal markets 2019JaxonParticipant@jaxonaJoin Date: 2014Post Count: 282
Seanm personally I look at the deal over the Area, anywhere you can buy under market value with strong rental demand/return and the ability to add value and equity that is what I would aim for.
obviously do DD on the area etc but the deal outweighs the area (most of the time) depending on your goals.
at your Price range there are a lot of options from 10%+ returns to adding value on an existing dwelling to lots more.propBuyer23Participant@propbuyer23Join Date: 2018Post Count: 9
I can suggest looking in the Queensland area, where I believe many people are moving from Sydney and Melbourne.
Look for some high growth suburbs around there and speak to some local real estate agents.
I think you should be able to find something decent around the $450k-$500k mark.