I think I made my previous post too complicated!
In short do people think I am crazy selling a block of land I have in Seaford (with tenanted 2 bdrm house on it), 700m from the beach? I bought for $195,000 in 2005 and it is now worth about $360K. Should I cash in on the profit and buy a family house to live in (we currently rent) or do people think there is more growth in Seaford over the long term?
The block is able to be subdivided and 2 units/townhouses would fit on it. Does anyone know how much this would cost me to develop?
Do people think Seaford is still good value? We could buy a family home there for $450K to $500K but would need to sell the existing house. I want to ensure I am buying a PPOR with good capital growth.
The other option is continue to rent and use the equity to buy another investment property. I have been looking in Croydon for something under $300K.
What do you think is best for long term capital gain?
Thanks
We live in Seaford bought there a year ago and yes I think you would be crazy to sell as prices are still on the up. I also think you may be surprised as I believe a 2 bedroom house close to beach would be more than $360 – so I think you may have more equity
Seaford is only just starting to boom IMO, nearby Frankston has been identified as being a growth area which will steadily increase it's value. I would advise to keep it if it is at all possible for you. As for getting anything for under 300K in Croydon, unless it's a tumble down unit, good luck. Let me know if you find one.
Keep renting and watch your investment property compound into a million dollar investment. A home is not an investment its a lifestyle that costs you money to maintain. You can have a nice home but you need to allow your investment seed to mature first.
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