All Topics / Help Needed! / First IP – VIC

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  • Profile photo of RagnarRagnar
    Participant
    @ragnar
    Join Date: 2016
    Post Count: 2
    February 16, 2016 - 3:40 pm

    Hello All,

    I’m new to the forum and would really appreciate some advice.

    I have read books on property investing and I thought I should join Aus property investment forums to learn more and share my knowledge.

    I have purchased and sold PPOR’s in the Northern suburbs of Melbourne, I am quite familiar with the Northern suburbs of Melbourne.

    I am currently looking for an IP, after confirming how much the bank will lend me, I am narrowing down my search to something within my budget, which seems to be getting harder as time passes.

    My budget is around $250,000 (including stamp duty costs).

    I am thinking either Corio/Norlane or Melton.

    I am after long term CG. I am fine with the property being slightly negatively geared.
    Also, I want to be able to find tenants relatively easy (I would struggle if the property was vacant for 3-4 months at any time).

    Any suggestions on which suburb would perform better in the long term?

    Also, I cant really stretch my budget and I am not looking for any interstate properties.

    Thank you all very much!

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539
    February 16, 2016 - 7:18 pm

    Hi Ragnar

    Welcome to the forums.

    In all three of those suburbs, there are pockets and there are pockets, and it is critical to know which to avoid.

    I do not like Norlane at all and never purchase there. It has problems that would be virtually impossible to overcome. The other two suburbs have pockets of goodness and pockets of quite the opposite. Knowledge is key.

    I don’t see how you would have a vacancy for 3-4mths provided you have a good property manager (again, there are good ones and terrible ones).

    As to which will perform better in the long term is a question for the crystal ball and also the answer will differ depending on what your definition of long term is.

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of RagnarRagnar
    Participant
    @ragnar
    Join Date: 2016
    Post Count: 2
    February 16, 2016 - 8:29 pm

    Hi Jacqui,

    Thank you for that information, I appreciate it.

    I will see how I go. I might try to save a little more to stretch my budget.

    Thanks again!

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539
    February 16, 2016 - 9:01 pm

    Hi @ragnar

    Pleasure.

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

Viewing 4 posts - 1 through 4 (of 4 total)

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