- blackyhkParticipant@blackyhkJoin Date: 2008Post Count: 2
My wife and I have just sold 2 apartments in the CBD which actually lost money over the last 7 years. We are now looking to invest the proceeds which amount to $400,000 in property in Melbourne and preferably house and land and a property which we can add value to. We also want to grow our portfolio. Does anyone have a recommended strategy and location for achieving these goals since I have analysis paralysis.
RegardsMattyParticipant@iamthat1979Join Date: 2017Post Count: 2
Norlane seems to be a good option for long term investment. Close to station, 55mins to Melb CBD, 10mins drive to Geelong CBD.
You can find large block of land (approx 700 plus) with weathboard house for less than $400k.blackyhkParticipant@blackyhkJoin Date: 2008Post Count: 2
Matty, Thanks. I will look into that.Corey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010
Agree with Matty – Norlane, or even cheaper would be Corio. Geelong in general has a lot of options around the 400k mark and is incredibly popular with investors at this time. I think there’s a lot more value investors in Geelong compared to the alternatives ie Melton.MattyParticipant@iamthat1979Join Date: 2017Post Count: 2
Yes, Corio is also a good option considering the price.
I have read a few artciles on recent investor interest in Norlane/Corio and also state govt has also been investing heavily in these areas.
My key points for Norlane
1. People renting here have option of working both in geelong and Melbourne CBD due to train station
2. Potential of North Shore esplanade developments.
3. Potential of ford factory sale and new developments
4. Close to Avalon Airport
5. Forecast for population growth in Geelong region looks promisingBennyModerator@bennyJoin Date: 2002Post Count: 1,416
And just a word to the wise, how do those suburbs look when considering THIS demographic?
Corey, you don’t sound too concerned, so you are likely already on top of this one….
(Posted as a public service to those newer to property investing… :p )
Nigel KibelParticipant@nigel-kibelJoin Date: 2005Post Count: 1,425
- This reply was modified 4 years ago by Benny.
120,000 people moved to Melbourne last year. I would stick to Melbourne to a house and land package. Perhaps buy one that is a few years old you will save a lot of money from brand new and still get great depreciation. Areas like Clyde North are great just a 10 minute drive to Fountain gate which is the second largest shopping centre in the southern hemisphere. Also Mermda is good with three new railway stations going in over the next 12 months. I can not see anything in the short term slowing down the market while demand in Melbourne remains so strong.