South East and Eastern Melbourne Suburbs

Hi Guys,

I am looking to buy a IP in South East/ Eastern Suburbs of Melbourne just above 500K mark closer to PT and shops.

I would like a yield of around 5.5%(Unit) and 4.5%(House) in a good suburb within approx. distance of 20~25km from the CBD. I want to hold it for long term and as a newbie have got no Reno. skills.

Thanks
 
Welcome to the forum. I would say split the amount into two and buy one unit now for say $400k and wait for the property cycle to turn or buy in another city cheers
 
Hi Guys,

I am looking to buy a IP in South East/ Eastern Suburbs of Melbourne just above 500K mark closer to PT and shops.

I would like a yield of around 5.5%(Unit) and 4.5%(House) in a good suburb within approx. distance of 20~25km from the CBD. I want to hold it for long term and as a newbie have got no Reno. skills.

Thanks


You need to choose carefull for 5.5% for a unit in the SE you can achieve 5% in Noble Park area for a unit but 5.5% may be a push and 4.5% for a house may be a little bit tough. Noble park is ard 28 km from the city along the trainline that has a $2.5 billion upgrade, anywhere along there you will be fine, unless you are looking down whitehorse rd to the east?
 
I would like a yield of around 5.5%(Unit) and 4.5%(House) in a good suburb within approx.

Why are you focusing on yield?

Is that net or gross yield you're wanting?

Both of those percentages are higher than normal for anywhere I'd classify as a good suburb in Melbourne. Houses are usually in the 3% range and units in the 4% area. It can be achieved but usually through renovations or sacrificing growth.
 
My mates were suggesting Ringwood and Ringwood North but I'm leaning towards South East because of the new Public Transport projects. Any suggestions?
 
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