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G'day All!
I'm new to this forum Hope to make some friends with fellow property investors!
Currently looking to purchase my first IP around the Melbourne bayside suburbs area, could someone please give me an overview of the market around the area?
Thank you in advance
Ash
Ok well they are solid areas but the rental yield isn't that great, especially in Brighton/Hampton. I'd buy there to live but not as an investment, as my preference.
From what I've seen and people I speak to it seems prices dropped about 10% off it's 2010 peak but has made up those losses in 2013. As Aaron said yield is pretty average but CG may go well but that's anyone's guess.
Houses begin at around $1.2m
Would this area provide good CG in let's say 5-10yrs time?
I'm thinking of turning it into PPOR once I have the capital to build a new home
Your mixing investing with personal needs
How many years until its a ppor?
If its 5 years or so I would strongly consider buying a couple of cheaper properties with better yields closer to the city.
Yields are putrid and holding costs would be high
You would have less holding costs with better yielding properties which would allow you to save for your building costs much quicker
Maybe the cheaper properties in closer areas might have more scope for capital gains as they are more affordable and more in 'fashion'
You will definitely get better yields in other areas but if the property is only being held for 5 years then the cost of selling the IP's to buy the PPOR will likely outweigh the extra rent received.
Also, yields closer to the city are generally just as terrible if not worse than Bayside, to achieve better yields you would have to travel out, not in.
Who knows what will achieve better CG, that's an unknown but Bayside has certainly been a strong performer over the long term.
Yeah your probably right but 2.5% yield is probably what you would get.
So really just choose where you want to live
In my opinion bentleigh is very overpriced
It's pretty much more expensive than Beaumaris now and other than the usual public transport and closer to the CBD arguments I still can't see why. However the Jews have moved in the last few years and pushed up the price
G'day All!
I'm new to this forum Hope to make some friends with fellow property investors!
Currently looking to purchase my first IP around the Melbourne bayside suburbs area, could someone please give me an overview of the market around the area?
Thank you in advance
Ash
G'day All!
I'm new to this forum Hope to make some friends with fellow property investors!
Currently looking to purchase my first IP around the Melbourne bayside suburbs area, could someone please give me an overview of the market around the area?
Thank you in advance
Ash
We've decided to look around either Brighton East or Hampton at this stage. Drove around the area for a bit on the weekend and didnt like the "feel" of bentleigh, though i was told that there are good school around that suburb.