To take advantage of Melb. market.

NOT 2 L8

NOT 2 L8

OK here is the scene:

You live out of state
You are a B+H investor,
You have $850K to spend,
You want to buy in Melb to take adv of CG,

What do you do and why??

Cheers Chrisv
 
Well it's been a while since I lived there so really dont know what the average price is but Id look for 2 units in a growing suburb that is healthy and would be somewhere Id be happy to live myself [I look for this in an IP] and would suit a professional couple.
I dont think buying 1 property would be worth your while as two at a cheaper rental yield is much more attractive to a wider market of working people.
 
NOTOOL8 said:
OK here is the scene:

You live out of state
You are a B+H investor,
You have $850K to spend,
You want to buy in Melb to take adv of CG,

What do you do and why??

Cheers Chrisv
Click to expand...

If I had $850K to spend on IP's in Melbourne at the moment I would:

1) Buy a period home in an inner suburb. The reason for doing this is that you stand to achieve very good capital growth in the long term. Land in these areas is scarce, and period homes are in demand with so many demographic groups who live in these parts of town. (Spend up to $600,000).

2) Depending on where you buy above, with the change I would buy an older house on a large block with development potential in a suburb that will benefit from the East Link development. There are areas you can enter with around $250,000.

My reason for doing this would be to diversify into a different market, but one that will achieve capital growth due to the new infrastructure being put into place. (Major Freeway network). The large block of land could be handy to subdivide and place a town house on in the future.

Just my ideas.

Regards Jason.
 
NOTOOL8 said:
You live out of state
Click to expand...

Some good points already mentioned. Another one which I think is important is to spare maybe $1k-$2k and spend a week or so on the ground getting a feel for areas you have already researched and look at as many properties as possible.

Ozi
 
My 2 cents (If I had that much now!)

- Eastern suburbs Only
- Look for Big Blocks ... Decent Houses (not too Old)
- Could either go upto 10Kms off CBD and buy 1 house
OR
- 20-25 Kms off CBD buy 2 Houses (800sqm block sizes) with good rental returns
- I agree with "close to Eastlink" term

Good Luck !
 
I live in Perth and just bought my first IP interstate. I've been investing in Perth since 1992 and can't bring myself to pay the ridiculous prices over here.

I initially looked at Frankston but was stunned by the value in Dromana/Rye/Rosebud after watching Perth's obsession with coastal living which results in huge growth in a boom. I bought in Rosebud as close to the water as possible.

I flew over and had a look and this gave me a comparitive basis. For me (and obviously my opinion only) the Mornington Peninsula is a no brainer. Even Portsea is good value compared to Perth's coastal FHBuyer suburbs.
 
Downtools8,
Since you're from "out of town" you may want to invest in the VIC Hotspot report. Cheaaap research.

Then it depends on how important cash-flow is and hence, how much neg. gearing you want.

If you can handle LOTS of neg. gearing stick within the 10K and buy a period property. (If you want somebody to find it for you, maybe use the Wakelins as that is their area of specialty and they do it well.)

If you want better yields, then move out a bit ( where I'm buying) and follow Eastlink . Eastlink will affect property at each end and along it's length.
So...Frankston, Mornington, Rosebud etc (beach, beach, beach ...)
or at the other end "around" Ringwood ( where you get the train line !!). Dark horse in the contest IMHO is Dandenong. An ugly duckling it sure is !!

Have fun.
LL
 
Thanks for all the answers and suggestions, keep them coming.


All of my IPs are mildly -vely geared with max 80% LVR. I am leaning toward a new dev like maybe dual occ or units in the middle ring and the Eastlink near the water area is sounding good. I have two single dwelling devs happening at the moment which should be in hand by end Sept. and I want to get the next project underway before too much longer, knowing how long these things can take.

I was thinking of using Metropole but I am a bit disappointed as I was told, on two occasions yesterday and again today, that someone will contact me with no result.

So does anybody know someone in Melb that could help??

Cheers Chrisv
 
NOTOOL8 said:
Thanks for all the answers and suggestions, keep them coming.


All of my IPs are mildly -vely geared with max 80% LVR. I am leaning toward a new dev like maybe dual occ or units in the middle ring and the Eastlink near the water area is sounding good. I have two single dwelling devs happening at the moment which should be in hand by end Sept. and I want to get the next project underway before too much longer, knowing how long these things can take.

I was thinking of using Metropole but I am a bit disappointed as I was told, on two occasions yesterday and again today, that someone will contact me with no result.

So does anybody know someone in Melb that could help??

Cheers Chrisv
Click to expand...


Hi Chrisv
Amongst all the Buyer's Agents that I met, I was most impressed with Metropole. I have been to Michael Ramsay, Wakelins, Metropole and a couple of smaller ex RE agent independent BAs.

It might be worth calling them again and discussing your situation with them.. especially if your strategy involves buying development sites or dwellings with reno potential, since they have their own reno teams capable of completing the reno project inside 3-4 weeks.

Cheers
Harris
 
NOTOOL8 said:
Thanks for all the answers and suggestions, keep them coming.


All of my IPs are mildly -vely geared with max 80% LVR. I am leaning toward a new dev like maybe dual occ or units in the middle ring and the Eastlink near the water area is sounding good. I have two single dwelling devs happening at the moment which should be in hand by end Sept. and I want to get the next project underway before too much longer, knowing how long these things can take.

I was thinking of using Metropole but I am a bit disappointed as I was told, on two occasions yesterday and again today, that someone will contact me with no result.

So does anybody know someone in Melb that could help??

Cheers Chrisv
Click to expand...

Hi Chris

I'm really sorry that you were not called back this week - it is not normally like this - - sorry there's no excuse.

If they haven't called you yet please email me your contact details [email protected] and I'll call you personally:mad:
 
Hi Michael Yardney,

I had the same problem as NOTOOL8. I called to speak to someone regarding your buyers agent facility in Brisbane. I was told they were in a meeting and the person answering the phone took my contact details and would get them to call me back.

I never did receive a call back, so my wife and I booked flights, accommodation, car hire and flew up to Brisbane in mid April 07, and bought 2 properties.

I sent an email stating my disappointment to your company after we returned and like the phone call I made, never did get a reply.

Martin
 
mystery said:
Hi Michael Yardney,

I had the same problem as NOTOOL8. I called to speak to someone regarding your buyers agent facility in Brisbane. I was told they were in a meeting and the person answering the phone took my contact details and would get them to call me back.

I never did receive a call back, so my wife and I booked flights, accommodation, car hire and flew up to Brisbane in mid April 07, and bought 2 properties.

I sent an email stating my disappointment to your company after we returned and like the phone call I made, never did get a reply.

Martin
Click to expand...


Hi Martin

I find it real very interesting that you come on to the forum for the first time and your first post is one running down our company.

You wouldn't be the 'friendly' competition would you:confused:

If you really boooked your airfares and flew up to Brisbane and bought 2 properties just like that - then you possibly need the help of a property professional even more than you think. It sounds like an unresearched, emotional purchase.

I don't know about your situtaion and the unreturned calls, but I did speak to NOTOOLS8 and found out the facts about his situation...

He rang twice on the same day and his call was not returned that day, but it was returned by 10.00am the next day.

Sometimes we are just so busy helping clients and buying properties that we can't return calls instantly - sometimes deals need to get done. But we have a policy of returning calls within 24 hours.

We are now Melbourne's busiest Buyer's Agency - with 6 property investment strategists representing investors.

In Brisbane we buy more properties for clients than all the other buyers agents combined.

So we must be doing something right - particulalry as over a third of our business is repeat or refferal buiness.

I know we have ruffled a few feathers amongst the competition considering our success despite being far from the cheapest. That's probabbly because we do a lot more than just buy properties. We are property investment strategists

Sorry to go on about this and blow my own trumpet - again I accept criticism both personally and in this open forum.

I'm just suspicious of the motivation of someone pretending to have a "first posting" on this forum and use an assumed name "mystery" and kock our services. I know how hard George in Brisbane tries to do the right thing by his clients.
 
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