My wife and I are looking at purchasing our first house (yay!). Unfortunately we are limited to the victorian market for this purchase.
Originally we planned to purchase a house with decent rental potential, live in it for a couple of years and then find a different PPOR and convert the first one to an IP. I've been chatting with other members and doing my research and learned that Vic is pretty bad for yield. So now I'm reconsidering strategy and would like advice on the suburbs we should be looking at, and the best strategy. Obviously this being the first step in our property portfolio I believe it is very important to do this right and generate some equity for our next home/ppor.
Our max budget is ~$420k.
We are open to any suburb if its not too far out and the house/cost/land is right. We have been looking at:
*Boronia
*The Basin
*Mooroolbark
*Belgrave
*Upwey
*Frankston
Options for this first PPOR:
*Buy, renovate, sell
*Buy, renovate/make a home and unlock equity, stay
*Buy, live in for 1-2 years, move on and make IP (bad yields?)
Does anyone have any recommendations on the best way to kickstart our portfolio given these constraints? Thanks in advance for all your awesome help (as always).
Originally we planned to purchase a house with decent rental potential, live in it for a couple of years and then find a different PPOR and convert the first one to an IP. I've been chatting with other members and doing my research and learned that Vic is pretty bad for yield. So now I'm reconsidering strategy and would like advice on the suburbs we should be looking at, and the best strategy. Obviously this being the first step in our property portfolio I believe it is very important to do this right and generate some equity for our next home/ppor.
Our max budget is ~$420k.
We are open to any suburb if its not too far out and the house/cost/land is right. We have been looking at:
*Boronia
*The Basin
*Mooroolbark
*Belgrave
*Upwey
*Frankston
Options for this first PPOR:
*Buy, renovate, sell
*Buy, renovate/make a home and unlock equity, stay
*Buy, live in for 1-2 years, move on and make IP (bad yields?)
Does anyone have any recommendations on the best way to kickstart our portfolio given these constraints? Thanks in advance for all your awesome help (as always).