Where to buy with 300k?

[shim]

Recently I've been trying to search for a property in Melbourne, 2 or 3 bedroom (prefer house over unit) for around 300k...there are few areas that really caught my attention....Frankston North (extension on eastlink in the near future), Bacchus Marsh (construction of new highway), Tarneit and Truganina (new station in the near future) and West Sunshine (only 15km from the CBD, potential for future growth)?

 

[pickle pickle]

I don't know that the extension of east link will effect Frankston North prices too much. You can nearly get on East Link towards the city from Seaford Rd, so I don't know how the new extension will help commuters to the city from Frankston North.

As for Baccus Marsh, I'm not a fan of it from an investment point of view, though I don't know much about it.

Sunshine West I don't know how many you can get for under 300k, but if you can get a decent house there, that could be a winner.

I follow the Frankston North market very closely. I'm finding at the moment that rents are stablising there at the moment. 6 months ago properties were getting 250p/w now lots of properties that are advertised at 250p/w are dropping to 240p/w. Frankston North is generally an area where investors go, rather than owner/occupiers. So I think in the short term prices in Frankston North will stablise (like they have for the last couple of months). Don't know how long it will stay stable for though as in May last year prices sky rocketed out of no where. Stock is quite low at the moment so be interesting what happens in the next couple of months.

 

[RedCat]

Not sure about Sunshine. It's traditionally a pretty rough area from what I know.

 

[Casserole Dish]

Hi I don't know the ins and outs of the Bacchus Marsh market but we stopped there yesterday and had a very quick look. Great park and kids playground with a buzzing tennis club (heaps of courts). Really great facilities but such a shame all the old trees are dying. The playground is a huge wooden one with lots of climbing etc and as a mum I was really impressed.

Some really lovely old houses dotted around and the place was busy (it has a KFC, Maccas etc) but had a nice feel to it for a Sunday arvo.

It's still really 'country', not surburban (yet) and it probably is a nice place to live.

My gut feeling (for what it's worth LOL) is that B. Marsh is actually one worth further investigation!

 

[Legs]

see the attached article, that gives this Inverloch/Wonthaggi area a great thumbs up, in the local paper this week:

With the desalination plant being built here rents around $500/wk are easily tennanted for a 300-400k house.

 

[Jaggannath]

Sunshine eventually will have to gentrify, just like everywhere else... especially with the regular train service and being near the city. Would I buy there?? Probably not yet.

Bacchus Marsh is too far out IMO, but does have a bit of a shopping strip area.

 

[Tuppence]

Sunshine eventually will have to gentrify, just like everywhere else... especially with the regular train service and being near the city. Would I buy there?? Probably not yet..

My word, I'd buy there - and Albion and West Sunshine, if I could find the right place. And Albanvale and Deer Park, as others on here have. Oooh, and Altona Meadows, Hoppers Xing, Werribee and, at a pinch, Wyndham Vale, if I had the money available.

 

[tvadera]

300K: you can get a house old one with a decent block size in the older park of deer park (between station road n main road west). but they are gettting snapped up quickly:
not sure whether u can get nything for 300K (units are selling close to that range in altona meadows)
albanvale yes you can get 3bedroom, 1 toilet house for 300K
albion: its getting pricey: last year i had seen a 1Br unit there for 135K, same unit is in the market for 190K today: wish i had taken it that time:

Good luck with your search and keep me posted.

 

[K_Raheja]

Hi
Unit would be more easier in the $. House woud be a challenge but i think stil possible ? I am no expert but..% Future growth is anyone's guess.
but since I am actively sourcing too - have you considered
a) Kealba
b) Ballarat ( recent API mag had a + article about it )
c) Carrum Downs / or further south at Langwarrin/Skye ?

G'luck

 

[mary&mat]

Hi Shim,

Are you after capital gains over rental returns?

Why a house over a unit?

Regards?
M&M