Where are the best spots for first time investors in West-Melbourne?
When it comes to investment property in West Melbourne, what's right depends entirely on you. Your budget, your goals and your flexibility, will all play a part when choosing a property that fits you. However, some areas of Melbourne have shown such promise that all investors should at least consider them.
These just a few examples of exciting growth suburbs that could be perfect for beginner investors.
Just 20 kilometers out of Melbourne central is Hoppers Crossing – a fast growing area that is home to almost 12,000 residential dwellings, Residex data shows. Here you can still pick up an investment property at the median value of just $457,000 or less. That means you may be able to secure an investment home loan with a deposit of around $80,000.
What's even more exciting is the growth that Hoppers Crossing has seen of late. For the year ending May 2017, the median property value here grew by 22 per cent, and the year before it grew by 10 per cent. Nothing's certain, but if you buy in this area it's likely that your property will rapidly increase in value.
Sunshine West is slightly pricier and closer to Melbourne's centre than Hoppers Crossing, Residex reporting shows. However, its growth is equally as impressive – over the year to May 2017 the median value in the area increased by 22 per cent to $570,000. Units are more affordable at $397,000 and still grew by 10 per cent in value during the same period.
Its close proximity to Melbourne and its relatively small size mean that its very likely that these property values will keep increasing. If you're considering the area you'll need help to find the perfect property as only around 80 come on the market per annum.
Deer Park – yet another small suburb that's been growing at a rate of knots recently.
Just next to Sunshine West is Deer Park – yet another small suburb that's been growing at a rate of knots recently. Here the median home value is just under $500,000, up by over 20 per cent over the year ending May.
While these suburbs aren't the only ones you should consider when you're buying your next investment property – they should certainly be on your list. When you're ready to start looking at investments the team here at Direct Mortgages are here to help.
We're a friendly locally based mortgage broker and we don't stop at finding you the most suitable investment loan. We'll use our extensive knowledge of Melbourne's market and our team's vast experience to help find you the right property then guide you through the entire sale process.
Pick up the phone today and give us a call to get started!