shepherd wrote:quick some advice if i may ...
firstly - good choice of area. we bought in preston about 15 months ago and we were looking around pascoe vale sth, coburg, preston, thornbury etc ... i like it out here and it's 5 min drive to fitzroy and 15 to city outside of peak hour. great PT as well - trams/train/bus. preston had very minor positive increases in prices last qtr (around 1%) and is holding up pretty well in the current market. anyway - i can't see first home type dwellings (ie 4-600k 2/3 br) going down in price as it's other places and areas dragging down aggregate house prices.
i would buy either a stand alone house or an established semi detached on its own block. There's a lot of unit/townhouse devs around here and my gut tells me they are too common hence will struggle to maintan value. if you have your own house you have the land, you can redev, renovate, restump etc with minimal hassles. If you're going to fork out 4/5/600k for a place you want to have complete freedom I think.
Ultimately it will require more initial investment ... but amortise that across a 30 year mortgage and the difference is pretty trivial ... but in return you'll get better resale, more flexibility etc. it will take more time to find the right place as there's not much supply right now but you'll get a pretty great 2br around the area you're looking at for 500k which you can move right into
Good Advice here....
Thing you need to know if you have dirt under your feet you are ALWAYS better off. Try to NEVER buy of a plan, an apartment or pref anything with a body corp..
if you ARE going to buy an apartment it needs a fantastic point of difference from the rest otherwise you will make no money...
Best is to get the worst house in the best street, Do not worry about the facade as much these things are comestic and can be changed...
But buy with soil, land is KING.....
I am looking down the coast, can't afford in my neighbourhood (house around the corner went for almost $900K and i personally would have had to re-do kitchen and bathroom and the least..