Real Estate really is a BBQ topic. Everyone has an opinion. Frequently it is ill informed but that doesn’t stop people having very set opinions (sound a bit like politics?).
An article like the one that follows is therefore sure to engage readers, which is the point. It sells papers or air time. Whilst correctly quoted in the story, as with any interview, much of the content ends up on the editor’s floor. In addition to suggesting that Ringwood would be a location for price growth, I was referring not so much to the suburb, as the immediate region, including Ringwood East, Ringwood North and even (part of) Croydon. Also, I expect units to probably outperform houses which have already started to stretch affordability for those buying in this band (this was not discussed in the interview).
Also, the freshly renamed Capel Sound, which used to be Rosebud West on the Mornington Peninsula, is quite likely to get a significant boost as the old name fades in memory. Frankly, if I were looking to invest a relative modest sum in today’s market, I could think of no better place than there.
The current average price is $535,000 and it suits both for a holiday home (within an hour door to door from most areas of Melbourne) and to live. It also has all of the infrastructure that new suburbs on Melbourne’s outer fringe are only just starting to create. And it’s a beach-side suburb. Hard to go wrong. First home buyers should not overlook this sort of location, even if for the purpose of Rentvesting (getting into the market by buying an investment property whilst renting where you want to live.
Of course trying to pick a single location to outperform the average in any one year is nothing more than guesswork. Property is about long term ownership. The sort of market that we believe we are likely to see this year (not too hot, not too cold – the Goldilocks scenario) really does provide a solid opportunity to enter the market.
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