need some property ideas, page-22

hi passive........
I only know Toorak area and surrounds in Melb, and Albury/ Wodonga on the Vic/ NSW border..
....I prefer to be within commuting distance of the investment properties.......I need to inspect tradesmens work, and the premises.......I cannot trust an agent......too many instances of lousy tenants or work not up to standard, or even not done.
I have commuted to Albury/Wodonga on a monthly basis for past 8 years......like a weekend away I catch up with family and friends same time. I used to live there, grew up on a farm, then married and stayed too long. Been in Melb 20 years now...........Toorak is absolutley the BEST place in the world, suits me and my lifestyle...its not for everyone though..........but Chapel st 500 yards/metres away for the young ones, the beach 10 minutes away....fab shopping and eating 2 mins - 10 mins away..........
There is the Sydney/Melbourne debate gone on for years........Melb more conservative........Syd more risque !
Have family in Sydneys west......one member is too busy with 2 babies, and working to worry about neighbours etc...but it must be a reasonable street or she would not be there.....pretty high standards.......the other one related to her, is forced there by costs, cheap housing, and absolutley hates it......different suburb 15 minutes away..........., read and seen enough about Sydneys west to stay away.......
if you want to make really good money, not medioce returns, never ever buy in a suburb that has loads of units,(***** one exception see below) low cost housing, or housing commission/ govt housing.....
South Yarra 500 yards down the road, although close to Toorak , is not Toorak, and very different......some big names have bought there recently, but its full of units....very small houses, no mansions....*****but is popular, because its next door to Toorak, and the prestige of living next door........suits the younger generation, because its cheaper, and very trendy, close to the city etc, great public transport..., then there is Prahran, cheaper again, but similar proximity as Sth Yarra...........huge govt housing units close by, with the territory that comes with it..........I would not buy there,
Armadale is nicer, more up market, cheaper than Toorak, but there are pockets full of units....prefer not here,
Richmond around the corner is cheaper, but still looks rundown........I would not invest there, market just does not grow like the rest of the suburbs.......
I would buy in Sth Yarra.........good cap growth, and of course Toorak is the preferred suburb.
You need to consider your lifestyle and areas you are familiar with and like,,,,,,,,,I dont like QLD, SA, Wa and never NT or TAS.......
I still like Albury, central, walking distance to cafes, entertainment, shopping etc........and its really cheap atm.....houses there for under 250,000, that need upgrading, and just over 350.000 for nice little period homes.........you can probably get a set of units for average 120,000 each plus, if you look, need to update them etc, and they will sell for 300,000 PLUS......market is quite depressed there...........but only central Albury, not lavington or Wodonga etc.........
my preference is for Toorak, there are still some units that have not been updated since the 60's.........they are usually quite large compared to todays mini boxes.........and the capital growth can be outstanding......the prices almost never fall in toorak, although I was aware that some people paid high prices in the late 90's......like 350,000 plus for a very ordinary unit.......which later sold pre 2000 boom for 180,000, but that was more unusual than usual.....and those units sold again mid 2003 for 500,000.....(these were just 2 units in the one block)
I gave examples in earlier posts about buying in the country for the same price as one bought in armadale 12,000 the country one 20 years later sold for 80,000, the armadale one for 500,000........
thats only 21,000 pa difference, but a whopping 420,000 enuff to buy another house after 20 years........
I would also look around for a little shop, if you can find a bargain....chapel street of course.........I say that because the commercial market is 'depressed' because all those property trusts have to dump stock to reduce debt.....never go to strip shops in the suburbs,,,,,it has to be the main drag.........I looked for my shops for nearly 5 years, tight market that area, held by old families who had held for 50 years or more and just pass down to the children.....this family the children were fighting........shop had been valued 4 years ago, when the kids gave the agent the go ahead, he forgot to check out the value. now .....I was with him looking at another shop, when he got the call......I said I will take it, it was in the particular area I wanted..........not 300 yards away etc.......it was returning almost 10% of the cost price.........but has appreciated in capital value, so its only returning 5%, but thats how commercial works, and the tenant pays all outgoings............
I use to find country agents lived in a different world, and bought a couple of little bargains, could not believe my luck.......but also there are a lot of city people doing the tree change thing......and sold out at 3 times and 4 times the cost within a couple of years......big influx of city folk who knew the real value of property.........but not inclined to go with small towns again.........there are no tradesmen around.........expensive and difficult to get any work done...
ps in the afr about 10 big names comment on property, on average 8 were quite positve, only 2 talked about the big declines, but failed to address the real reasons and seemd to mimic why the US and UK tanking and so should we !

not sure if I was any help here.......my criteria is limited to familiarity and commuting distance...........I would never buy in a location I am not familiar with.......and I like to be close to public transport, never use it.........but I like the idea I could if need be, and good idea now with petrol price problems
cheers