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newport melbourne - Unit purchase

Discussion in 'Real Estate' started by newported, 11th Mar, 2009.

  1. newported

    newported New Member

    11th Mar, 2009

    I recently purchased a 1 bedroom unit in Newport for $190,000.

    It is currently being rented for $760 a month.

    My repayments on the $160k loan are $665 (interest component). I am also paying the principal as i want to get the loan down to $120k so i can free up some equidity.

    What are peoples thoughts on this suburb which is in melbourne's sth east only 8km from the city.

    I plan on spending 10-15k on renovating with new kitchen/floor boards/paint/bathroom. All pretty simple stuff for me as i can do all my self.

    i play on re-evaluating property in 5 years. As far as capital growth should i expect anything in the next 5 years... i am happy to hold for 10-15 years as i beleive property will pay for itself over time.

    there are not that many 1 bedroom units in the area, compared to places in the sth east... e.g carnegie, murrumbeena...