Buying a home with a bad credit mortgage can be made much easier by using the services of a professional provider such as Redrock. However, there’s more to getting onto the property ladder than just buying a house or apartment.
In fact, using the right property information and buying a home that will return significant capital gains to you and your family is a great way to ensure financial stability for the future, and keep away from the bad credit history you are trying to amend.
With that in mind, below are three suburbs in Melbourne that, according to the CoreLogic RP Data Pain and Gain Report from December 2015, have returned their owners significant amounts over the last decade or so. These are the places you should be looking to buy in:
1)Bayside
Lying a short drive south of the CBD, Bayside has recorded seriously impressive results over the past few years.
You can almost buy an entire extra house in Melbourne with that sort of return!
CoreLogic RP Data reports that 95.6 per cent of homes sold in this suburb last year made capital gains for the owners, and the median profit they saw was a whopping$508,000. With the CoreLogic monthly indices showing the Melbourne-wide median dwelling value as $784,400, a profit of this size is incredible.
The average amount of time a title was held to make this profit, however, was 12.1 years.Making money from property isn’t an overnight game, but it can be very rewarding.
2)Monash
Monash is home to the famous Monash University, and is another suburb that has performed exceptionally. An enormous 98.3 per cent of homes sold here last year showed capital gains, and that median amount was a ridiculous $566,975. These homes were held for a little longer by the owners at 13.5 years, but the increase in profit made on a property is more than worth it.
These are the places you should be looking to buy in.
You can almost buy an entire extra house in Melbourne with that sort of return!
3)Yarra
This region of Melbourne is beautiful – it lies close to the world-renowned Yarra River and is just a suburb over from the prestigious Toorak. It also lies extremely close to the CBD, which might indicate why it was able to show a median profit of$370,000 for people who sold their homes there last year. What’s more, the average amount of time an owner held onto a property was just 10.9 years.
Thinking about taking control of your financial situation and investing in a Melbourne property? Contact Redrock today to find out your best options.
