First investment property in Melbourne — what to check first

Deposit or usable equity, borrowing capacity, and the weekly shortfall you can fund — in that order. Everything else is shopping. The usable equity calculator and borrowing power guide will get you most of the way.

Victoria's land tax settings have been an active area of change and apply from relatively modest land values, which affects houses more than apartments because of the land component. It's an ongoing annual cost, not a one-off, so include it in your holding budget rather than discovering it with the first notice. Check the State Revenue Office Victoria for current thresholds and rates.

Melbourne has built a lot of apartments, particularly in and around the inner city. Abundant similar stock can cap both rents and growth, and older investor-grade towers can carry heavy owners corporation fees. Look closely at how many near-identical properties compete with yours in the same few blocks.

A large student, migrant and professional rental population means well-located, well-kept property tends to let. That supports vacancy assumptions — but it doesn't rescue a purchase that was too expensive on the day.

• Land tax exposure across all states where you own property.
• Owners corporation fees, sinking fund and any planned works.
• Victorian rental minimum standards and compliance obligations.
• Building and pest, plus a properly reviewed section 32 statement.
• Realistic vacancy and maintenance allowances — see the holding costs estimator.

We generate interest and pass your enquiry to one independent property specialist who can look at your equity, income and super and tell you plainly whether Melbourne suits your position — or whether something else does. Free and no obligation.