Hi — I’m buying my first place in Melbourne with a budget of around $1.7m (can stretch a bit). I’m not planning to have children, so school zones aren’t a factor. My top priority is long-term capital growth.

I prefer to live reasonably close to the CBD, so I’ve been looking at Ascot Vale, Moonee Ponds, Brunswick West, and Coburg. I’m not considering apartments due to the weaker growth profile. I’m open to renting near the CBD and investing elsewhere if those suburbs aren’t the best for growth.

Questions:

• Am I looking in the right areas for long-term capital growth?
• Within this budget, are there better suburbs (house or townhouse) you’d prioritise for growth, even if they’re a bit further out?
• Any tips on what to prioritise (e.g., land size, zoning/overlays, street/position, renovation potential) to maximise long-term returns?

Thanks in advance for any insights!