2nd IP - Buy now or wait

Hi all,
I'm in a dilemma and would really appreciate people's advice on best path moving forward.
We've just bought our 1st IP not long ago and contemplating whether to buy 2nd one now or wait?
Strategy: Buy good CG properties with Owner Occupier appeal with view to hold for long term hold.
Current Situation :
PPOR - 20kms NE of Mel. Valued at $555K with $388k loan against it and $140K in offset.
IP - 13kms from Brisbane. bought and valued at $595K with $476k(80%) against it. slightly -ve geared.

From cashflow point of view, there's still $1000-1200/month surplus that can service both IPs even if interest rates go up to 6-6.5% in future and both IPs become -ve geared.
I'm thinking of buying in Adelaide with good land content within10-12kms of CBD under $450K, however just concerned if I should be buying so soon right after the 1st one?
What do you guys suggest?

 

I would wait for a couple of months to see what RBA and banks would do. Also it's good to save a bit more during this time.

 

If anything, I would buy NOW. You will find the borrowing in the LMI and IO territory will be more tougher so now is the time.