What would you do considering below mentioned conditions if you have 350-370k cash in hand? Conditions 1) don't want to get loan. 3) I am not sure if I will be in Sydney after 2 years so don't want to go for a big property. 2) Prefer to stay in a suburb where I am currently renting a unit (due to kids school) Pls suggest something which is suitable for next 3 years....Below are some options in my mind 1) Buy a 2BR unit in a suburb currently I am living and re-evaluate my situation after 2years.... 2) Buy a land in Melbourne bcz it is hard to find something in Sydney under my budget (pls suggest if something I don't know anything) 3) Any other suggestions you advise? TIA
Can you not get loan or would rather not get? A 350-370k unit has very little chance of growing in 2-3 years plus you will pay stamp duty and other costs. On the positive side, you won’t need to pay rent for 2-3 years. Property is not much of a great investment if you don’t have leverage and you are planning to buy a unit. You will probably be much better off investing in shares.
@standtall thnx for your reply. I can get a loan infact my loan was approved earlier (have request again). Ok reason I wanted to avoid that I am not sure if I will be in Sydney or not after 2years and my kids school ... actually I am confused if I should go for a bigger property or not? Pls guide ... PS: I am in this confusion for a long time now....and want to take a decision now...th x
It really doesn’t matter whether you leave Sydney after two years.. as long as you keep making payments, you can be anywhere in the world. Try to get something close to a $1m (with $350k deposit) and I would highly recommend Brisbane as it still lags behind Sydney and Brisbane. Let’s say your property is worth $1.3m after 2-3 years, you can then seek some financial advice on whether to sell it or keep it as long term IP and the answer will really depend on whether you plan to return to Australia at a later stage.
That budget may get an older unit in SW Sydney or Canterbury Bankstown LGA, possibly in the west as well.
$350k is very small money these days. Even a basic 1 bedder very old unit in Parramatta is going to be around this price. Something newer like this is already $500k+ https://www.realestate.com.au/property-apartment-nsw-parramatta-138007654 I dont think you want to buy into a hotel or serviced apartment those are cheap because no-one wants them. (i.e) this one https://www.realestate.com.au/property-apartment-nsw-parramatta-137890862 Maybe something further out in Blacktown 1 bedder. You wont get much growth if any on these places though for a long time. https://www.realestate.com.au/property-apartment-nsw-blacktown-137472406
