Anyone here ever moved for property?

I am thinking about taking a job in Townsville....for a whole host of reasons...but mostly because I'd end up with another property.

If I took the job, my wife and I could move to Townsville and the rent from our current Darwin PPOR (we bought well) even in the current market would pay for the repayments on a cheap PPOR in Townsville. Essentialy we'd have the same outgoings but 2 properties instead of one?

Apart from some risk this seems like a no-brainer? Surely I have I missed something?

Can anyone see any flaws in my logic?

 

Townsville is beautiful - do it! Oh - check your insurance costs there, they'll be pretty high due to cyclones and so on.

 

Half considering a move there after inpex finishes too. So cheap compared to Darwin. Looks like it will pick up too.

 

I'd rent for a while before committing to a purchase. Get a feel for where you'd like to live first. Much easier to do when you've been on the ground for a while.

Cheers

Jamie

 

I have moved to a Sydney suburb I didnt previously consider for the sake of its expected performance. But if it was an uncertain and unsure financial performance interstate or a region I dont know I would probably avoid purchase like Jamie says and rent for a while. Esp up north.

All the horrid stories of people getting dusted seem to be in coastal areas and north of the centreline of the country on either coast. Resources, tourism and resources prop them up. And storms, commodity prices and the economy seem to smash them. That said if I lived in Townsville and was thinking of moving & buying in Sydney or Melbourne I see no reason to race to buy either

 

We moved from Canberra to Sydney for work and thought we'd like to stay. We couldn't buy anywhere we'd want to live so we are moving back into our house in Canberra.

I don't mind the idea of renting but it was a combination of factors such as high rents compared to the quality of what we were renting and how much this cost compared to our mortgage that ultimately lead to the decision. I certainly don't think there's anything wrong with moving to get a property but I agree with the others and wouldn't do it without at least living there for a few months first.

 

I do it all the time!

 

Yep. I spent ages priced out of the market for the types of properties I like, so I moved to a place where I could afford them. Working for me.