Anywhere in Aus with 440k

Hi guys so just going through finance and the bank will give 440k with a garuantor so I can borrow at 106%

Current situation is I have one property in Frankston South approx value 470 (possibly more that is a conservative guess) with a mortgage against it of 336. It is currently paying its own way and I have great long term tenants.

I have 15k saved which I can put towards a buyers agent if I decide to buy interstate.

So couple of scenarios, buy now at a lower price point and target something with a 5%+ yield which will help future borrowing.

Wait until end of tax year where our income will have increased by around 12k p.a and see if we can borrow more. By this point I should have around 35k saved also.

so if you had around a 410k purchase price right now where would you buy? Ideally I would like a decent balance of growth and yield so around 5% yield with a growth of at least 5% this would be a buy and hold property that is easily tenanted and doesn't need much work. In around 12 months I am hoping to travel for a couple of years so I want something that I don't need to be pumping a lot of money into each year.

All suggestions welcome.

 

Can get into 12km ring in Adelaide for about that, and with neutral sorta yield as well. Makes it easy to hold onto to you can steadily grow.

 

Thanks D.T I know you manage some properties bought through Empower Wealth do you think these guys have a good grasp of the Adelaide market?

 

They've been great to work with on a professional level. Also consider a locally based BA like @DaveM

 

i would go to maitland/newcastle area

 

Zillmere

 

can you buy a house in zillmere with 440k??

 

Maybe? Could be a main road though.

2 Muller Road (193 Zillmere Road) Zillmere Qld 4034 - House for Sale #124624978 - realestate.com.au

 

Regardless of the area, I'd probably avoid main roads as it turns potential tenants off. It also scores you lower when the bank comes to revalue, too.

 

That`s a good point @D.T. How many street do you usually need to be far from the main road to maximise the valuation?

 

Check with a broker or valuer but I reckon even one would be enough subject to visibility / noise

 

Check out Port Macquarie nsw prices rising fast bugger alll stock but you can still get in at low $400's tiny rental for vacancy houses and units and CSU opened last year along with hospital and highway infrastructure improvements and now direct flights to Melb in 5 years you will be laughing all the way to the

 

Try Investment Property & Suburb Performance Data

Past performance doesnt mean jack of course.

I just laughed my ***$ off...Use link above and make it all suburbs. My budget got smashed by the leading growth area. Gulp

 

Why zillmere?

 

Canberra - but you have to be quick. Very high rental demand and low unemployment.

 

Just from personal experience, just one street from busy Thompson Rd at my place, during the day it's almost silence in this quiet street, and the contrast with having kids play out the front with reasonable impunity versus being scared stiff on a main arterial would be considerable for any family i'd say. Not sure what difference it makes to values, but i can see the advantages of being in a side street for sure.

 

Probably not anymore easily in ready to go condition but it actually wasn't that long ago that you could.
So sorry about the bum steer. I'm going to change my advice to Strathpine by the train. Baldhills is a possibility too but often cut off from easy train access. Also look at bracken ridge you may get lucky.
Kippa ring is another option.

 

Because it's still relatively cheap due to the public housing but considering it's position it's good value Chermside satellite CBD is becoming more and more epic and it's not far from Zillmere at all also in Zilmere you have the train.

 

Maroochydore

 

Please correct me if Im wong but inst it the case that most of the zone change happens on main road, at least thats what I have noticed in Sydney.