Budget of 330k for 3rd IP

Discussion in 'Where to Buy' started by Seby643, 17th Dec, 2019.

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  1. Seby643

    Seby643 Well-Known Member

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    Hey guys

    Went to the bank today to see my borrowing power for a possible 3rd IP.
    Got told I can borrow up to 330k......looking at purchasing an established property preferably a house or townhouse.

    Just looking for some areas to research in either Qld, Sa, or Victoria (regional) that are positive cashflow and have potential for growth.

    My first IP is in Tarneit melbourne and is neutral
    And my 2nd is in melton west and is slightly negative geared

    I think its time to add a strong positive geared property in the mix.

    All info and advice is appreciated
     
  2. VICPER

    VICPER Well-Known Member

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  3. The Grinch

    The Grinch Well-Known Member

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    Cairns is very interesting. Tons of options up here in your price range with great factors for growth. Insurance and pm can be a little higher but if you shop around, steer clear of flood zones there is money to be made. Great vacancy rates. You certainly won't lose any money
     
  4. The Grinch

    The Grinch Well-Known Member

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    Also to add in terms of yields, Woree and Manunda both high performers of last year.
     
  5. ellejay

    ellejay Well-Known Member

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    You could use your cash deposit to buy in the US. Depending on your spend you could return $1k pm income. Buy one that needs a minor reno and revalue in 6 months to buy another. I know that's not the location you were asking about, but just something to consider perhaps.
     
  6. Blueskies

    Blueskies Well-Known Member

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    Plenty of options in the wider Brisbane ring for that kind of price. Freestanding in Logan Ipswich Redland or Moreton Bay.
     
  7. Todd

    Todd Well-Known Member

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    I have written about it previously in others threads, but take a look at Mildura. Historical capital growth is 3% per annum, very good rental yields (for 300k property you will get about $350/week) and vacancies always around 1%. Any half decent property rents immediately. I have owned an IP (house) there for 9 years, has never been vacant. Bought for 160 and worth 260 now. PM always has a tenant ready to move in when previous ones moves out.
     
  8. Yinka Dare

    Yinka Dare Well-Known Member

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    Could get a 3 bedroom house in Balga in wa. Perth has probably bottomed out
     
  9. Shogun

    Shogun Well-Known Member

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    No need to go to Balga on that price range. Lots of choices
     
  10. Yinka Dare

    Yinka Dare Well-Known Member

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    Yes. I just think city of Stirling will grow.
     
  11. Shogun

    Shogun Well-Known Member

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    City of Stirling has many plans. Light rail down Wanneroo Road to Reid Hwy is one. You can buy south of Reid Hwy for that price. Balga has a lot of stigma and over supply
     
  12. sumterrence

    sumterrence Well-Known Member

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    You may also want to consider Singleton and Singleton Heights. Fantastic yeilds and are within your price range.
     
  13. Yinka Dare

    Yinka Dare Well-Known Member

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    St kilda had stigma too 30 years ago.

    Most Perth suburbs seem to have a stigma unless it’s south Perth, Cottesloe, applecross or Kensington lol.
     
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  14. Seby643

    Seby643 Well-Known Member

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    Have been looking at east ballarat...but for my price range alot of those places needed some serious renos to be liveable for todays standards
     
  15. Ryno

    Ryno Well-Known Member

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    Bathurst or Orange might be an option as well. Bathurst only 2hrs from western Sydney. Growing area, bunnings, maccas gallops, trots and greyhound tracks, ten pin bowl and golf courses. Plenty of industrial. And the race track lol.

    Im in same situation got about $300k for my 3rd property want more cash flow for my next property
     
  16. JohnPropChat

    JohnPropChat Well-Known Member

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    Balga is part of KGB for a reason, avoid like the plague. Plenty of value buying in Perth at the moment with 5% yields and good CG prospects not that hard to get. Heck I even posted a bargain in Vic Park that was fetching high 4% yields.
     
  17. JohnPropChat

    JohnPropChat Well-Known Member

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    What LVR? Look at Perth inner and middle ring burbs. Kid in a candy shop and all that.
     
  18. Jana

    Jana Well-Known Member

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    Have a look on Moreton bay council area in QLD with some minor Reno potential- focus near Petrie uni. 6-12 months ago, I was is similar position, I bought there under 300k, did major reno, instant 35% book gain with over 400 pw rent.

    I can still see buying around 320k mark with 380 pw rent potential. Good luck..
     
  19. Jana

    Jana Well-Known Member

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    Staying near main cities is well known rule #1, now days high chance to avoid bush fire.
     
  20. R377

    R377 Well-Known Member

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    if you already own in Vic, I would look Adelaide, perth or bris