Hey all, I currently have 2 IP both in north Brisbane (550k and 590K) and have access to 60k useable equity. Is it worth going again for a 300k property or would you build up more equity and go for a 500k property which has been mine previous purchase amounts? Thanks
The right Rolf. I am worried that I could purchase an older property and have to put $20k into it which could have been used to purchased a newer property (All based on assumption of course). I figure I could get the $20k in about 2-3months but unsure about the movement the market might have in that time frame could be significant.
My thinking is spending 500k allows you to buy into a much better neighbourhood than a 300k budget does. Buildings depreciate, land appreciates... location, location, location... worst house, best street...
I suppose it depends on your circumstances and the rationale behind your purchase. At 500k you would have a much wider range of options to choose from particularly as prices have moved in the past 6 months. How long would it take for you to build up a deposit to purchase at your higher price point? if it isn't too long then maybe you can wait, if not then maybe you should pull the trigger now.
Sounds like your basing $60k 20% deposit to get $300k house. If serviceability is not an issue consider getting a broker that can find you a lender with 90 or 95% LVR then you can get your $600k property.
$300k these days wont get you much anywhere. Heck even Ipswich $300k going to be hard now finding a place that doesn't need a tonne of work.
