Hi, We are a young couple looking to start our first purchase into property in sydney. Wife make 60k and i'm part-time student on 10k. Looking into property around sydney west (south strathfield, north parramatta, campsie) around the under 550k mark. Flat with less than 6 units. I am trying to convince my wife that its not the right time to buy, since reading property magazines that predict that sydney is at the top of its market price and too many new apartment plans being built yet to be completed. Well, I haven't convinced her well since I have no proof of the above predictions happening in the future. Will the price hold stagnate for next 5 years? who knows. If I play the long hold game of 10+ years would I still lose? who knows. Some questions Should we continue to rent and find out whats going to happen in the sydney market? and will we be making a lost if we keep renting since people say "rent money is dead money? Young blood first time buyer, everything is risky.
Hi Dino! Wondering... surely you can earn more than 10k even as a part time student? There must be opportunities to increase that number?
@Dino - with limitations on resources right now, I'd look at investing somewhere I could make gains. As you call out yourself Sydney is likely at peak. How will buying in Sydney, and that too a PPOR, impact your future ambitions to build a portfolio?
None of the above. Get jobs elsewhere - not Melbourne either. Move to a place where the city or town looks like Sydney and Melbourne looked in the 70s and 80s. That's how you'll get the kind of deal your baby boomer aunts and uncles got. Except you'll have a faster car and internet connection.
Wouldn't buy Syd any time soon. Wait for a bit of cooling off, may take a few years tho and you'll feel bad these few years but it'll pay off. Melb may be, hot but still relatively affordable.
This...unless you can double or preferably triple your household income in the near future once study is finished.
Im not qualified to answer the question I do have clients from 2004 that are still waiting for prices to ease in Sydney before buying ta rolf
Would you consider staying in your rented accommodation and buying something else and renting that out (rentvesting)? It would be worth getting an investment that isn't going to impact future serviceability too negatively and something that will increase in value allowing you to release equity, to replace the deposit you obviously have now, when you finish studying. Now finding an investment property that will give you this yield and growth you'll probably need help with! Accepting that you'll be renting for a while longer will be something that will have to grow on you and your partner too by the sounds of things.
You could always buy an investment property somewhere else, and continue renting. I wouldn't be buying in Sydney at the moment, especially an apartment.
