Looking to purchase my first property (1 bed unit) new / off the plan. Current options are Miranda , Kogarah and Licombe. My budget is $600k to avail of the current grants and my plan is to move out after 6-12 months, then rentvest and move back to the city. Thoughts and suggestions appreciated. Suburb growth and rental demand are key. Thanks
Imho, off the plan one bed units are about the worst property type you can get. No land content, no redevelopment value, overpaying for new, limited rental demand and living in it first means you dont get all the depreciation deductions. Save more, forget the grants and get an older 2 bed unit instead. personal opinion only.
x2. Buying an off the plan 1 bedder is possibly the worst investment you could ever make at this juncture, especially in the suburbs you have mentioned (where there are already plenty of apartments). With your budget you should get an old 2 bedder apartment in the $5xxk range and then spend a bit of money to renovate. Of course a different consideration if you prefer to live in a new apartment (akin to buying a brand new car).
As mentioned previously, if you are looking for growth I would avoid off-the-plan purchases. You end up paying a premium for the construction cost, materials, and developers' margins. You would be better served to focus on an established property in a high-demand area.
