WA First IP for 450-500k

Discussion in 'Where to Buy' started by Tom358, 9th Mar, 2022.

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  1. Tom358

    Tom358 Member

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    G’day everyone,
    I am looking to buy my first IP for 450-500k. Ideally it would be positively geared or cash neutral with solid capital gains prospects. I also hope to purchase another property in 18-24 months with the equity created in my first IP. I have mostly been looking in Perth and Queensland but am open to all suggestions.

    thanks for the suggestions and help in advance
     
  2. HonestShiba

    HonestShiba Well-Known Member

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    Welcome Tom.

    Have a read of the Rockingham thread. A lot of great insight there. Market is red hot at the moment but still plenty of opportunities in your price point. Rents rising quickly with it too, sign growth is not slowing down anytime soon.

    Get to learn the market and then act quick and decisively. Many properties going under offer within days of being listed. Properties being rented almost immediately with overwhelming amount of application. Learn the market well enough so you can do your due diligence quickly and put in your best offer, now is not the time to be low balling or messing about.
     
  3. Scaphella

    Scaphella Well-Known Member

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    Or north ways, could snap something up in;

    Beldon
    Craigie
    Maranagroo
     
  4. Shogun

    Shogun Well-Known Member

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    There is a lot of information in the "Where to buy" section tagged WA.
    Rockingham LGA gets a lot of love on here but that market has taken off.
    Fuel is $2+ per litre today. Rockingham is 50km from Perth CBD
    Lots of ways to spend money closer to Perth that haven't taken off yet but the $450k/$500k market sells quickly
    A quick look finds lots of interesting prospects "house, $475k and 400+m2"
     
    Last edited: 9th Mar, 2022
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  5. Tom358

    Tom358 Member

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    Thanks for the suggestions, any thoughts on Clarkson and surrounding areas? I’m not from Perth so am trying to learn. Cheers
     
  6. Shogun

    Shogun Well-Known Member

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  7. Tom358

    Tom358 Member

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    Any thoughts on Yanchep?
     
  8. Santo

    Santo Active Member

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    Hey WA gurus, any thoughts on Kelmscott? I'm interstate and Kelmscott is appealing, local advise would be great!
     
  9. PerthEngineeringDraftyGuy

    PerthEngineeringDraftyGuy Well-Known Member

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    Too far from CBD. You mentioned Clarkson. I'd personally not look further north than Butler as absolute maximum.
     
  10. PerthEngineeringDraftyGuy

    PerthEngineeringDraftyGuy Well-Known Member

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    I live in Clarkson, and have an IP under offer in Ridgwood which will be cashflow +ve. The market is tightening a lot but with a $450-500k budget there would still be some good prospects.

    To attract good tenants, aim at detached 4x2 with enclosed garages. Lots of familes in the area and a lot either work trades and have tools, or have toys like boats & dirtbikes they need to keep safe.
     
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  11. Tom358

    Tom358 Member

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    no worries, thank you for your help
     
  12. Shogun

    Shogun Well-Known Member

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    What's appealing about it? The fact it's cheap?
    East of Albany Hwy gets good comment's on here but it's not cheap.
    Have you searched "Kelmscott" on here?
     
  13. Tom358

    Tom358 Member

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  14. Shogun

    Shogun Well-Known Member

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    Last edited: 12th Mar, 2022
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  15. PerthEngineeringDraftyGuy

    PerthEngineeringDraftyGuy Well-Known Member

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    worth a look for sure.
    Merriwa is the least desirable suburb in this 6030/6036 area. But that could just mean there's more bargains to be found. You can see on google maps someone has done donuts in the next cul de sac over.
    This ticks the 4x2 for a family box. almost ticks the enclosed garage box. and looks to be reasonable low maintenance.
    Walking access to some very nice schools makes it attractive for a family who want to stay long term.