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First property buyer in sydney

Discussion in 'Introductions' started by twentyfour, 25th Apr, 2016.

  1. twentyfour

    twentyfour New Member

    25th Apr, 2016
    I stumbled across this goldmine of a forum about 2 weeks ago and have learnt a ton thanks to you knowledgeable bunch of people. It's really fueled my interest in building up my own property portfolio!

    About me:
    I'm in my mid-twenties (username may or may not have given it away already) and have been working aggressively since high school and have put away ~70k of savings. I'm living with my parents (paying mates rate rent) and happy to continue doing so for the next couple of years until its feasible to move out. I wasn't ready to purchase in the last three years so missed out on the big boom and now getting ready to get in the game with the property market finally slowing down a little. Have been looking around actively for the past 2 months.

    I want to Purchase my first IP so I can use it as foundation to buy a nicer PPOR in 3-5 years time.

    Hoping to contribute to this forum more and more as I go through my first property buying/owning experience!
    monalisa and MsAli like this.
  2. MsAli

    MsAli Well-Known Member Premium Member

    18th Jun, 2015
    Sydney, Australia
    @twentyfour Well done on those savings at such a young age! I had $18k saved up then :). Sounds like a good plan - IP to home - we did the same and it took us just over 4 years to acquire the block we built our home on. That's what my sis and I did, as at least in Sydney, it's simply very difficult to do so very young unless you have family help or you are saving up for just that initially.

    You'd find that if you map it out, you'd be able to do much more than 1 IP with that attitude.

    All the best.