Hi everyone. Short intro, hello to all. 29yo home owner looking to get ideas and learn from other like minded people. Im currently at a bit of a crossroads and looking to learn and get advice from as many avenues as possible, even just talking to people about things, it seems like a great place to discuss these things without having the judgemental attitude friends and family give when finance and property are discussed, (well not face to face at least) Im 29, paying off PPoR, have a fair amount of equity, and currently tossing up between investing in another property, or sinking some money into our ppor. Personally i think another IP is the way to go, my wife otherwise, wants to build a new home here, her argument being we could sell for more. Same old story I suppose! Anyways, im not too keen on the long term housing market and was wondering what other peoples ideas about the housing market in sydney is. Heading for decline? Or just part of the 10nyr boom bust boom cycle?
G'day Hope you do well. IPs are definitely the way to go but I think you'll have to look further afield than Sydney
hi @AGE086 - Sydney is at peak though uncertain times as rates are lower than ever before! Sounds like you are in a good position to kick off the investing. Have you considered outside Sydney? A number of rising markets in Australia. What deters you from the housing market? Time in the market is important....
Yes definitely looked outside of sydney. melb or Brisbane perhaps. I suppose my main concern is, with rates being as low as they are, prices as high as they are, where can the market go from here? Are we heading for a massive correction? Or are we heading for a period in our economy of single digit growth and interest rates for the forseeable future.?
I think my parents would have said the same when they bought their 1st place for 50K. They might be high in your neck of the woods, every city is on a different timeline. Follow the wave around the country.
Hey @AGE086 , welcome aboard. Some would advise clarifying your goals before going shopping. I'd say just go for it Sydney and Melbourne probably a bit too overheated.
Welcome @AGE086 work out how much you want to spend for you IP. what the cashflow will be like after purchase an IP. Then calculate all the cost buying, building, and selling. Number will tell which way is feasible and profitable. Good luck and enjoy your time here
Send your wife to the interviews forum on the somersoft site. Some inspirational stories there. Interviews Many are here to build wealth and set themselves up for retirement. Maybe think about that as an end-goal. The interviews above will provide some great perspective.
@AGE086, welcome to the forum! You've landed in a great place Sounds like you guys are missing just one thing: clarity Knowing what you want (clear goals) will help with decisions like how to move forward with investing etc. As for the market, in my opinion, Sydney is probably playing with fire and likely to "do nothing" over the next decade and Melbourne is not far behind. Your capital will almost certainly be put to better use elsewhere. I reckon Brisbane looks to be early days in its growth cycle and represents tremendous value. Most of my clients are buying there too. Others believe Adelaide and Hobart have some scope for further growth despite softer economies.
