Hi gals and guys, Been reading these forums for a while and think I’m developing sufficient cojoñes to seriously, seriously consider getting into property market. Probably in next three months if I get sufficient courage to this long term commitment. Talked with Westpac lady today, she said I can get $600K no problem. Not getting a loan from them but was wondering what is the ballpark amount I could get. I’m not yet comfortable in taking that amount of debt and was thinking something around $350-400K. Is anyone willing to provide pointers on where I should look. I was thinking QLD but open to anywhere other than NSW, that place is way overpriced. I’m shocked people are still living in that state. Anyway. I know this is not an advice that takes my personal circumstances into consideration . But I would really, really appreciate pointers to where to look. It will take me another 2-3 months to research any suburbs you guys point out. Thanks!
Welcome Noobieboy I recently bought in Paralowie, Adelaide for 275k I see steady growth there at a great price point For a little extra you'll get closer to the CBD Many on this forum are looking closely at Adelaide - for a first investment I recommend it
As Duane said, its a cost effective way to get in the market. Properties here are about 1/3 of what they are in NSW for the equivalent stock. Everyone has to start somewhere.
Geelong can bee a consideration. I recently came across an opportunity at a price point of 380k with good equity and decent rental yield. I feel long term it should be a good bet as well. Regards
Out of interest, are 300k properties in Adelaide decent or are they kinda scraping the bottom of the barrel?
300k ones can definitely be decent, though admittedly doesn't get you what it used to thanks to the start of the rise. This is a segment DaveM does a fair bit of work in - quite often brings properties that only need minor improvements to get good quality tenants in. 200k ones are scraping the barrel and will usually be in areas good property managers won't service. Depending on your budget, goals, time frames etc, obviously higher level markets can be better, but understandably not everyone has borrowing capacity for more. Especially with all the new rules.
$200k - $300k for a property in a large city sounds incredible. How far away from the CBD are they? I can't even remember a time when Canberra property prices were that low! Cheers Jamie
26 Delamere Drive, Paralowie, SA 5108 - Property Details look at this one for example. Bought for 240k, 20k worth of cosmetic reno and repairing termite damage then we rented it for 350 a week. Or this one 7 Bourke Avenue, Ingle Farm, SA 5098 - Property Details 335k, only really needed some minor stuff and a clean. We rented it for 330pw on the day of settlement and will be increasing it soon. Not as good yield as the other but its on a future development block, which shows there's something for everyone depending on their preferences and goals.
I woul suggest Davo park with all its non tree lined street...possible to emter sub 200k...watch thunk DT?
Interesting. I think though Adelaide will struggle once the rates will start lifting (more than other places) as there is little happening in the state that could push spending and inflation up. I’ll keep an eye on it though and research further.
