Hello! I'm a 34 year old from Doncaster East. I'm living in my first property, a two bedroom apartment. I am interested in either renting a new PPOR and leasing existing property, or purchasing a new PPOR and leasing existing property. I don't know whether it is safe to buy in a hot market like Melbourne's...
Hi @dante678 Welcome to PC. It depends on your goals - I take it PPOR is an upgrade? Do you need to immediately upgrade? Do you intend to build a real estate investment portfolio? PPOR is a personal and emotional decision. Melbourne has been going on a while. No one has a crystal ball - but from what I understand, it will continue being attractive to immigrants - who may be priced out of Sydney, and Melbourne is the place for them to own a PPOR.
Sounds like you need advice from your financial planner and accountant more than PC! That said Melbourne is hot but if you buy now/ soon you should still experience some growth (in most areas) before the expected downswing or flatter market. Don't take that as gospel though I can't tell the future. Don't think about timing the market with your PPOR, think about time in the market with it.
Thanks for your welcomes. Yes, ideally a new PPOR would be an upgrade in terms of travel time and garden. it's not necessary immediately to upgrade. However I am worried about being priced out of a house.
Hi @dante678 , welcome aboard. I wouldn't be buying in Melbourne at this point, but I'm not familiar with the market down there.
Being in Sydney, I would consider Melbourne but has to fit my criteria. Stress test your serviceability in view of IR rises.
