A few words to introduce myself: We came from overseas to live in Sydney in 2011 with no significant assets. Work full time as an engineer, wife also works full time as a pharmacy assistant. Have two school-age kids. Bought first IP in 2014, an OTP apartment in 2015 and the second IP in 2016. All are in Sydney (which does worry a bit). We have been renting for ourselves. I am still new in property investment and very keen to learn. Thanks.
Sounds like you've done really well for someone who came here in 2011. What's worrying? Is 2016 purchase an OTP also?
Thanks Ali, our both IPs are established houses. The OTP apartment (in Beecroft) is expected to settle end of next year. What's worrying is the time we enter the Sydney market has been most probably at or around its peak.
Reports suggest projected growth of 10% plus next year. Beecroft is a sought after location. Is there an oversupply where you are? Just make sure your lending is lined up. That's where people lose sleep with OTP.
Yes, we just hope Beecroft will be doing alright in terms of supply / demand. We don't see a lot of new apartments upcoming in the suburb (unlike in the case of neighbouring Epping). Totally agree with you wrt finance.
My view of this is that at the moment, this is a relatively unique product for the area and it will do well. Beecroft is also a nice and leafy suburb. It is also a relatively quiet suburb compared to Epping (which many would prefer). Units also offer a lower cost of entry into the Beecroft market which would hopefully mean that finding buyers in the future would be straightforward.
Welcome @Loverenting Feel free to come down to the Sydney CBD meetup tonight. Link below NSW - Sydney CBD Meetup No. 4 - Thursday 15th December
Thanks very much Taku. I am stuck on cricket and some other household stuff atm, what's a shame! Will definitely make a plan for your next meetup.
