I am a complete property newbie. At least that is what I think after going thorough some of the threads here. 3 years ago I bought a 2 bedroom villa. It was madness in 2016 Jan. And yet based on the research on realestate website, I bought it at 520k. The only reason was that it was in school catchment area and being devoted to my kid's education I bought it. Education before anything else. (Yes I am from Asia). A year passed and now school catchment area has been reduced and my villa is out of it. So in 3 year my property has gained around 25k while the same kind of villas in catchment areas have gained 100k. I live in it. And do not find it bad. The school is good and kid is doing well. The only thing which bugs me is that if there was some equity then I could have used it to buy an investment property. After due research. Saving money out of my earnings seems impossible. There are areas in personal life I know I have to spend some serious money on. Do not know what I can do now. Saving money is hard with 2 young growing kids. Now wife has also joined workforce but that has come at a cost. We collectively are more busy now and kids do not get enough parent time. At least by my standards. So here I am. Twiddling my thumbs. Not sure what to do next. Maybe I will read some threads here.
Be patient . The Sydney market is correcting . It has a little more correction yet to play out but at your purchase price you are largely insulated against the correction I suspect. Right now all you can do is concentrate on making the repayments on your townhouse . If you can make any extra repayments - do that. That will really pay off for you in time . It will help get you some more equity and borrowing capacity . But these things take time . Also - don’t forget to put things in perspective . It’s helpful to remind yourself that lots of people aren’t able to save a deposit to purchase their own home , let alone any investments . So you are doing ok so far . It’s also helpful to remind yourself that your home provides your family with security ... and that right now investments are a luxury not a need . So dont worry - You’ll eventually get there , because you’ve taken a good first step - but it will just have to wait a while . And finally , keep in mind that even the most successful here have usually taken 15-20 years to get themselves set up .... so you have time You’ll find that if you hang around these forums you’ll learn a lot .... soak it up and when you are in a position to start investing in future years , you’ll be doing so from a position of confidence .
welcome to the forum @toolatetoparty Is that Chelteham Girls High School? I am an Asian as well, paying attention to schools,
It is Girraween Public School in Sydney. They last year redrew their catchment area and I was out of it. I was not even on the fringe of the area. The catchment area extended a blocks well beyond my villa. Bad luck I guess.
