If i plan to stay and live in Syd / would it be a good idea to buy now ?

If i plan on living in syd should i buy a place asap even if i dont live in it straight away atleast i secure it for the price its at because in say 10 years properties could b3 significantly more expensive? So its smarter for me to grab it now ?
As i dont want to rent forever

So would this be a good plan ?
Im thinking of getting a townhouse as its just me. And my budget is 500-550k

 

If you are happy to, then yes. The only think is you would probably not be buying in a great suburb/location for that budget. If you are ok with that or you find something that works, then by all means. Freestanding non strata houses are better and will probably still have better long term growth but you are basically priced out of that market, so a townhouse is ok. You could look for duplexes too.

Btw, I think 3br townhouses are much better than 2br ones, and you could always get a room mate.

An alternative option is that you could buy a home in another city, but there is no guarantees of superior capital growth for that either. Sydney may go through flat periods or declines, but I’d think in 10 years property prices will be even higher in Sydney.

 

Hey yeah i know not the best location and house would be better but cant afford. I mean i have a big enough deposit but bank wont give a big enough loan.
Ive been trying to find a villa with no starta but had no luck.
Yeah as for 3br townhouses if i have to spend abit extra you think im better off ? Even though it will just be me i feel if it was to go up in value a 3br would be better off

And yeah im spending about 26k on rent a year id rather have a place cant risk waiting and watching things keep moving

 

I would go for the 3 bedder.... a 2 bedder won't be as popular when it comes time to sell. You can have a room mate to assist with repayments, it's ok if you start a family, and is very good for resale later. They tend to have a second car space and bathroom too.

 

Yeah i agree ill go for a 3bedder.
Im thinking ill even set it up to IO and have similar repayments to rent or less and just park my money there asif its a bank account atleast that way i have a appreciating assest

 

And if you decide to rent it out later, you'll still have maximal deductability. Note once your IO period expires, you might have higher repayments than if it was P&I the whole time. Your choice though. Keep reading other threads if you are unsure of the pros and cons and/or ask some more questions to the forum.