Hi all, I don't really know much about property investing except what I've read on these boards. I've heard that Canberra is a pain because of Land Tax, and you need to factor that into investments. I've been suggested this property in the ACT. How do I know if it's any good? 69/53 McMillan Crescent, Griffith ACT 2603 - Apartment for Sale
Ideally you need to determine WHY you're investing in property, what are your investment goals? Otherwise you'll be posting here every time you have a property in mind - you need clarify what you're looking for, this will make it easier for you to determine what properties suit you and your end goal. Who suggested this property to you and WHY?
How do you know if it's any good? - Read through the last several years of body corp minutes and you will find out a lot about the building, the committee, the sinking fund balance and if there have been any major issues with this block - As per above, does it fit in to your personal goals - what are you trying to achieve by purchasing this property? - Body corp of $700/quarter is actually quite low for Canberra, however land tax and rates are very high in the ACT. Factor in all these costs and so your final sums. Yield seems attractive but once you do the numbers it might not be - Look up previous sold units in this block and nearby, is it over-priced? There are several threads on Canberra if you type in Canberra in the search section. There are some experienced Canberra investors who have posted and nobody expecting capital growth in the next few years, myself included, for units/apartments in Canberra.