NSW My Best Option

Hello All,

Thinking of Buying an IP around 650k ( appartment, in upper North Shore, Waitara/Hornsby), and hold for 6-8 years, avail the FHOG. and the rent covers the costs. Don't want to go west!

Buy something in CC ( lookig at Ourimbah), same price, not move ( for 6 months), still avail the FHOG, with the rent covering the costs.

My situation -
Renting in lower north shore paying about 2600 AUD in rent( More because of school and distance to city, would want to live here for atleast 2-3 more years)
Cannot buy where renting, as costs are really insane, no value for money even if the property plunges
Small Family
Family Incomore More than 280K( Combined)
No Loans
Have about 150k in savings
Eligible for FHOG

Should I buy or hold cash.. looking at best possible way to invest.. am thinking it might be the right time to get in the market.

Thank You for all your inputs.

 

@NewBuyer
Several benefits of buying a property as a home rather and stamp duty is one.

Long term you will do okay. However given Sydney's growth in the last 5 years it will likely be stagnant.. no crystal ball though.

First home buyer market in your price bracket is busy. The general feedback from clients is.. whilst the market is feeling stable, most properties are selling relatively quickly due to the demand from first home buyers.

What do you want this property to do for you long term ?