Hi Just after some advice on what your thoughts are. The suburb I'm looking at is almost at the peak of the market. Do you buy investment properties at anytime of the property cycle? What normally happens after a boom. Do house prices go backwards a little or slow down in growth for a few years after etc. Thanks
Newcastle? I have heard this. After a boom comes a correction, we just don't know far it will fall back, it will be dependent on many factors. At least with every cycle I have played in so far. Have you accessed equity? I would advice you not to buy at peak you will regret it. I know a couple of investors from Newcastle they are selling and the other has taken their profit and investing in other markets which are rising but not close to peak yet. MTR
Yes Newcastle. The prices here are getting crazy. I know it won't be like this forever. Thanks MTR, I thought I should wait.
I have just found an established home (not on the market for 2 weeks) that I thought maybe good. Not happy about the price (are we ever lol). $420k for small 3 bed. Immaculate. I thought it was going to be $350k. Very surprised by the market atm. I was thinking about buying land and choosing builder etc until I walked past the real estate opps.
Depends who is in front of you and what they are flogging The ideal is to buy in a market that is about to move or is moving and creating equity via subdivision and value add is the golden goose. Some celebrate and some mourn. Usually prices retreat a little or flat-line but remember there are micro markets within larger markets that will be moving when there areas in the same location are stagnant or retreating. Usually come back a little and flat-line for an extended period until the next cycle comes along. Lets sat a property doubles in value over a 10 year period, there will be a 2-3 year period when most of the growth happened.
For $350k you'd be after a fixeruppa I imagine, are you looking to renovate to add value, or extensions perhaps?
The beauty of boom cycles is they come around from to time to time Next time just be prepared to load up, and don't limit yourself to one State it will increase your odds ...
