Newbie from Melbourne! Currently going around in circles..

Hi everyone!

I'm in my early 30's (yikes) and part of a mother-daughter duo investment-wise. We've bought and sold properties in WA metro but without really any idea of what we're doing other than getting capital gain with each house we buy/sell.

Now I've had enough of the merry-go-round. We've moved 11 times over the last 20 years (12 when you count the move from WA to VIC 2 weeks before the 1st lockdown omg) and want to stop. My goal now is to attain a landed PPOR within 10-15km of Melbourne (mostly for aging/retired mum) with a small simple portfolio (maybe two IPs?) that gives us passive income.

I own 1 apartment 100% paid off and am not sure what the best strategy going forward is... We both work full time and our broker says borrowing's no problem but just needs us to decide what we 'want to do'. Currently am looking at seizing the $25k grant by buying a townhouse in Reservoir and fully paying that off as well?
Are there articles you think might help?

 

How much cash and property do you have? How much is yours and how much is mum’s? Do you have siblings?

 

Thanks for replying so quick!

We've got $500k cash, and I own this $520k apartment. The apartment could get around $400-450 a month if rented out. I admit we're not too smart about juggling capital gains / investment tax etc that's why we only own one at a time, so I can't imagine going into commercial (or do you mean ETFs?).

The townhouse we're looking at is around $620k. We mostly want a 2/2/1 with a tiny courtyard and be happy. We're thinking of making it our PPOR and renting out the apartment but not sure if there's a smarter way of doing things.

I don't want to go back into the one-house cycle!

 

YES - a week, apologies.

If we do get this new townhouse, we'd have to live in it to get the homebuilder's grant so yeah, it will have to be PPOR for at least 6 months. Honestly just trying to get ahead by grabbing it before it ends.

 

Is that your dog

 

No, it's a popular picture on the internet that I like

 

Pretty clumsy dog

 

Welcome @skylight - and how good is freedom in Melbourne!

 

Haha yes the markups are visible. However, I've now gotten my offer accepted on another off the plan townhouse as PPOR -the price seems pretty fair. Pretty excited. And now thinking of maybe selling the apartment...