Opinions on my recent Investment Property purchase?

its not a terrible investment, your not going to get any, omg the property dropped 20 % type of stories in hte next few years,
but as others have said , its more likely not to grow decently then will grow


also, never do you investment calcs such as yield based on actual borrowings,
eg if you borrowed $1k on a $400k property and returned $3k per year, you are not trippling your money or getting a 300 % yield

always do your calcs based on 100% borrowings to determine the quality of the investment

you can do your cashflow calcs based on actual borrwings for the example above


We may come accross as harsh but would you rather us sugar coat it?

youre 22 and have started very young, I started in my 30s,
so you're miles ahead of me,

make mistakes when you are young, you can easily recover, learn while you are young, and then you will only get stronger

 

For tax purposes this property may produce a different outcome to what you expect.

Rent $23,920 less Strata $5200, Rates $3200, Agent $1674, Interest $7280 means its NOT neg geared. Its +ve geared and you face a tax bill (say $2K).(Note Sinking fund is not deductible and only interest is deductible.)

You need to allow for repairs esp in surfers . The other item you missed is the Div 43 QS deductions for a large complex. The deduction could be large depending on when it was built. It could leave the property neutrally geared.

Other deductions - water, agent lease fees, sundries, advertising for tenants, borrowing costs (over 60mths), insurance (esp LL),

 

Being brutally honest, not the best investment i'm afraid. If you invested for capital growth you are not going to get it here. I have heard stories of people buying units in the Gold Coast for $340,000 and them being worth $320,000 10 years later.