Please give me some advices on investing properties

I am currently living in Cairns. I have a situation that I have no idea which area I should invest as after covid-19, I reckon it will be a good time to do some investment on property. My plan is leasing to someone and wait the price of the property to increase then sell it.
If I can get a loan and able to buy a property up to $500,000, where should I invest?
1. Buy a unit 1-2 bedroom in Cairns CBD or Smithfield ($220000 - $320000)?
2. Buy a house under $500000 in Cairns (Smithfield/Trinity Beach/Blue Water)?
3. Buy an apartment 1-2 bedroom in Brisbane CBD or closed to CBD?
4. Buy a 1 bedroom apartment in Melbourne (South Yarra/Clayton/Doncaster/Box Hill)?
Or any other suggestions?

Many thanks

 

Whatever you do, don't buy an apartment almost anywhere in the country. Most definitely not in Clayton, Doncaster or Box Hill.

 

1. No
2. No
3. No
4. Buy 1 bedroom older style unit between St Kilda West and Elwood which can be improved with kitchen/bathroom reno

 

If looking at Cairns I would be looking at a 3 bed 1 bathroom house on 600 sqm minimum.

I would reconsider suburb selection slightly and not chase any of those new builds.

 

Avoid apartments in Brisbane too.

Some of the regional cities are quite good. Isn't townsville looking up? Cairns is tricky cos of the lack of tourism ........

 

The last time I checked, banks won’t lend to units less than 60 sqm. Those 1 beddie in Elwood are tiny.

 

60? I thought it was 50? They're really tightening things if it's 60 then.

 

Not sure now, may be Rolf can help to clarify

 

At the moment, I can only afford to buy 1 property. If the property under $250000, I probably do not need a loan. It will be easier for me to buy a house for living in the future in Perth as I am going to move to Perth.
I do not have any home loan at the moment and I did save some money for buying a property

Thanks

 

Would you mind telling me reasons for that?

 

Chinese, international students area.

But I think it would be fine long term. They will come back before you know it.

 

Yes definitely but before the end of next year, it may be difficult to lease to someone

 

Yes I am considering an older style I br unit in North Ward near the Strand. The agents there say there is increasing demand and lack of rental accommodation. Does anyone have have any info on the Townsville market? Maybe JenJen could respond?

I’m also keen to know what size banks will lend for. I thought it was over 50 sm?
Cheers
Bozley

 

If you're going to buy a home in Perth down the track, definitely don't buy an INV with cash - unless you love paying more tax than necessary.

 

I bought a townhouse in 7 unit block in Townsville for 110k for 2004. by 2008 it was 210k. Now its around 150k. Hard to sell at mo.
2010 I went on the committee to keep maintenance up. Car Park wars since 2014 gradually getting worse.

I only do houses now. Would only go Melbourne area cause that has continued growth over the years.

 

Hi Adelaide
Do you mind me asking which suburb your property is In? It sounds like a frustrating situation for you! Townsville seems to have been going backwards for about 13 years.

It might be changing in the last month or two. We bought a 2 bedroom townhouse in North Ward last week. There was a lot of interest in the place. SQM data shows fewer listings and asking prices starting to increase in the city area. Rents are increasing with a huge shortage of rental stock.

Does anyone else have any on the ground info of Townsville?