Seeking advice re investment strategy - in experienced 24 yo, FHB, just starting out

Hi guys,

I've just joined this community and have scanned the forums but had trouble finding information/advice specific to people in my scenario:

- 25 y.o
- just started out a professional services career (making about 90k p.a)
- looking to get into the property ladder sooner than later, savings around 50k.

In many ways, as someone growing up in a single-parent household out in Western Sydney I feel like I am behind the rest of my peers (who have had parents help out with property) and might be for a while. I just want to se

I would be extremely grateful for any advice, information, or pointers from any experienced people here on how to best set myself up financially. I don't think ETFs are what I'll rely on so property is what I'm leaning towards.

Some options I thought of are to buy an apartment to live (maybe for a year) and then turn it into an IP:

1. buy a 1 bedroom apartment in a desirable location (e.g north, eastern suburbs) where capital g rowth is strong; or
2. buy a 2 bedroom apartment in a location further out in CBD (for e.g bankstown, revesby) where capital growth is weaker but prices are more affordable.

Any critique or advice would be appreciated.

 

50k deposit sound low, have you engaged a broker to run some numbers for you?
Why Sydney? Sounds like you want to buy somewhere to live in first, then the property criteria is very different..

 

50k is low but I intend to save up for the next 2-3 years and my income will increase.

when i was earning a salary of 60k p.a, a mortgage broker said I could borrow up to around $500K (90% of value without lmi - special case due to job), so I anticipate I could borrow more when my income increases in the next 2 years.

I'm looking at Sydney because I intend to live in it first and then renting it out after some time.

 

Buy house with land. Will most likely have to be in another state. Get in sooner rather than later. Plenty of ways to get into it now without having to save more. prices will continue to move and your cash is depreciating daily when not invested.

 

Buy a house in Adelaide with 500k budget