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Want to buy 1st IP in Ingleburn NSW

Discussion in 'Introductions' started by Hidare, 17th Sep, 2015.

  1. Hidare

    Hidare Active Member

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    Hello everyone!

    My first post on the forum. Sydney's property market is so hot. We want to put a step in the investment property before it's too expensive to get in. My wife and I plan to buy the first investment property in Ingleburn. As you know, Ingleburn is not a good suburb for its reputation (housing commission). The broker suggest we can buy an investment property within the budget $550k with using our existing unit as security. Having been inspecting the houses, townhouses and villas in Ingleburn for one month, we only can buy a villa or townhouse (($450k-500k) or a quite old house($550k). The weekly rental is about $350-$400. Our goal is to buy an hold the property for more than 10 years. Is Ingleburn is worthy to be invested? Or I can buy other properties somewhere else? Any suggestions or ideas will help us to make a decision. Keen to hear your thoughts, advice. Thanks.
     
  2. S44

    S44 Member

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    Personally I would try to stretch the budget a bit and buy in one of the better suburbs nearby.
    At the upper limit of your price range, I'd be looking at townhouse/duplex in suburbs like Prestons, Horningsea Park, West Hoxton, Hoxton Park, etc.
    These are all really good suburbs with no housing commission in sight.
    Very family oriented suburbs.

    But 550-600k would be a more realistic figure for this option in today's market.
     
  3. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    That is terrible advice - please don't put up your unit as security. There is no need and the loan can be structured in a much more efficient and low risk way. You can use the equity in your unit without putting it up as security.
    Your broker does not understand the implications of what he's/she's recommending.
     
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  4. Hidare

    Hidare Active Member

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    Thank you for your advice. A friend living in Ingleburn tell me Ingleburn is alright to live now with Woolworths and more shops, restaurants, upgraded train station etc. I don't know much the suburbs Prestons, Horningsea Park, West Hoxton and Hoxton Park. I can buy the property far away from housing commission. It takes about 50 minutes to arrive in city by train with limited stop.
     
  5. Hidare

    Hidare Active Member

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    Thank you for reminding about the loan. Sorry! I mean the broker use the equity in my unit to top up the loan to finance the investment property.
     
  6. Biz

    Biz Well-Known Member

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    Yes, yes it is.

    Too late, probably more downside than up now so be careful

    Don't X col you're properties. Get a new broker.

    That's probably what you will need to do based on where the market is at the moment in Sydney.

    I don't think it's too bad. Just wouldn't buy there right now.

    You got it.
     
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  7. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    That's slightly better - also need to make sure the new 'top-up' is split from the main loan to avoid a tax mess.
     
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  8. Hidare

    Hidare Active Member

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  9. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    The good thing about ingleburn is the finger lots -if you can pick yourself up a finger lot at a good price then you have done really well.
     
  10. Kangaroo

    Kangaroo Well-Known Member

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    The sydney market is too hot. In the next 1 or 2 years, there will be thousands of apartments to be settled and the rent will go down dramatically, hence bring down all the property prices. I think it better to wait for 2 years then jump in. Or why not buy a house or 1/2 TH in Brisbane ? Just personal view.
     
  11. Brian84

    Brian84 Well-Known Member

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    I agree, prestons is the best suburb to live :D
     
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  12. SouthBoy

    SouthBoy Well-Known Member

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    Really? you call these investment suburbs?
     
  13. Hidare

    Hidare Active Member

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    Thank you!
     
  14. S44

    S44 Member

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    Why wouldn't they be? And how about giving some productive input & sharing your opinion on what would be a good LONG TERM investment in Sydney, rather than just implying I have no idea what I'm talking about. :)

    These suburbs and more surrounding them are some of the fastest growing areas in Sydney with huge plans in the pipeline.
    Granted they've currently already boomed to the point of not being the best SHORT TERM investments, but the same can be said for all of Sydney.
    Anywhere in Sydney, it's now become a long term game.
     
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  15. SouthBoy

    SouthBoy Well-Known Member

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    I don't believe suburbs with housing commission will necessarily perform bad in the long run. Redfern & Mount Druitt come to mind. They tend to have more upside when gentrification starts to occur. Ingleburn in my opinion fits the bill.
     
  16. S44

    S44 Member

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    Yes, I never said areas with housing commission are bad investments. Quite the opposite.
    But me personally, I try to avoid investment properties surrounded by housing commission for my own reasons.
    Just sharing my opinion on good alternative suburbs nearby since opinions were asked by the OP, that's all.
     
  17. Hidare

    Hidare Active Member

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    I couldn't agree more than the point - it is a long term game! I just can afford the property in suburbs like Ingleburn near Sydney with my limited budget.
     
  18. Redom

    Redom Mortgage Broker Business Member

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    May have had its current run in that region, but can see it having all the key attributes investors look for in long term growth.

    I'm not so sure about the reputation anymore, i grew up there a decade ago and it didn't have the best rep. Although some of the new lots that have gone up have cleaned it up a little.

    If i can say anything, it'd be what are you looking for from this particular investment and how does it fit in with your overall plan? I'd be conscious of potential 'fear of missing out' emotions when investing, the market will cool and slow. You'd be purchasing knowing that you're entering the market after 40%+ increase, in one of the more susceptible parts of Sydney (lower socioeconomically than other parts). Then look at what the alternatives/comparisons can get you in other markets.
     
  19. Hidare

    Hidare Active Member

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  20. SaraP

    SaraP New Member

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    I moved to Ingleburn a few years ago and can't wait to get out! Won't be long and i will be running far away from this social welfare reliant community with the worst Aussie yobbo mentality.. so bad that it makes me ashamed to be an Aussie! There are NO good restaurants.. Woolworth's is the only supermarket. The area is home to the most filthy of mouths I have ever en-counted! Not to mention the bullying that goes on by adults. Its an area where it is acceptable to be a drug dealer! and swearing is the norm! Its disgraceful. Buying an investment here? if you do make sure you price the rent to attract only those who have better manners and respect than the majority here. Less than 20% of the population are decent people. I would say to you buy else where even down the road in Nth Ingleburn and Bardia is a much better class of potential tennants! Not to mention better schools.

    We are waiting for the real estate bubble to burst before we go and buy elsewhere and when that happens we will be running!!!!!!
     
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