Hey PCers, I have been scouring the forums over the last few months and would like to get your opinion on my situation. I am 24, currently living at home and considering purchasing my first IP. Goals: - Invest in areas with a balance of capital growth/ rental yield -Develop equity to purchase future investment properties Current Cash Funds= $60,000 Current Saving Rate= $3000 per month Here is the catch- I am planning on living and working overseas for the whole year in 2018. I will need at least $15,000 for the trip. I am confident I could manage the mortgage and have enough cash to get by on my year abroad. I am lucky enough to have great family support that could provide me with some surplus cash if needed. If you were in my position would you: 1) Get into the market ASAP with a budget property of $200-250k (hometown of Ballarat or outer Adelaide) 2) Get into market with a mid range property of up to $400,000 (Brisbane- keen on the Moreton Bay region with the upcoming Uni and other infrastrure) 3) Put the $60,000 aside, wait until back in Australia in 2019 Open to any other suggestions. I think I am suffering from a bit of FOMO RE Brisbane, but I guess with the market nearing it's peak in other areas (Melbourne, Sydney) there may be buying opportunities in a few years time when they are at a different part of the property cycle. Looking forward to getting your input
Ballarat now and then buy again in 2019. I think Ballarat is a better prospect than Qld and SA at the moment. The fundamentals are not as strong as they are in Victoria and NSW. I'd also look at Geelong and maybe even Tasmania. @seachange has a great post on that one. My last purchase was in Ballarat and as its your hometown there might be some benefit in being able to easily renovate etc.
