Where should I look next?

Hi guys,

I'm 24, and have 9 properties (2 in NSW, 7 in QLD) and in a position to buy 2-3 more at the moment. It's a bad time to buy in NSW and I have enough exposure in QLD, so wondering where else I should be looking?

I've got a good portfolio of stable properties - this time round, I will want to buy properties that tick at least one of these boxes
- Significantly below market value
- Something which I could add value to through renovations
- Something which I could develop now or in the future. For eg I have an old house near Ipswich which is cashflow neutral but is zoned to put 3 townhouses on, which I plan to do in 5-10 years

My preference is always to buy within 1hr drive of a major CBD - no rural or mining towns etc.

I haven't been following the market much as I've been flat out with work and other things - just wondering peoples' thoughts on where to look next?

Cheers

 

Perth in 6-12 months time?

Geelong?

 

I was going to say to start researching Perth.

 

Outer Melbourne. But need to get your skates on.

 

Or Adelaide.

 

Agree with perth

Missed geelong, prices havs increased significantly the last 12 months

Ill be looking at some holiday markets as capital city growth normally flows through these markets in the following years

 

....and they were telling me Geelong will not move 12 months ago........

 

I will admit i have been a geelong doubter in the past. Especially with the amount of industry falling over there.
I know they have a housing supply shortage though and its a good alternative for younger couples who dont want a house and land package in melbourne but still want to be able to see family/ friends
I do think the prices have overshot there though

 

Adelaide now or Perth in maybe 12 months but I would want vacancy rates to come down a little first.

 

In addition to places already mentioned Also look at:
Ballarat
Launceston

 

For a city of a comparatively small area (residential suburbs of Geelong probably spread 20K's North-south and 10 K's east-west) the prices have really risen significantly in the inner areas, which have attracted some Melbourne overflow and seen those areas gentrify (East/West Geelong, Newtown, inner South Geelong). Prices have risen in some cases well beyond $600K for those areas, and also the big houses of Highton and Wandana Heights to a certain extent.

But only a couple of K's further out, especially in a North and East direction, houses can be had for $300K or under. And although i have long belted out my drum of the Norlane/Corio area, geographically they are the closest Geelong suburbs to Melbourne and in those areas houses are easily gettable for the low-mid $200K's.

Given that in my case it merely takes me a few minutes drive to access the amenities that the inner suburban people may walk to, the fact that houses out my way are less than half the price of those inner suburbs (and a 50-55 minute drive to Melbourne), i just feel that there's still value here. Particularly for those numbers, there's nothing inside this distance to Melbourne available in any other direction that has so much access to services and amenities of all kinds. Bear in mind with Geelong, nothing's further than say a 30-minute trip to a coastal beach.

 

I'd like to hear how you managed to get 9 properties by the age of 24! And how you're in a position to buy 2-3 more, despite the new lending environment. Please share your story if you are happy to.

Personally I would look at Adelaide if I was you. It's a sensible market which tends to grow steadily every year without booms and busts. Lots of opportunities to buy at a good price point, close to the city and with development or reno potential.

 

love this avatar

 

24 yo and this motivated 9 properties, I am impressed can I introduce you to my daughter...just joking...well done at 24 I was travelling the world...good for you

 

+1 to this as well. Now that API's gone, this forum will be a good place to find those Young Guns. Would love to be inspired, but I'm not that young anymore.

 

It is only starting....the boom has not reached the frenzied level...once it leaves Werribee it will hit Geelong....

 

well done on 9 by 24 - amazing knock so far and very inspirational !

 

Would love to hear a break down of your situation or even asset value and your current lvr.

 

Thanks a lot guys - I prefer to stay under the radar and keep things private, but essentially it's come down to a lot of hard work. I started researching at around 19, and have worked hard since I was 13 and always saved as much as possible.

I have stuck to the principal of buying properties under market value and/or that have the ability to add value from day one. This allowed me to buy very quickly. I also ensured cashflow was good, to allow me to buy and hold multiple properties.

My income is now fairly high which allows me to continue buying despite the tougher lending conditions.

Hope this helps somewhat...

 

Amazing work, well done