Where to buy 1st IP in Australia for under 450K

Have you looked a little south of Sydney, at Morrisett, Balcolyn areas anything that follows the train line, on the Morrissett side of the lake and gives a reasonable commute to Syd with be highly sought after in the future. This area is just starting to take off now.

 

@Tanya1335 Im getting bit confused isn't Morrisett and balcolyn around newcastle area? or Im missing something here

 

I did think/consider that option but I live in Sydney and prices are so high that I don't think its worth buying any more and if there is correction or interest rate rise there will be some unwanted pressure on myself and partner. Open to suggestion if you think the other way or if there is something Im not seeing.

 

Depending on your serviceability and where you want to live, I think with $300k in savings, it is definitely worth considering a PPOR. If you are OK to rent for the long run, then great - but it is worthwhile using after tax dollars on owner occupier, and select lenders which will allow you the flexibility to reduce the loan and 'reborrow' to invest else where.

If you did not purchase an owner occupier now, do you intend to later down the track?

It is not like rents will stay where there are, whilst these may stagnate with the upcoming oversupply of units etc, eventually rents will also catch up as yields are low in Sydney currently.

 

Werribee

 

I consider the Morissett area the central coast but its closer to Newcastle than Sydney

 

Yep. Officially it's Lake Macquarie.

 

As Sydney out prices itself anything along that train line will significantly increase in value

 

I saw this property but not interested at the time.
28 Illawong Avenue, Penrith, NSW 2750 - Property Details
You could have used 20% for deposit, a few $$$ to renovate the place, live min. 6 months to qualify FHOG(if any) and free stamp duty and net of < 300K left in offset account to reduce interests and convert later to IP if ever wanted.
There are still bargains everywhere but you need to do the hard work IMO

 

Not what you had in mind but have you considered Perth? Could be the dark horse for good buying while the herd is focused on Brisbane

 

Thats interesting.. but as per my research Perth is at 5 o' clock still 8 to 9 months before it starts picking up..

 

Ha ha. Yes I too have set my watch for 8 months in the future Its up to you, but other than Sydney and some mining towns you can afford to keep an open mind. People are making money every day in places not rated highly, or at all on this clock. Less people looking helps.

The biggest issue would be making sure you buy something with a good chance of attracting a tenant to cover most of your costs.

 

Yep, and definitely not south of Sydney.

 

this promotion of BAs is very annoying and full of vested interests patting themselves on the back. Omar do youself a favor and get off your proverbial and get on with it. some of the BAs are taking the **** ny charging 10k plus for very little service not all are bad but anything more than 6 to 8k is ******* money down the drain

 

Tell me more! I'm casually looking for a new PPOR in that budget

 

Dam....i'm the herd now....

 

Sash I'm sure we both know people who want to invest but seriously would do a terrible job negotiating and finding a good ip. The right BA can definitely be with 10k imho. I agree with you investors should put in the effort to do it themselves but there will always be ppl who really do (initially) need the help otherwise they very possibly could buy an overpriced dud. I have also engaged @Jacque in the past to leverage my time and it was well worth it.

 

No offence intended at all..I was just meaning it's not the only market

 

nah none taken I was only kiddin,

Tbh i think there are good deals in so many places, Hobart, Brissy, Adelaide, Perth (if you know where and what, I don't so i would engage an expert on the market there) and even Sydney... yes I know crazy to say Sydney but when 2 bed unit unrenovated (so very good reno potential) just 10km from the CBD is selling 3-400k less than other 10km suburbs..the value is staggering even in todays market.

 

Sorry can't agree with you...lots on this forum have had some terrible experiences.....I get that some are great.

But I am hearing some BAs..including members of REBAA are charging ridiculous fees...in some instances more than what Real Estate Agents charge for a sale....