Where to buy IP for 75-80k

Discussion in 'Where to Buy' started by Adi, 9th Mar, 2018.

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  1. Adi

    Adi Active Member

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    Hi All property gurus,

    I have around 75-80k that I have saved. I know it’s a tiny amount to put as a deposit but that’s all I have atm. Need your expert advise on what and where I should be looking at to invest that could give me a YOY yield and has low vacancy rates as well that can be rented out easily. Open to anywhere in OZ land.
    I don’t think I should invest in units as there seems to be a influx of units and could be a case of over supply as well, but with the amount I have what else can I get?
    Thank you all in advance as I really need advice on what I should be looking at .
     
  2. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Hi @Adi

    $75-80k is a good starting point, so I wouldn't call it a tiny amount :)

    Depending on your borrowing capacity, this could get you a $440k property ($75k divided by 17% - being 12% deposit and 5% of purchase costs).

    In terms of where to buy - Sydney is not recommended being at peak :) but you could look interstate - a number of our clients have been buying in Brisbane, and some in Hobart, as the rental returns are much higher than Sydney and Melbourne.
     
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  3. Adi

    Adi Active Member

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    Thanks Sana and Mona. Appreciate your advice. I think I will be able to afford upto a 500k property.
    What areas will you recommend in Brisbane and Hobart?
     
  4. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Adi, its not so much the affordability, its more the deposit. For a $500k purchase you will need to save up a bit more.... but not heaps more.
     
  5. Adi

    Adi Active Member

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    I might be able to shell out another 20-25k more if absolutely needed. But I am keen to keep it to 75k . You are right about that it depends on the deposit .
     
  6. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    That is good. Definitely keep buffers.
     
  7. Trainee

    Trainee Well-Known Member

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    Whats this mean?
     
  8. Cimbom

    Cimbom Well-Known Member

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    I thought you were looking for a 75k property for a second! :eek:
     
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  9. Blueskies

    Blueskies Well-Known Member

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    There is a place where all your dreams can come true...

    images (4).jpeg
     
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  10. Westie

    Westie Well-Known Member

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    Love the sarcasm there! Is the sign for real though?
     
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  11. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Yes there are welcome signs for each of the Logan suburbs :)

    We don't get that in Sydney!
     
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  12. TMNT

    TMNT Well-Known Member

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    Eeeeeexactly what I thought.
     
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  13. Beelzebub

    Beelzebub Well-Known Member

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    Hobart, Launceston, Geelong, Ballarat is where I have, and or would put, my money atm.
     
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  14. Adi

    Adi Active Member

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    Year or year yield or just that appreciates in value every year .
     
  15. Adi

    Adi Active Member

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    Haha! Wish i had plenty of options too for a 75k property ..
     
  16. Adi

    Adi Active Member

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    Thanks . That’s exactly what I needed where would it be sensible to invest. I don’t think I will get a house for my budget . It will most likely be a unit .. but I will start my search
     
  17. Beelzebub

    Beelzebub Well-Known Member

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    You should be able to get a house in Ballarat. Also, in Geelong's lower SES suburbs.

    Check out the following threads:
    VIC - Geelong

    VIC - Ballarat picking up ??

    TAS - Hobart is absolutely flying
     
  18. Ian87

    Ian87 Well-Known Member

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    Geelong is a good shout.
     
  19. jprops

    jprops Well-Known Member

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    Sure we do. I can think of plenty of suburbs that have welcome signs in Sydney.
     
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  20. Trainee

    Trainee Well-Known Member

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    Thats two very different things. What is year on year yield? Anything you rent out has yield. 1% rent is yield. Is that what you want?

    You have to use the right terms to describe what you want.
     

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