VIC Where to buy Land to be settled in 2020

Hi All,

I am a new entrant in the property market and want to make a bit of money to afford a good living for my family. I am looking to buy a land with 5% deposit which is expected to settle in late 2019 or early 2020.

I have few friends who have earned their fortunes like this and I want to try my luck as well. I know its too late to enter in the market but its not that late I guess.

Please guide me with good suggestions.

Regards,
Harry S

 

Hi @Harry S

Welcome to PC.

When you say you 'want to make a bit of money to afford a good living for my family' - what does this look like?

Where are you looking to buy land?

Buying land in a rising market may work well, however, if you are looking at Sydney, it has just come off peak...property goes in cycles, so there may be a few years of little to no growth.

Also, the lending environment is different to what it was a few years ago - so registering for land may mean you need to wait for some time before you can move on to your next deal (depending on your borrowing capacity and resources).

Best to figure out your goal, and what position you would like to be in a year later, 2 years later, 5 years later etc.

Read up on PC, as there is wealth of experience available here, before jumping in to committing to a land purchase.

 

Welcome @Harry S, it looks like you’re looking at doing that nomination sorta stuff. Most estates don’t allow that anymore. Your friends made their hay when the sun shined.

 

It's never too late to enter the market!

The property clock may be saying Melbourne is "reaching the peak of the market", however Victoria is a large state with a lot of different markets, and there are always deals to be had.

Just make sure to research and do your due diligence