Where to buy next? Help please

Hi guys,

Just joined and need some advise from the experts.
I own a PPOR and an IP (+ geared) in Sydney and looking for a new IP around $650K.

Considering to get a house in Point Cook, Vic.
I'm unsure if I should get another one in Sydney or move interstate.

Interested in your thoughts

Cheers guys,

 

This a very broad question..

What attracted you to point cook?

 

near the water, 20-25kms to CBD, new-ish houses

 

Newish houses yes.

Depends how close to the water. My ips there face an oval parklands. Some estates have more streams rivers lakes

Some estate like sanctuary lakes everywhere

 

Btw, how difficult to get tenants in Point Cook?

 

Not hard depending how close ur amenities are. Closer to Woolworths, schools is a bonus

I used gumtree in the early days had a African lady, Aussie couple and Indians

 

Point cook is a huge suburb and getting tenant is easy but the question is at what price , if you want to get good weekly rental and short vacant time than I recommend you to buy property within walk distance to amenities such as :
1. north side of snydes road the closer to point cook town centre the better it is this , which also means closer to williams landing station too
2. within walking distance to featherbrook shopping centre
3. if school is important than make sure to buy within Point cook p9, alamanda p9 and featherbrook p9 school zone

I have investment property within 5 minutes walk to point cook town centre and the longest turnaround time to get a good tenant so far is 3 weeks on top of this I am also getting above the market rental return due to location . The property value has gone up in the last 3 years and I still believe point cook offers good value given distance to city and amenities offered.

negative aspects about point cook is the long travel time to get in to princess highway during peak hour; this is why try to buy something as north as possible. Having said this council has built new diamond interchange on snydes road , duplicate palmers road to include bus lane

 

Well done on owning PPOR and IP in Sydney, you should have plenty of equity to invest with. I would advise you diversify out of Sydney now, Sydney just coming off the peak of that cycle anyway so a terrible time to buy there in my opinion. Melbourne is a good spot and you are looking West which still has some growth to go i think. Melbourne still creating lots of jobs and population growth is huge the next decade. Have a look at Werribee as well where you will pay less, just be careful there is a lot of land still available so buy something established in a good spot within Werribee/Hoppers ie in a popular school zone or close to transport links or shops etc. You may be able to buy a quality established house in Werribee around 500k in a good street, and then buy again in Brissy for around the same price in a middle ring suburb. Sit on them for 10 years and continue to buy more as equity and rent grows you will be looking good i reckon.

 

Yes, I was actually thinking the same (Melb and Brissy). I thought Werribee isn't a great suburb to invest in due to safety?

 

I also have 2 properties in Sydney (1 PPOR and 1 IP), and have bought in Melbourne (2 IPs) within last 10 months. I both both of them at around 600K each.

I don't have any IPs in Brisbane.

You should have tons of equity from your Sydney property (congratulations by the way). I think anything around 600K or under at Melbourne will always have demand because of so many young people and migrants moving down, especially from Sydney. You should know what I mean, with Sydney property prices being so stupidly expensive.

 

Do you mind telling me which suburb (Melb) did you purchase your IPs? Thanks in advance.

 

I bought a small 3 bedroom house at Preston (250sqm), and a 3 bedroom townhouse at Reservoir. The reason we bought there is because they are close to city, Preston being 10km, and Reservoir being 13km from CBD. If I am going to buy small house at those new suburbs, I may as well buy small places closer to city.

This should work well as with Melbourne traffic getting worse and worse, location is becoming more important.

 

Go to Brisbane. A lot of investors are going up there now. Brisbane/Greater Brisbane (i.e) Logan,Ipswich and the Gold Coast. I personally have a great feeling about the growth of Brissy in the next 5-10 years - and I'm not the only investor that shares that view.

Take your pic - plenty of great investments to choose from.

 

@OP

You are saying yourself you have managed to do well in Sydney.

Brisbane is a troubled market with unit oversupply and a nearly crashing construction industry.

If you can afford, anywhere near parramatta is going to be golden property.

if you cant afford, your best bet is a market that is at its bottom and can only go up now. I let you figure it out

 

Hi, I am looking for PM in point cook, can you tell me which company manage your property?