Where/What would you buy for your first IP, if your limit was $300,000?

Yeah...agree..I think it's depends on the different criterias as well, but for me probably I will just looking at parramatta...Have you got any idea about the better time to buy...end of this year, beginning of next year (before interest rate increases again)..
I've read somewhere that property prices won't go down even if interest rate increases...

 

Well I'm no expert, but typically I don't think it makes much difference, property I believe takes a few years to boom a little, so buying in 3/6/12 months, I don't think prices are going to fluctuate too much.

Personally though I would say the sooner the better, especially with parramatta, its going to go off like a bomb. Just drive around there and theres constant construction all over the place of commercial and resedential high rise buildings.

People are basically already calling it the next Sydney, and I actually think its the second biggest CBD in NSW, so it basically is the baby sydney.

 

I know the Parra and surrounding North West area quite well and can tell you that units in Parramatta, Westmead and Northmead have averaged 6-6.5% over the last 10 yrs, with houses outperforming at 8.79-9.5% cg over the same period (Source: Residex)
Though I tend to not take future predictions and forecasts too seriously, I agree that the increased development and changed height restrictions recently implemented (effectively doubling allowable heights for developers, thus increasing interest in areas such as Parra river's foreshores) as part of Parramatta's City Centre Plan, will revamp Sydney's western CBD and rejuvenate the current tired and rundown areas. Council has expensive plans in place, which have already begun with the re-opening of Church St Mall and the beautification of the eatery strip down Church St.
When the new $1.4billion planned CBD is on it's way, I expect values will increase as those who previously scorned Parramatta an an ugly mini CBD begin to see it's benefits, including it's upgraded railway line and ferry access to Sydney.

 

Thanks for all the insight Jacque.

You've made me want to buy into parra even MORE now..

Ohh if only I had more money hehe...

Even though some of the surrounding places may have more CG now, I'll still prob opt for parra, simply because its closer to transport, and the big westfields, plus plenty of other amenities.

I also think once this 1.4bil plan finishes tha parra may begin to out-do the others..!

 

Thanks Jacque and Sk3tChY for your advice,

I've just signed the contract for a 2 bedroom unit (with LUG) in Parra (for less than 300K), but not sure if i've made the right decision....I didn't buy in the River area, the unit is on Lansdowne Street...Jacque as you know this area quite well, do you know if this street has any potential for capital gain ? or was there any problem on the south side of Parra ?
I still have 5 days cooling off period to change my mind

Thanks...

 

Ah.. buyers remorse.. it happens to us all at one stage
I wouldn't be too concerned- you've come this far and obviously done your homework so it's probably just nerves making you feel this way.
Lansdowne St is quite central so I'm sure you won't have any problems renting your unit out. There have been sales in various units on this street that have exceeded $300K but naturally it depends on what sales were in your particular building. PM me if you want more info- happy to look up the other sales if you haven't already done so.

 

Hi Jacque, really appreciate your offer to help...If only we talked earlier ...I've spent around $100 on those property reports and valuation before decided to buy it...It's actually my first buy so I will have to live there for at least 6 months before renting it out...It is sold for $297k and the estimated rent is $330 so hopefully I can turn it to an investment property later on...I will need your advice for my second one Jacque

 

I was also considering Sutherland before I bought the unit in Parramatta, the area are green and nice, express train to the city on one of the most reliable line in Sydney, price is on the way up...However one reason I dropped that idea was that I was afraid it would not be as easy to rent out as in Parramatta when I saw only 22% rented in the Nature of Occupancy on Domain.Also for those who work in the city, they wouldn't want to live that far...just my 2c thought Sk3tChy..

 

I too may invest in the parramatta region, as i believe it does have great potential for CG, rentability, and is quite affordable for my first IP.

Depends on how much my mortgage broker is able to secure me from one of the banks.

 

hi, first post here but am thinking along the same lines of buying my first IP but located in MELBOURNE. planning on living in it for 6months first to get the grant then renting it out.

Are there any recommendations on locations and types or property i should investigate as a first investment property ? would appreciate any thoughts ! (Thought i would post here rather than create a duplicate thread)