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You can claim the interest on renovations, but not the cost themselves as they are a capital expenditure. Get tax advice, as some things may be claimable - for eg, if your wall oven is dead, the cost of replacement may be considered maintenance if you replace with similar quality (no upgrading...

Hi GG, Welcome to the forum! Rather than looking for H&L, you could consider buying new/almost new in an area you feel has more potential for growth. If you're after high CG and don't mind having a neg geared IP you could look closer to the city, maybe for a unit in someone's recently...