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I have been looking to buy another IP, both interstate and in Sydney, but unable to finalise one yet. Offers are rejected at some places and yields are pretty bad at others. I should be able to extract 120K equity from my PPOR and probably another 75k from IP2 if need be. If I sell my...

Thanks HD_ACE. I will consider that as well.

Great detail mflying. Thanks for that. Getting the plans, permits and DA will be my goal for this FY.

As mentioned above, I have 30K savings only. Wife will be on maternity leave for a year after 3 months (unpaid). So, single income. Not much experience with development. And as you mentioned, I might get a good, if not better, profit by selling the IP (later) than developing it.

Thanks MTR. I guess I will stick to buying and holding in the meantime.

Any suggestions? In the meantime, I am actively looking interstate (Perth, Brisbane and Vic) for next IP.

Background: PPOR - 430K + 30K (equity for IP#1) IP#1 - Loan 360K + 120K (equity for IP#2) Rent: $22421 pa gross IP#3 - Loan 370K Rent: 21900 pa gross Income - 85K and savings 30k. IP#1 is an existing house on 556sqm and believe it can be demolished and torrens subdivided into 2...