Hi Guys.
I'm currently looking at a buying my first IP.
The objective is to have it close to paying itself off so i need a relatively high yield. I may be moving overseas in the next year so i don't want to worry about it much.
At present I have found a one bedroom, one bathroom, no carpark apartment in Newtown (Erskineville Rd; 2 min walk to King St). As it is for an investment, I understand that the the fact that it doesn't have parking may be a problem for some, but the majority of people living in that area do not have cars. So it shouldn't be a drama.
The apartment is about 59sqm with a decent kitchen and great balcony.
The return, based on the asking price is about 5% already taking into account the high strata.
On the face of it it looks like a great investment, however I am concerned about the apartment being only one bedroom, compared to 2 which is what I have been previously looking at in the Petersham and Stanmore area.
Can anymone familiar with that area please provide advice in regards to the general attractiveness of this property as well as the potential for Capital Gains of one bedders over a two bedder a little further out.
Thanks again for your help.
Kind regards
S
I'm currently looking at a buying my first IP.
The objective is to have it close to paying itself off so i need a relatively high yield. I may be moving overseas in the next year so i don't want to worry about it much.
At present I have found a one bedroom, one bathroom, no carpark apartment in Newtown (Erskineville Rd; 2 min walk to King St). As it is for an investment, I understand that the the fact that it doesn't have parking may be a problem for some, but the majority of people living in that area do not have cars. So it shouldn't be a drama.
The apartment is about 59sqm with a decent kitchen and great balcony.
The return, based on the asking price is about 5% already taking into account the high strata.
On the face of it it looks like a great investment, however I am concerned about the apartment being only one bedroom, compared to 2 which is what I have been previously looking at in the Petersham and Stanmore area.
Can anymone familiar with that area please provide advice in regards to the general attractiveness of this property as well as the potential for Capital Gains of one bedders over a two bedder a little further out.
Thanks again for your help.
Kind regards
S