Hi all,
For the past few months I've been trying to buy an IP on the Northern Beaches (110K+ deposit, 400K+ pre-loan approval).
I've been picky, so in 3 months of searching, I've only found three desirable IPs. But on each occasion I've been out-offered by another buyer (I was willing to pay more, their offers were more timely and persuasive). Meanwhile, prices have risen - to my horror, 2 br units in Northern Beaches are now too expensive for my budget.
My new strategy is:
a) Become more aggressive in making offers
b) Focus on 1BR units in Northern Beaches (mainly because I know the area relatively well)
c) Expand search to encompass other areas (Inner-west, Parra, and possibly even regional areas)
I've been really impressed by the knowledge of posters on this forum, and would like to ask for advice:
* What would be the best NB suburbs to focus on? (Last year, SeeChange mentioned that MonaVale and Narrabeen were good, since they had yet to rise as much as Dee Why -- is that still a valid assessment, or has the state of play changed?)
* Are 1 BR units in NB (or inner-west or Parra) a generally sound investment (assuming low strata, boutique block, good location, etc.)? My understanding is that 2BRs are better since they appeal to more tennants and generate higher yields; does this mean 1BR units should be avoided?
I'm focussing on good-investment units (well-located boutique blocks with no gym/pool/etc.) and my goal is capital growth over next 5-10 years (I know that once the market lulls, it could take another 7-10 years until it peaks again; and I know it's a bad time to buy in Sydney. But my current PPOR is the family home - so I want to buy an IP that I can move into if required {which is another reason I've been reluctant to consider regional areas})
Thanks in advance for your advice
Stephen
For the past few months I've been trying to buy an IP on the Northern Beaches (110K+ deposit, 400K+ pre-loan approval).
I've been picky, so in 3 months of searching, I've only found three desirable IPs. But on each occasion I've been out-offered by another buyer (I was willing to pay more, their offers were more timely and persuasive). Meanwhile, prices have risen - to my horror, 2 br units in Northern Beaches are now too expensive for my budget.
My new strategy is:
a) Become more aggressive in making offers
b) Focus on 1BR units in Northern Beaches (mainly because I know the area relatively well)
c) Expand search to encompass other areas (Inner-west, Parra, and possibly even regional areas)
I've been really impressed by the knowledge of posters on this forum, and would like to ask for advice:
* What would be the best NB suburbs to focus on? (Last year, SeeChange mentioned that MonaVale and Narrabeen were good, since they had yet to rise as much as Dee Why -- is that still a valid assessment, or has the state of play changed?)
* Are 1 BR units in NB (or inner-west or Parra) a generally sound investment (assuming low strata, boutique block, good location, etc.)? My understanding is that 2BRs are better since they appeal to more tennants and generate higher yields; does this mean 1BR units should be avoided?
I'm focussing on good-investment units (well-located boutique blocks with no gym/pool/etc.) and my goal is capital growth over next 5-10 years (I know that once the market lulls, it could take another 7-10 years until it peaks again; and I know it's a bad time to buy in Sydney. But my current PPOR is the family home - so I want to buy an IP that I can move into if required {which is another reason I've been reluctant to consider regional areas})
Thanks in advance for your advice
Stephen