Hey guys.
Ive been looking for a while now for an investment property (or 2), as its always something that has interested me. Being 22, and living at home has its benefits, as i am able to save a good amount of what i earn, and always have the family behind me for support (wog family ).
I have been offered around $450k from the bank, but dont want to go anywhere near that level of borrowing just yet... i want to be able to fill my car with petrol haha.
I have been looking up North for the majority, at cheaper units around the Salisbury area. I have also looked into areas such as Norwood, Burnside etc, but im not sure whether i want to spend that much just yet. Have also looked around Hectorville/Tranmere (where i live), but are out of my price range.
The units i have seen around Salisbury, you can get a solid brick 2br unit with carport for $140 - 180k, yielding in excess $160 (even up to $180 for a unit sold for $145k. This is the option that interests me most atm, as if i buy one, with rent, costs will almost be covered... it will enable me to possibly buy another in <6 months, or save for another few yrs, and possibly buy something closer to the city.
The other option, is to come closer to the city, i prefer east, and look for a unit around $220-300k, in areas such as campbelltown, magill, through to norwood/burnside/kensignton. Rent around the 300k mark is around $240-280, so i would be needing to put in a lot more to cover the rent, meaning i wont be able to save as much for future investments in property/business etc.
Im not looking to live in any of them, as i would like to have 1-2 properties before i move out or get married, in which with my partner im sure we would both look at buying our own house.
What do you think is the best way to go? i dont want to put too much of a burden over my head just yet, being 22, but i do look to finally get into the market soon. Starting cheap enables me to have possibly 2-3 units up north or 1 up north, one closer to the city in 2-3 yrs if i play smart. Or start closer to the city, which means i may be able to afford something cheap in a few yrs, but probably not.
I honestly think the northern suburbs has strong growth potential, as these suburbs arent exactly miles from the city (salisbury being 20-25 mins), but not the growth potential of say an eastern suburbs property.
Thanks for any input, it will be a great help.
Ive been looking for a while now for an investment property (or 2), as its always something that has interested me. Being 22, and living at home has its benefits, as i am able to save a good amount of what i earn, and always have the family behind me for support (wog family ).
I have been offered around $450k from the bank, but dont want to go anywhere near that level of borrowing just yet... i want to be able to fill my car with petrol haha.
I have been looking up North for the majority, at cheaper units around the Salisbury area. I have also looked into areas such as Norwood, Burnside etc, but im not sure whether i want to spend that much just yet. Have also looked around Hectorville/Tranmere (where i live), but are out of my price range.
The units i have seen around Salisbury, you can get a solid brick 2br unit with carport for $140 - 180k, yielding in excess $160 (even up to $180 for a unit sold for $145k. This is the option that interests me most atm, as if i buy one, with rent, costs will almost be covered... it will enable me to possibly buy another in <6 months, or save for another few yrs, and possibly buy something closer to the city.
The other option, is to come closer to the city, i prefer east, and look for a unit around $220-300k, in areas such as campbelltown, magill, through to norwood/burnside/kensignton. Rent around the 300k mark is around $240-280, so i would be needing to put in a lot more to cover the rent, meaning i wont be able to save as much for future investments in property/business etc.
Im not looking to live in any of them, as i would like to have 1-2 properties before i move out or get married, in which with my partner im sure we would both look at buying our own house.
What do you think is the best way to go? i dont want to put too much of a burden over my head just yet, being 22, but i do look to finally get into the market soon. Starting cheap enables me to have possibly 2-3 units up north or 1 up north, one closer to the city in 2-3 yrs if i play smart. Or start closer to the city, which means i may be able to afford something cheap in a few yrs, but probably not.
I honestly think the northern suburbs has strong growth potential, as these suburbs arent exactly miles from the city (salisbury being 20-25 mins), but not the growth potential of say an eastern suburbs property.
Thanks for any input, it will be a great help.