Hello everyone,
Firstly, I just wanted to introduce myself and say thank you! I have been obsessively lurking SS forums for the past few months, and like a sponge, have been absorbing every single post every single day. I have observed my mindset and strategy completely change since coming here, so thank you.
I recently turned 30, spent much of my life living in housing commission and felt ashamed for it. I was the first in my family to ever go to University and now I'd like to be the first to buy property. I earn 81k a year and will be getting a 3k pay rise later this year, plus an additional 5k from contract work. I have managed to save a 33k deposit over the last year after spending the better part of my 20s travelling Asia and Europe. Not a single regret, however. I don't have any credit cards or personal loans, except for a significant HECS.
I now rent in South West Sydney but spent a large proportion of my life in Melbourne. I have a foggy long-term "buy and hold" strategy that involves initially buying IO (using an offset account) cheap, established 2 bd apartments in West/South West Sydney and eventually, Melbourne (North/East) and after growing, graduating onto houses across Sydney, Melbourne and even Brisbane and Adelaide. A lot of people say they'd like to earn 100k pa from rental properties, so I might just up my stakes and say I'd learn to earn 150k pa so I can help out my family
I have a partner who earns 76k, but unfortunately, we do not have the same financial goals at this stage, so I'll be doing it alone.
I haven't spoken to a broker yet, but that is definitely on the agenda. I thought that I should save some more money first before speaking to a broker. I will definitely have 42k by April.
My first property will be my PPOR. The NSW areas I have been looking at are close to home and include....
2 bedroom Units:
Fairfield - rental yield closer to 7%, high rental demand, fair amount of growth, well connected to public transport and shopping centre. Identified as a potential growth area in the Sydney strategy.
Liverpool - 50% are renters, good yield, shopping centre, transport, schools and identified growth spot as part of Sydney's strategy, lots of future government investment.
Guildford - proximity to Merrylands and Parramatta. Inspected a great 2 bedroom place here. Good rental yield but unsure about long-term growth. RPdata shows that prices regressed significantly and have slowly crept up but not to the same extent as surrounding suburbs.
Cabramatta - I have my reservations about living here. Experienced 60% growth over the last 5 years, good rental yield, markets, well serviced but prices have ballooned quickly. How much growth in the short-term is left?
What are your thoughts about each of these areas? Any other suggestions or feedback about anything else I've written is very welcome. I have a lot to learn!
Similarly, I hope to post a lot more along the way and hopefully help others in return...
Thanks for reading!
Firstly, I just wanted to introduce myself and say thank you! I have been obsessively lurking SS forums for the past few months, and like a sponge, have been absorbing every single post every single day. I have observed my mindset and strategy completely change since coming here, so thank you.
I recently turned 30, spent much of my life living in housing commission and felt ashamed for it. I was the first in my family to ever go to University and now I'd like to be the first to buy property. I earn 81k a year and will be getting a 3k pay rise later this year, plus an additional 5k from contract work. I have managed to save a 33k deposit over the last year after spending the better part of my 20s travelling Asia and Europe. Not a single regret, however. I don't have any credit cards or personal loans, except for a significant HECS.
I now rent in South West Sydney but spent a large proportion of my life in Melbourne. I have a foggy long-term "buy and hold" strategy that involves initially buying IO (using an offset account) cheap, established 2 bd apartments in West/South West Sydney and eventually, Melbourne (North/East) and after growing, graduating onto houses across Sydney, Melbourne and even Brisbane and Adelaide. A lot of people say they'd like to earn 100k pa from rental properties, so I might just up my stakes and say I'd learn to earn 150k pa so I can help out my family
I have a partner who earns 76k, but unfortunately, we do not have the same financial goals at this stage, so I'll be doing it alone.I haven't spoken to a broker yet, but that is definitely on the agenda. I thought that I should save some more money first before speaking to a broker. I will definitely have 42k by April.
My first property will be my PPOR. The NSW areas I have been looking at are close to home and include....
2 bedroom Units:
Fairfield - rental yield closer to 7%, high rental demand, fair amount of growth, well connected to public transport and shopping centre. Identified as a potential growth area in the Sydney strategy.
Liverpool - 50% are renters, good yield, shopping centre, transport, schools and identified growth spot as part of Sydney's strategy, lots of future government investment.
Guildford - proximity to Merrylands and Parramatta. Inspected a great 2 bedroom place here. Good rental yield but unsure about long-term growth. RPdata shows that prices regressed significantly and have slowly crept up but not to the same extent as surrounding suburbs.
Cabramatta - I have my reservations about living here. Experienced 60% growth over the last 5 years, good rental yield, markets, well serviced but prices have ballooned quickly. How much growth in the short-term is left?
What are your thoughts about each of these areas? Any other suggestions or feedback about anything else I've written is very welcome. I have a lot to learn!
Similarly, I hope to post a lot more along the way and hopefully help others in return...
Thanks for reading!
