I'm a journalist looking to chat to anyone who has bought in the outer suburbs of Sydney or Melbourne and worked their way in with the money they've made on lower priced property. Anyone interested, it's painless and a 5 minute interview for a case study in a leading investment magazine.
anyone bought outer sydney/melbourne and worked their way in?
- Thread starter shane1234
- Start date
Hi Beachgirl
I would also fall into this catagory having bought properties as far west as Penrith and the Mount Druitt areas and also as close in as the Homebush area. In fact I have purchased 6 in the Penrith area and 7 in the Mount Druitt area this year and am looking at present to get as many as I can afford over the christmas period from mortgagee auctions. These 2 areas for me represent great capital growth and high rental return areas. Having said that, I am still picky in which suburbs I purchase.
I would also fall into this catagory having bought properties as far west as Penrith and the Mount Druitt areas and also as close in as the Homebush area. In fact I have purchased 6 in the Penrith area and 7 in the Mount Druitt area this year and am looking at present to get as many as I can afford over the christmas period from mortgagee auctions. These 2 areas for me represent great capital growth and high rental return areas. Having said that, I am still picky in which suburbs I purchase.
Yep,
I think you'll find quite a few of us that fit that category. I bought my first property in Carramar (near Bankstown) when I was only 23. I used it as my primary savings vehicle for the next 6 years then sold it, added some managed funds and paid cash for my block of land in North Narrabeen. I then borrowed to build the house in 2000 and have since paid it off.
I've always said that the Carramar investment was a huge leg up into the Sydney market. The capital gain was negligible, but the savings mentality coupled with the experience of buying and owning a property made all the difference.
I've argued at length on this forum, that there is NO property affordability problem, only an expectation problem. Demand and Supply factors set the market price for property. If demand at a certain price didn't exist then the property wouldn't sell for that price and drag the median up with it. Obviously someone can afford that price! First home owners expecting to buy the median priced house is ridiculous. By definition they are in one of the lowest wealth bands, and expecting to buy the mid-point or above when competing with established home owners is a joke. Buy what you can afford, wait a while, repeat if necessary, then trade up to your PPOR.
Use the negative gearing benefits associated with IPs to build a nice little leg into the market. Don't go from zero to PPOR in one insurmountable step. But that argument doesn't make for good politics. The Gen Ys of today seriously suffer from affluenza.
Cheers,
Michael
I think you'll find quite a few of us that fit that category. I bought my first property in Carramar (near Bankstown) when I was only 23. I used it as my primary savings vehicle for the next 6 years then sold it, added some managed funds and paid cash for my block of land in North Narrabeen. I then borrowed to build the house in 2000 and have since paid it off.
I've always said that the Carramar investment was a huge leg up into the Sydney market. The capital gain was negligible, but the savings mentality coupled with the experience of buying and owning a property made all the difference.
I've argued at length on this forum, that there is NO property affordability problem, only an expectation problem. Demand and Supply factors set the market price for property. If demand at a certain price didn't exist then the property wouldn't sell for that price and drag the median up with it. Obviously someone can afford that price! First home owners expecting to buy the median priced house is ridiculous. By definition they are in one of the lowest wealth bands, and expecting to buy the mid-point or above when competing with established home owners is a joke. Buy what you can afford, wait a while, repeat if necessary, then trade up to your PPOR.
Use the negative gearing benefits associated with IPs to build a nice little leg into the market. Don't go from zero to PPOR in one insurmountable step. But that argument doesn't make for good politics. The Gen Ys of today seriously suffer from affluenza.
Cheers,
Michael
Is the Toorak property an IP or a PPoR?
I'm another one.
Bought a block of land in the outer Melbourne suburb of Hillside in 2001; traded that for a house out Deer Park/Sunshine way; recently sold that for a house in a suburb that's within cooee of Niddrie (out Essendon way).
Bought a block of land in the outer Melbourne suburb of Hillside in 2001; traded that for a house out Deer Park/Sunshine way; recently sold that for a house in a suburb that's within cooee of Niddrie (out Essendon way).
Dunno if I would qualify but husband and I started as cupla kids back of Fairfield- west of westie Sydney --ended up in a mansion in Vaucluse- owned outright-- trouble is I could not bear to go near the place after leaving so have never bought i.p in similar areas I reckon you forum members who do are as game as Ned Kelly--and I have prob. missed opportunities. Hence I don't really fit the Somersoft mould.
Hell yeah - that's us down to a tee.
We started in Perth and have so far graduated up to Adelaide. We're less than 800km from the Melbourne CBD. Not long to go now !!!
Similar to Dazz, but using proceeds & equity from WA country IPs. But have made it to 30km from Melb CBD
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