Hi Bakachin1
Hey guys,
I'm graduating uni this year and I got a grad job in Adelaide! This has caused me a bit of a headache for buying/renting property. I was wondering if buying an apartment in Adelaide was a good investment in peoples opinions?
I am looking at either a studio apartment in the city for about 150-180k vs. some really good one bedroom, pretty spacious, apartments for 250-280k.
Not sure if this is good value for what I am getting and more importantly I was wondering if this is a smart move to beginning a property portfolio!
Any advice would be much appreciated, I am very new to property and am overwhelmed right now to be honest. Thanks!
Hi bakachin1,
I think we are all learning here and I think you have made a great start by accessing a medium such as this community to try and start your education...so well done.
There are many people that contribute on this forum with a wealth of knowledge far more developed that mine so...with that said and IMHO you should start by perhaps getting some expert advice or at the very least take some time to allow yourself the opportunity to develop your knowledge...infact this would be the most important.
There are a whole host of issues you might want to consider before even starting to look at properties such as: what are your goals? What do you want to achieve by investing in property? How are you going to get to that objective? Are you going to be geared heavily or do you need to see some cashflow in the deal to keep your head above the water? Etc etc...
Finance is crucial but you need to set it up correctly from the start or you will suffer further down the track. There are brokers on this forum who will provide advice and will help you to select the right products.
Soon enough you will begin thinking with your head and analysing the whole deal. There are some fantastic opportunities in Adelaide but first you need to set yourself up for success.
I began my journey by wanting something better for myself and my family. I read books by Jan Somers, Margaret Lomas, Michael Yardney, Steve McKnight, Robert Kiysaki. I subscribe to the Australian Property Investor and Your Investment Property magazines and read the Financial Review...do what ever works for you.
I'm sure there is a whole host of reasons why average Australians don't invest in property but I'm sure that many don't because they just don't understand the benefits and can't be bothered finding out because that would mean putting some effort in....most people expect things are going to be handed to them and if they're not...well...then they just don't bother like 95% of people.
After you educate yourself you might find that what you thought might be a good investment may not be!
What a rant!
Only my humble opinion but take a breath and learn.
JT
Ps. I like Plumpton in Adelaide for units. Great position close to CBD and the beach and opportunity to add value...all for <$250k