Approved for finance at 260k, what and where to buy?

I have just been pre-approved for finance and have been searching Australia on rea.com all day yesterday, I can imagine I'll be looking for a while but thats my idea of a great time so I don't mind :)

I've set out this time, to purchase a neutral/-to positively geared property at 7% or so rates (fixed)

I've had a good look at Tassie but the towns like Queenstown and the likes I'm not confident with.

I've taken a good look at Rokeby but the yields aren't all that good and apparently its a bit of a scummy kind of town. I also looked through some of the cheaper Hottest-100 API suburbs without much luck as yet.

I'm really trying to find something out of the ordinary with development potential or dual occupancy this time around but if it gives a neutral holding cost then I'd be happy with a standard run of the mill rental.

Can anyone perhaps point me in some sort of direction where I might find something of interest?
 
Adelaide. Northern Suburbs near Munno Para. Last time I looked a few months ago you could still get 800sqm block with rentable house on it for around $260k.

Gools
 
I've got approximately $270,000 all up to play with so this would include purchase costs but I've been told a strong rental return will up that figure.
 
I've got approximately $270,000 all up to play with so this would include purchase costs but I've been told a strong rental return will up that figure.

Ok...... the reason I asked is because there are certain postcodes/property types where you may not get greater than 80% LVR....

i.e. so even if they say they will lend $260k, you still need a 20% deposit on the property....

Cheers,

The Y-man
 
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I know its not a great deal, but I figure it suits my plan to get my asset base as wise as possible as soon as possible so I'm still looking.

I'm not keen on buying into areas the bank won't lend higher LVR' for so thats not a problem. The problem is trying to find a great deal. Extremely hard to find without totally ripping off the vendor with low purchase price, but even that's never worked for me. I've paid full asking price for all purchases, with the exception of a $30,000 discount which I had a good reason to put to the vendor at the time, but really I made some quick equity.

Anyway, finding it extremely difficult..
 
Don't know too much about Ballarat but it looks like some good returns. About an hour away from Melbourne (so potential commuter city) has a population of around 100,000 and rent returns look pretty good.
 
Thanks Pickle. I'll look in-to it.

I was just trying to steer away from more In Vic for land tax reasons.. But well worth a look anyway.

For anyone who may be interested, I found my positive cash-flow properties and they're not just a little bit positive either..

Problem is, I can't finance them as asking prices are around $400k median. These are typically renting for around $900 per week.
Not sure on the township though, although it has done very well recently. Might talk with my broker again, see what he has to say.

Keep you posted :)
 
Thanks Pickle. I'll look in-to it.

I was just trying to steer away from more In Vic for land tax reasons.. But well worth a look anyway.

For anyone who may be interested, I found my positive cash-flow properties and they're not just a little bit positive either..

Problem is, I can't finance them as asking prices are around $400k median. These are typically renting for around $900 per week.
Not sure on the township though, although it has done very well recently. Might talk with my broker again, see what he has to say.

Keep you posted :)

$900 a week!

Wish i could find some properties getting that much return for such an affordable price.
 
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