Around Joondoolup?

[juliezzz]

I haven't taken the IP plunge yet, but have done lots of reading, research and have been hitting the streets each weekend. The only positive c/f properties I can find are motel units in Margaret river (dodgy) and a small repossesed house in kojonup (~50K rents for $120pw, but 0% CG).
I have been looking around St James, Bentley and Kensington, with a view to renting to Curtin students etc. However, the rest of the world seems to have the same idea and there are loads of new townhouses with For Lease signs. New 3/4brm townhouses around $180K mark. Also been looking around Nedlands, but the return on $ is shocking. Will check out the areas up north and maybe down south which seems a bit more affordable.
We have around 5-600K equity in our home, plus a mortgage which doesn't leave much left over, so the negative cash flow can't be too high. We're both 40, so can't muck around for much longer.
Keep the Perth info coming.

 

[D.T.]

It's Joondalup actually, I work in Joondalup, its a fairly decent area. Its about 23 minutes train ride to Perth Central Station. Quite a few businesses in the area for tenant employment prospects. It also has a couple of universities so could be a student prospect for you.

Speaking of students, I know if I was a student I'd want a place that was furnished. (Since students can't afford furniture but are too stuburn to stay at home). Keep this mind if they are your target market.

With towns as small as kojonup I'd be worried about two things. One is vacancies once the current tennant leaves (not many ppl moving to the area). The other is getting a lender that will let you use teh property as security in an area that low in population. On the other hand, a couple of them might prove to be good cash cows to enable you get bigger loans for the 'real purchases'.

Im sick of rambling so I'll shuddup.
Just my 2.2 c (inc gst)