Hi there, we are just about to sell our property in Ireland and have recently moved to Melbourne, when the monies clear, would expect to have in the region or 340-350K AU$ depending on exchange rate etc.
Just to give you an idea the irish property market is totally nuts has been in boom for last 10-15 yrs, bought jan 2003 for 225K euro and sold for 401k euro in June 2006. i figure that kind of growth can't go on forever and feel the market could collapse over there and since i wasn't there just sell the place.
We are currently here living in a rental in Altona and are interested in maybe purchasing our PPOR, in western suburbs, maybe something in Point Cook for example, thus we have the option of purchasing a 2nd hand home and having no mortgage, i.e. buying a house with the readies from the house we sold in Ireland, that would probably get a nice 3bed in point cook.
This would leave me the option of getting a mortgage here with a bank and purchasing an IP, i'm not sure but would reckon a lender would probably lend me around 300K AU on myself and my partners salary, but not sure, need to speak to a financial advisor first.
I'm interested in maybe getting one IP and testing the waters with that and see how it goes, as i'm new to property investment etc
Any advice on what is best to do with the cash? i'm not looking for anything too risky,
We currently have a lease here for another 11 months so i'm not going to jump into anything quickly and plenty of time to do more research and speak to lenders etc.
But i get the feeling that Melbourne is slowly starting to get back on track with respect to growth CG in property.
cheers
jizz
Just to give you an idea the irish property market is totally nuts has been in boom for last 10-15 yrs, bought jan 2003 for 225K euro and sold for 401k euro in June 2006. i figure that kind of growth can't go on forever and feel the market could collapse over there and since i wasn't there just sell the place.
We are currently here living in a rental in Altona and are interested in maybe purchasing our PPOR, in western suburbs, maybe something in Point Cook for example, thus we have the option of purchasing a 2nd hand home and having no mortgage, i.e. buying a house with the readies from the house we sold in Ireland, that would probably get a nice 3bed in point cook.
This would leave me the option of getting a mortgage here with a bank and purchasing an IP, i'm not sure but would reckon a lender would probably lend me around 300K AU on myself and my partners salary, but not sure, need to speak to a financial advisor first.
I'm interested in maybe getting one IP and testing the waters with that and see how it goes, as i'm new to property investment etc
Any advice on what is best to do with the cash? i'm not looking for anything too risky,
We currently have a lease here for another 11 months so i'm not going to jump into anything quickly and plenty of time to do more research and speak to lenders etc.
But i get the feeling that Melbourne is slowly starting to get back on track with respect to growth CG in property.
cheers
jizz