Best State to buy a house under $300k in today's market

[BV]

NSW supporters!! haha.. I haven't done any research into NSW.. Where is NSW at in terms of the general property cycle? I noticed Melbourne had a small boom the last 2 years or so prices are a little inflated.

NSW had a couple of years of medium price increases after 5-6 years of doing nothing and going backwards so prices in many areas would be at around 2004 levels.
In Sydney IMO cheap suburbs are becoming expensive and good suburbs are not high enough so something has to give. Prices in the good suburbs will have to rise or the cheap suburbs will pull back.

Since you're from interstate you'd want low maintenance so I'd look for a unit or a townhouse and for $300K there are heaps of options.

I just sold 1 property (cooled off today) in a good FHB suburb, I regret doing it but I needed the cash.
http://www.domain.com.au/Property/For-Sale/Townhouse/NSW/Quakers-Hill/?adid=2008979002

 

[mctang]

Hello everyone,
I just registered today. Have been reading through everyone's contributions and really learn a lot.
I am looking at buying into Wynnum, Lota or Manly these bayside suburbs at Brisbane. It looks like many properties are up for sale but not many for rental. Is there a rental shortage or a glut of properties for sale?
Understand that some areas are in flood zone. Is that the reason why there are many properties stay in the markey for sale for more than 2 months?
Thanks for any advise.

 

[albertwt]

I would go Sydney, still bargains to be had and with a return of 7% or thereabouts, you can't go wrong.

Yes the Yield generally is higher in Sydney as it is the most expensive city in this continent. The only downside is of course high initial investment.
Even for the outer suburbs in Sydney (30 minutes+ Drives) the average investment that you need to prepare is 400k+ for a decent apartment.

I just found out that after my bank reject me in borrowing $400k for a studio unit as my IP.

 

[BV]

I just found out that after my bank reject me in borrowing $400k for a studio unit as my IP.

Where was that?
Maybe they did you a favour.....

 

[Milanista]

I just found out that after my bank reject me in borrowing $400k for a studio unit as my IP.

Banks don't like units/studios under 50sqm internal size.. I avoid them now no matter how good the cash flow.. Only other way to get them is a 20% deposit but then when you sell the number of buyers with 20% deposit will be limited.

 

[C-mac]

I would definately avoid sub-50sqm units at all costs!

 

[Jacque]

Even for the outer suburbs in Sydney (30 minutes+ Drives) the average investment that you need to prepare is 400k+ for a decent apartment.

Not true- you need to look harder and at more suburbs. 30mins+ drive covers a plethora of suburbs that present thousands of units for sale under $400K. Eg: current median yield for Parramatta units is $372K, Lidcombe $360K, Campsie $357K, Toongabbie $350K.....
Do some more legwork!

I just found out that after my bank reject me in borrowing $400k for a studio unit as my IP.

As others have already pointed out, lenders reject units smaller than a particular size due to higher perceived risk (and with good reason). Aim for 50sqm+ as min for a 1 bedder and 70sqm+ for 2 beds.
Happy hunting.

 

[Property Meister]

it certainly wont be metro vic, maybe even give vic a complete miss

 

[im sparticus]

adelaide?..............................

 

[RumpledElf]

You could buy mine if you want, we finally finished it and I put an ad in the paper pretty much like my sig.

Promptly got a few calls from people wanting to rent it who were disappointed its not available for renting for a few weeks yet.

Can see its going to get rented out about 5 minutes after we move out of it, but it won't sell. Oh well, furnished the yield would be a mere 16% vs loan, I can cope with that

 

[sash]

Spot on.....they also have yields from 7.5% if you look hard enought.

Be prepared to renovate if required....

Areas like Newcastle, the central coast, wollongong etc. and other regional cities might be worth a look but you really need to do your homework.