No, even though this will be our first property purchase, unfortunately we won't be able to qualify for the FHOG because we can't meet the residency requirement. I work on Sydney's Northern Beaches and my job requires me to live close to work (and provides me with housing). Given that I have four kids and only 200K to spend it will be impossible to find something close to work that we could live in.
Two main reasons:
1. Everything I have been reading and hearing suggests that Sydney will do very well over the next 5 years. Even if it doesn't take off for another year or two I feel confident that in 5 years time prices will have risen significantly.
2. I have lived in Sydney all my life and know it well, which makes it easier to evaluate deals and to inspect property.
I am open to other suggestions though, if you have any?
Thanks,
Calico
I agree Sydney is going to be a good investment long term. Within 5 years? Well who could be sure.
Just don't be short sighted as Australia is a large place. Have you considered that for the money you could get something really decent close to the CBD in Adelaide for example?
And this is just an example, but may open you to different ideas that are out there. Not everyone wants to buy a property in a low-socio economic area, just because it is in a good city (sydney). So depends on your personal preferences and beliefs and core values as an investor.
Personally, I don't have any stigmas of Western Sydney, in fact I think it's great to grab a half decent house with good cashflow and good block of land.
Just trying to open your eyes to your options
Especially if your not going to be using the grant, as this doesn't tie you to the state
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oh and don't feel you absolutely must have to inspect a property. obviously it's important to get building inspections and get lots of internal photos, but you can outsource this work. In fact it's alot easier to make an un-emotional decision (this is an investment) without having to go there and see the property. Just concentrate on the numbers, rental return, comparable sales, local development, council & private, retail, schools, etc. etc. All of which you can do on the internet or phone.
Perhaps you may want to have a little investment holiday to an area you have picked out, maybe just for a week. This may make you feel comfortable in choosing an area - without having to inspect each and every property there after.
Good luck!