Hi Jocker,
Firstly, don't let the market rush you into purchasing something out of your price range or with a yield below your criteria. This is one of the potentially biggest mistakes new investors make - buying because they feel they need to get in now.
Secondly, six weeks is not a long time to spend selecting a property that you will pay a substantial amount for and probably will keep for many years. We spent over six months researching different markets and selecting our first IP and while our process is much faster now this is because of what we learnt through this initial process and longer experience with selected markets we follow.
I would also suggest that you get down in writing what you want from the property. You mentioned you were looking for a unit, townhouse or house - decide which
...with units & townhouses you have to pay strata fees, sometimes fork out cash for strata decisions you may not agree with and have to consider vacancy and capital gains rates which may be quite different for houses depending on supply.
...with houses you're solely responsible for maintenance & water - no splitting the cost with other strata members....There may be greater opportunities to redevelop a property by extending or dual-occupancy.
We like a minimum of 7% yield - but this may not apply in the area you're looking at, but also look at the capital growth, amount of work likely on the property and future opportunities to increase the yield or property value.
The go see some real estate agents, tell them what you are looking for and that you're a bona fide buyer and have them ring you when property comes on the market - most agents like to have a few buyers ready on the sidelines as it means they can move product quicker & therefore sell more (more commission $$$ to them).
You need to set your peg, look at the market you have selected and see if you can achieve what you want - if you can't you can either look for another location (all those people missing out on the hot market - where do they eventually buy or rent), readjust your requirements, seek alternate investments...or wait.
All are valid decisions, just make sure that you're not pressured into a decision that is not comfortable.
Good luck finding your first IP, and remember, it will be worth the search!
Cheers,
Aceyducey