first time investors...nervous and excited!

Let the fun begin.....
Hubby and I have started looking for our first IP and will be checking out a few properties this weekend. Have done a lot of research but this forum is above and beyond anything else I've found.
We are looking in the western Sydney suburbs with a budget of $450k for our IP. A question for you experienced investors....we currently are in a 3bdr 1bath house and don't yet have kids so we are considering 2 options:
1. Purchase a new property as IP and stay in existing
2. Look for a new property, bigger than current place, for us and move there and rent out exisitng property (budget for this up to $550k)
What are the pros/cons about each option? We are wanting a buy & forget IP and plan on building a portfolio over next 5-10yrs.

Thanks in advance, hope it wasnt a stupid question ;-)
youve definitely come to the right place!! ask away i say.

buying in penrith isnt ideal at the moment. i bought this time in the cycle 10 or so years ago and only just saw it increase in value the last 2-3 years. very painful!! also the rent returns arent there now.

id say look to buy an ip elsewhere, plenty on here about where. but consider renovating where you are for the future.

or buy ip somewhere to get good returns + CG and rent current place and buy the bigger house. depending on your financial situation and when you bought in penny of course, if you have equity avail the current house could sit neutral (pay for its self)

or look around the mountains, i nkow the bottom has made a move but not sure up the top around katoomba etc. Atlesat you could feel comfortabel knowing the area and going to inspections etc.
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