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From: Robert Longmore
I have just finalised the purchase of an IP in St Helens Pk,near Campbelltown in South western Syd. 195K rented to good tenants for $220 PW. I have just returned from a trip to Cairns, to visit my mother who has lived there for the past 5 years.
As a result of the recent Ansett and overseas dramas, the tourist market in Cairns has suffered severely, and as a result, i believe that property prices might now come under pressure. My basic plan, (thought up while enjoying a hot breakfast on Ellis beach and watching the world go by) was to borrow 50K against my Sydney IP ( it doesnt need much work to really make it stand out, it already has tropical gardens, pool etc. just needs TLC) and buy a unit outright in Cairns for approx 50K. Average unit rent in Cairns at the moment is about $110 to $140 PW ( i have friends up there who live there and rent) and use the cashflow to aid in +ve gearing the Syd property.
I know cairns real estatee isnt the best for CG, but for cashflow, looks pretty good.
what do you think.?
I have just finalised the purchase of an IP in St Helens Pk,near Campbelltown in South western Syd. 195K rented to good tenants for $220 PW. I have just returned from a trip to Cairns, to visit my mother who has lived there for the past 5 years.
As a result of the recent Ansett and overseas dramas, the tourist market in Cairns has suffered severely, and as a result, i believe that property prices might now come under pressure. My basic plan, (thought up while enjoying a hot breakfast on Ellis beach and watching the world go by) was to borrow 50K against my Sydney IP ( it doesnt need much work to really make it stand out, it already has tropical gardens, pool etc. just needs TLC) and buy a unit outright in Cairns for approx 50K. Average unit rent in Cairns at the moment is about $110 to $140 PW ( i have friends up there who live there and rent) and use the cashflow to aid in +ve gearing the Syd property.
I know cairns real estatee isnt the best for CG, but for cashflow, looks pretty good.
what do you think.?
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