Not sure where to from here...

[2qt2bstr8]

Hi Yall!!

My situation is: I bought a house in the western suburbs of Sydney and inturn I built a Gflat on the property. One year on things are going great guns. (knock on wood. lol wood) any who my Gflat now covers the cost of the mortgage and the house has been completely renovated and I am sitting on about 300k equity.

So do I buy something else or do I just pay of this house? Prices are just so crazy out the moment. Should I wait for interest rates to come up and prices to drop? Do I buy another similar property and try pull the same trick?

I don't know what to buy, where to buy or what to do...

Any advice would be great

Eeeeeeek

 

[devank]

Take the equity out. Use that as deposit to another property in another state like QLD.

 

[Propertunity]

....and I am sitting on about 300k equity.

Excellent - draw some of down to use as deposit/s on more property/s. (if that's contributing to your goals)

So do I buy something else

Sure, why not?

or do I just pay of this house?

What do you want to do that for? Let the tenants do that for you.

Prices are just so crazy out the moment.

No, they're not! They only went up 15% last year and 7% in the first 6 months of this year. That's nothing unusual.

Should I wait for interest rates to come up

And if interest rates don't rise, at least for some years, then what are you going to do?

and prices to drop?

Prices generally come off 5% max in a down-turn. Maybe 10% if things get bad and you made a poor selection for an IP. Mostly though, prices don't drop, they go flat for a few years.

Do I buy another similar property and try pull the same trick?

There's no trick to it, it's just a simple trick. Find something that works, and repeat the process. Why try to re-invent the wheel?

I don't know what to buy, where to buy or what to do...

Sounds like you need to write down your 1, 5 & 10 year plans - commit to paper and execute the strategy.