Education
Hoon, it is pretty clear that you have gone into this without a complete understanding of the process and were willing to trust what the salesman said to you without really critically evaluating what is going on. Good on you for asking for help now, but obviously you needed more help initially.
In my earlier post I suggested that you need to evaluate your thinking processes, if I can give you one simple statement that might assist with this it would be "think first, act second". The thinking process is what helps you sort out things like;
1) where should I buy and what should I buy?
2) how much can I afford to spend?
3) how much can I borrow and who will lend to me?
4) what income does the property need to generate in order that I can hold it for an extended period so that ultimately you can get the CG you want.
5) who do I need assistance from to purchase a property in another state if I decide to do that?
6) who can I trust? (pretty much just the people you have appointed and are paying)
I don't mean to sound like a smartear$e by the way, I just feel that you need to reflect on how you are going about things. For example asking now whether there will be enough rent to fund the loan is indicative of a lack of thinking (no disrespect meant). This is not to say that you aren't a competent investor, perhaps more of an indication that you tend to act before thinking. Understanding this about yourself is important for future decision making.
Don't compare your purchase to Sydney or any other market. The best indicator of value is what established similar properties are selling for in the same vicinity. Be careful however to consider differentials that arise due to view, aspect, size and finishes. Also, a car park in the CBD area will have a significant effect on price. In Brisbane I price a car park at $50,000 in the inner city suburbs. I have no idea about Melbourne, but I suspect a CBD car park could be worth $75,000-$100,000 on the buy price.
Trev
