Our 1st IP - Penrith vs Toowoomba? (Buy/Reno/Hold)

My partner and I are looking to purchase our first IP soon - we have $100K in deposit and borrowing capacity of roughly $700-800K. We are looking at purchasing in an area that's set for quick CG and add value via cosmetic reno in order to have property revalued and allow purchase of a second property sooner, where we would look to replicate the process. We would then look to rent out the initial property with hopes that this would at least be CF neutral but ideally +ve.

Areas we've been tossing up between are Penrith (we're from Sydney and it's still an affordable LGA with solid growth potential) or Toowoomba with growth in the Surat Basin and Wellcamp airport set to drive increased activity in the area. Toowoomba also seems a diverse regional centre with tight rental market allowing us a higher chance of CF +ve results.

Please advise on your preference, or any other areas that could be of interest for this type of strategy. Thanks!
 
As an ex-Toowoombaite, I'd vote for Penrith on the basis of superior CG. IMO, the Surat basin thing won't do much for T'ba. I could be wrong.....do your own DD.
 
Why not spread your bets? Most of your deposit on a IP in Penrith with 25k left over for an IP in Tba... I'm still seeing houses in decent Tba suburbs for under $250. They do go quickly though under that mark.
 
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