Parkbridge - Middleton Grange, NSW

Hey guys, before i proceed, i do apologise for the lengthy post. I guess its best to put in as much details as i can.

Lately, me and my partner have grown a strong interest in getting a slice of an Australian Dream. We've been doing our fair share of attending display homes and even had an appointment with Mortgage Choice to access our finances.

One estate caught our eyes, Parkbridge.

Its a lovely new estate! Its screams "family orientated" when you cross the bridge to enter the estate. It has FTTH (Fibre to the Home), residents-only access to tennis courts/swimming pool, parks/bbq, close to M7 and M5, school nearby with good HSC results, a new train station to be completed by 2015.

Basically, it ticks all the boxes.

Our goal is to live in it for the first 6 months to take advantage of the FHBG and to be exempt from stamp duty. After the 6th month, we'll be renting it out.

We have narrowed it down to this particular house (off the plan) that is currently being built, completion by May 2011. Its a 140sqm 3BR duplex with approx 230m2 of land for $399,000. Rent seems to go for $460-$480.

Our combined deposit equals to $40,000 so we'll be hit with the LMI.

Ive been doing lots of extensive reading and all sorts of people are speculating a bubble burst. Being an IP, this will hurt me, which has made me think twice if i should save more and forgo this great opportunity or just take a punt.

Basically, what im asking from you guys is, given our current finances, is it wise to keep saving? If anyone knows this area particular well, what is your thought on its growth?

This being a HUGE step in my life, I would want to get as much info as I can. I don't expect to be spoonfed answers, just to be guided on the right path to get the best info.

Many thanks
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