Hey guys!
Been reading around the forums in the last month or so trying to gather further information about property investing and different strategies... I've also been reading through other avenues, different financial schemes that make it possible for rapid equity growth.. but putting all that aside..
I'm actually looking to purchase my first home soon, the last few months have been research, research, research. There are two properties at the moment that I have narrowed my searching to, both are units/apartments.
One located in Cabramatta and the other in Fairfield.
Now.. the one in Cabramatta is located in what used to be termed as the 'bad' side... but over the past few years it has been cleaned up greatly and in the distant future, I can see potential CG growth. Nice and decent block, landscaping is very clean and spacious, 1st level, 2br, living room/dining, decent kitchen/bath, seperate laundry, garage. Everything is very decently sized and the location isn't too bad (5-7 minute walk to the station, shops on the other side of the station)
Median price for that particular area in Cabramatta is $170k
Potential rent would be around $180/$200 max (I don't foresee rent climbing that much higher)
The Fairfield unit has been totally renovated (the entire structure, landscaping, all units, stairwells, etc). Sizing is decent, location is excellent, pool, playing fields, gym are all across the road, 3 minutes walk to the station, shops located on the other side of the station. 2br, living, seperate dining, modern kitchen/bath. The downside is it is a 3rd floor unit with only a carspace.
Asking price for this unit is $195k with a rental income of $250pw.
I'm predicting CG would be expected in the next year, with rent going up with it.
Now, I would LOVE to be able to purchase both... but financially, it's not really possible for me...
My parents will be helping me with a 10% deposit with their equity, and that's more than enough help than I would like to take. It's only been in the recent months that I've been able to start saving, as I've finally gotten it into my head that things won't start happening until you make something happen..
One path I had in mind was to purchase the Fairfield property as an IP and sacrifice the FHOG, but in the long term, that would help me and my partner when we get married, as we can use our joint income to borrow more and purchase a PPOG, whilst still qualifying for the FHOG, and minimising stamp duty...
Can anyone offer any insights to what I've laid down? Or maybe a completely different path that I haven't thought about?
Been reading around the forums in the last month or so trying to gather further information about property investing and different strategies... I've also been reading through other avenues, different financial schemes that make it possible for rapid equity growth.. but putting all that aside..
I'm actually looking to purchase my first home soon, the last few months have been research, research, research. There are two properties at the moment that I have narrowed my searching to, both are units/apartments.
One located in Cabramatta and the other in Fairfield.
Now.. the one in Cabramatta is located in what used to be termed as the 'bad' side... but over the past few years it has been cleaned up greatly and in the distant future, I can see potential CG growth. Nice and decent block, landscaping is very clean and spacious, 1st level, 2br, living room/dining, decent kitchen/bath, seperate laundry, garage. Everything is very decently sized and the location isn't too bad (5-7 minute walk to the station, shops on the other side of the station)
Median price for that particular area in Cabramatta is $170k
Potential rent would be around $180/$200 max (I don't foresee rent climbing that much higher)
The Fairfield unit has been totally renovated (the entire structure, landscaping, all units, stairwells, etc). Sizing is decent, location is excellent, pool, playing fields, gym are all across the road, 3 minutes walk to the station, shops located on the other side of the station. 2br, living, seperate dining, modern kitchen/bath. The downside is it is a 3rd floor unit with only a carspace.
Asking price for this unit is $195k with a rental income of $250pw.
I'm predicting CG would be expected in the next year, with rent going up with it.
Now, I would LOVE to be able to purchase both... but financially, it's not really possible for me...
My parents will be helping me with a 10% deposit with their equity, and that's more than enough help than I would like to take. It's only been in the recent months that I've been able to start saving, as I've finally gotten it into my head that things won't start happening until you make something happen..
One path I had in mind was to purchase the Fairfield property as an IP and sacrifice the FHOG, but in the long term, that would help me and my partner when we get married, as we can use our joint income to borrow more and purchase a PPOG, whilst still qualifying for the FHOG, and minimising stamp duty...
Can anyone offer any insights to what I've laid down? Or maybe a completely different path that I haven't thought about?
