Hi guys,
Long time lurker, first time poster. My fiance and I have spent so much time procrastinating over where to buy over the past 6 months (particularly looking at SE Qld) and consequently have missed some serious CG.
We original started looking within a 20km radius of Brisbane, but the more research and the more waiting we did, the more pricing went up we seemed to be forced beyond the 30km mark.
We are not first time investors, we have a JV of town houses and villas in Rutherford and are currently renting out our PPoR in a coastal suburb of the NSW central coast. We didn't do our own DD on Rutherford, sort of got roped into it, pitched as a 7 year plan to halve the mortgage on our then PPoR.
We recently sort advice on where to buy and were given a couple of options:
Option 1: Muswellbrook. $340,000 4 bedder, ensite, double garage in the new Monarch estate, expected rent of $350. Rent gains potentially with the Anvil mine. Seems like there is other strong supporting industry to relieve the dependence on mining alone. Also proposals to set up an airline link in the area to Syd. CG has been around 14% over the past 5 years.
Option 2: OTP unit at Chermside, the Equinox project. 2 bed, 2 bath, $409,000. Current rents look OK at around $350-$380 at the moment, very probable to be over $400 at completion in 18 months time.
Between us, we earn over 6 figures, we have no deposit (not enough equity in PPoR due to 95% lend, JV no go either) but do have enough to cover costs on one of these. Because of this, I think we need to buy new to maximize deductions and minimize the weekly contributions.
Any opinions on either? Or better options for around the $400K mark?
Sorry for the long post!
Long time lurker, first time poster. My fiance and I have spent so much time procrastinating over where to buy over the past 6 months (particularly looking at SE Qld) and consequently have missed some serious CG.
We original started looking within a 20km radius of Brisbane, but the more research and the more waiting we did, the more pricing went up we seemed to be forced beyond the 30km mark.
We are not first time investors, we have a JV of town houses and villas in Rutherford and are currently renting out our PPoR in a coastal suburb of the NSW central coast. We didn't do our own DD on Rutherford, sort of got roped into it, pitched as a 7 year plan to halve the mortgage on our then PPoR.
We recently sort advice on where to buy and were given a couple of options:
Option 1: Muswellbrook. $340,000 4 bedder, ensite, double garage in the new Monarch estate, expected rent of $350. Rent gains potentially with the Anvil mine. Seems like there is other strong supporting industry to relieve the dependence on mining alone. Also proposals to set up an airline link in the area to Syd. CG has been around 14% over the past 5 years.
Option 2: OTP unit at Chermside, the Equinox project. 2 bed, 2 bath, $409,000. Current rents look OK at around $350-$380 at the moment, very probable to be over $400 at completion in 18 months time.
Between us, we earn over 6 figures, we have no deposit (not enough equity in PPoR due to 95% lend, JV no go either) but do have enough to cover costs on one of these. Because of this, I think we need to buy new to maximize deductions and minimize the weekly contributions.
Any opinions on either? Or better options for around the $400K mark?
Sorry for the long post!