Just curious as to where information on disposable incomes at a suburb level can be found?
I've been looking on ABS website but it seems to give a state view, rather than a suburb level view?
a pointer in the right direction would be appreciated
Just curious as to where information on disposable incomes at a suburb level can be found?
I've been looking on ABS website but it seems to give a state view, rather than a suburb level view?
a pointer in the right direction would be appreciated
Roy
The data comes from the census - not ABS, but SQM Research has done all the hard work for you and supplies the information for free.
http://sqmresearch.com.au/graph.php?postcode=2000&mode=4&t=1
The data comes from the census - not ABS, but SQM Research has done all the hard work for you and supplies the information for free.
http://sqmresearch.com.au/graph.php?postcode=2000&mode=4&t=1
Thanks Michael for the info
May sound cliche but "buy problems, sell solutions". Your 2 current IP's were already made solutions so you paid top dollar for these and had nothing to add.
Personally I would never ever buy a fully renovated property as that just means I am buying someone else's solution and it leaves me nothing except buy and hold. I am not too keen on letting the market dictate what I can do next with my investing.
Personally I would never ever buy a fully renovated property as that just means I am buying someone else's solution and it leaves me nothing except buy and hold. I am not too keen on letting the market dictate what I can do next with my investing.
Sexyv40,
Thanks for such a great post, really brought up some good responses.
I just like to highlight that I see your situation as being in a good place and not sure what place to go next. Your wording, "we only have 2 x IP's" and I see you have done a few other deals. It sounds like you've got some great experience, income to get ahead and a solid footing. So where on earth would you like to go next? What are some of the most rewarding ways that you can get even further in front and while enjoying the ride.
Remember, success is a journey, not a destination.
Thanks for such a great post, really brought up some good responses.
I just like to highlight that I see your situation as being in a good place and not sure what place to go next. Your wording, "we only have 2 x IP's" and I see you have done a few other deals. It sounds like you've got some great experience, income to get ahead and a solid footing. So where on earth would you like to go next? What are some of the most rewarding ways that you can get even further in front and while enjoying the ride.
Remember, success is a journey, not a destination.
Inner city is good.
But you're buying stuff without land component in a market oversaturated with apartments.
I've and know people who have bought stuff in similar areas after you, and have had 100%+ capital growth.
North and West Melbourne are heating up as the CBD and Southbank are oversaturated and out of control expensive (talking about anything with decent land on title, not units). I think we will see great growth in west / north melb due to their proximity to the CBD and very generous height limits not restricted by proximity / overshadowing of the Yarra. The more towers get approved in a given area the higher the value of the surrounding land. The next 5-10 years will be interesting in that part of town.
Sexyv40,
Your journey to date is not unusual, having a desire to improve your financial position, having dabbled in property and made some money on some of your investments but having sold some decent properties to buy an expensive PPOR.
As others have said, you need to have a plan, a time table and a strategy to achieve specific goals. Not sure your journey has been that planned.
Buying in Kensington in 2010 may have been top of market so it is not unexpected there may not have been much growth since then. We have not yet been through a full cycle since 2010. Your purchase in Nth Melbourne, you probably paid the renovators profit. Melbourne is and has been a traditional low rent yield market, so you need to match your strategy to your current financial position in terms of location decisions.
To be able to retire, you need equity and income, so your goals need to incorporate how you can achieve both in your time frame and with your financial position. You need to be able to extract growth to help fund the next IP and also show sufficient income to enable you to obtain finance for the next IP. Growth may come from smart buying location, good price purchased, manufactured or simply a slice of luck in timing of the overall market, but I would not rely on the last.
The success stories are nearly all based on having a plan, a vision, a desire to achieve, a strategy and then action as others have said above.
Get the finance component worked out first, the property decision then follows. Good luck with it.
Your journey to date is not unusual, having a desire to improve your financial position, having dabbled in property and made some money on some of your investments but having sold some decent properties to buy an expensive PPOR.
As others have said, you need to have a plan, a time table and a strategy to achieve specific goals. Not sure your journey has been that planned.
Buying in Kensington in 2010 may have been top of market so it is not unexpected there may not have been much growth since then. We have not yet been through a full cycle since 2010. Your purchase in Nth Melbourne, you probably paid the renovators profit. Melbourne is and has been a traditional low rent yield market, so you need to match your strategy to your current financial position in terms of location decisions.
To be able to retire, you need equity and income, so your goals need to incorporate how you can achieve both in your time frame and with your financial position. You need to be able to extract growth to help fund the next IP and also show sufficient income to enable you to obtain finance for the next IP. Growth may come from smart buying location, good price purchased, manufactured or simply a slice of luck in timing of the overall market, but I would not rely on the last.
The success stories are nearly all based on having a plan, a vision, a desire to achieve, a strategy and then action as others have said above.
Get the finance component worked out first, the property decision then follows. Good luck with it.
