Hi All,
I'm relatively new to investing or rather relatively new at 'properly planned investing'. I'm wanting to buy a property which will have good capital growth over the next decade so I can use the equity to buy more properties. I only just started monitoring South Penrith and properties are going really quickly and seem to be going for good prices, so have I missed the boat? It would appear so as a bit more digging suggests it's been going hot for a while too.
Since this forum is gifted with many experienced and knowledgeable investors, my question to them is would you invest in South Penrith with a budget of $450-$500K? Since it's already 'hot', would it be still wise to invest there? My impulse says don't buy now and wait for the RBA interest rate hikes (hoping there'll be correction of property prices), but I'm scared that there won't be much correction and property prices will go up even further. And I dread of a day in future, few years from now where I think, "I could've bought that house for $500K back then but didn't!". A few years ago a friend of mine told me to invest in Mount Druitt and I didn't listen to him. I was too busy paying off my then PPOR which is now an IP and I'm screwed with a chunk of non tax deductible portion! But I want to start investing now and I guess better late than never
Thank you for all your input.
I'm relatively new to investing or rather relatively new at 'properly planned investing'. I'm wanting to buy a property which will have good capital growth over the next decade so I can use the equity to buy more properties. I only just started monitoring South Penrith and properties are going really quickly and seem to be going for good prices, so have I missed the boat? It would appear so as a bit more digging suggests it's been going hot for a while too.
Since this forum is gifted with many experienced and knowledgeable investors, my question to them is would you invest in South Penrith with a budget of $450-$500K? Since it's already 'hot', would it be still wise to invest there? My impulse says don't buy now and wait for the RBA interest rate hikes (hoping there'll be correction of property prices), but I'm scared that there won't be much correction and property prices will go up even further. And I dread of a day in future, few years from now where I think, "I could've bought that house for $500K back then but didn't!". A few years ago a friend of mine told me to invest in Mount Druitt and I didn't listen to him. I was too busy paying off my then PPOR which is now an IP and I'm screwed with a chunk of non tax deductible portion! But I want to start investing now and I guess better late than never
Thank you for all your input.