Hello,
We are currently deciding on the best course of action to continue our portfolio.
Currently we have a house in the UK which is at 65% LTV and rents to cover all costs.
We have purchased a block in Berwick, Melbourne, on which to build our PPR on. This block is not titled until October 08 so is currently not costing us anything.
We are in a rented place until October 08 ( we are new to Australia from the UK - here on permanent residency visas ), but don’t want to continue to rent whilst we build.
We have enough deposit for 20% on the Berwick land and a house to build on it.
We have enough for a 20% deposit on an IP in the region of $250 - $300k, which we would first want to live in until we build in Berwick.
Our initial plan was to buy a two bedder in Berwick that is currently tenanted, move into it ourselves when our lease is up next October, build on our block then rent the 2 bedder back out.
Our thinking now is that we could go for a house & land package that would be ready for say end of 08, so we don’t need to pay more than the initial 10% until then.
Does anyone have experience on house & land packages as investment properties?
The two main areas we are looking at, for reasons of budget and commute time to work for ourselves whilst we live there, are Paterson Lakes and Marriot Waters. Patterson Lakes seems to be the 'trendier' option but we could only go for a 2 bed apartment. Marriot Waters could see us with a 3 bed single storey for the same money, and seemingly returning slightly better rent. Patterson Lakes 2 bed appts for rent are advertised at $240 per week, 3 bidders in Marriot Waters at $280.
Does anyone have an opinion on these areas, or know of other similar new release estates that may be a fair bet?
Our strategy is to have 3 properties within 3 years with a max LTV on any one of about 80%, ( and one of the properties would be our PPR ), and we don’t want to pull any more from the UK house for a good while as it is taking care of itself and 65%. We don’t want to be too risky.
On paper, the house & land packages at Marriot seem a good idea - as we will need to live in the house for a while, so we would like something a bit more sizeable than a 2 bed appt. We just don’t know what the growth or rental market would be like for these types of properties in these areas.
Any opinions would be greatly appreciated.
Thanks.
We are currently deciding on the best course of action to continue our portfolio.
Currently we have a house in the UK which is at 65% LTV and rents to cover all costs.
We have purchased a block in Berwick, Melbourne, on which to build our PPR on. This block is not titled until October 08 so is currently not costing us anything.
We are in a rented place until October 08 ( we are new to Australia from the UK - here on permanent residency visas ), but don’t want to continue to rent whilst we build.
We have enough deposit for 20% on the Berwick land and a house to build on it.
We have enough for a 20% deposit on an IP in the region of $250 - $300k, which we would first want to live in until we build in Berwick.
Our initial plan was to buy a two bedder in Berwick that is currently tenanted, move into it ourselves when our lease is up next October, build on our block then rent the 2 bedder back out.
Our thinking now is that we could go for a house & land package that would be ready for say end of 08, so we don’t need to pay more than the initial 10% until then.
Does anyone have experience on house & land packages as investment properties?
The two main areas we are looking at, for reasons of budget and commute time to work for ourselves whilst we live there, are Paterson Lakes and Marriot Waters. Patterson Lakes seems to be the 'trendier' option but we could only go for a 2 bed apartment. Marriot Waters could see us with a 3 bed single storey for the same money, and seemingly returning slightly better rent. Patterson Lakes 2 bed appts for rent are advertised at $240 per week, 3 bidders in Marriot Waters at $280.
Does anyone have an opinion on these areas, or know of other similar new release estates that may be a fair bet?
Our strategy is to have 3 properties within 3 years with a max LTV on any one of about 80%, ( and one of the properties would be our PPR ), and we don’t want to pull any more from the UK house for a good while as it is taking care of itself and 65%. We don’t want to be too risky.
On paper, the house & land packages at Marriot seem a good idea - as we will need to live in the house for a while, so we would like something a bit more sizeable than a 2 bed appt. We just don’t know what the growth or rental market would be like for these types of properties in these areas.
Any opinions would be greatly appreciated.
Thanks.