Hi all,
I am a novice property investor (one IP to my name, purchased January '09) looking to purchase my second IP. Area is Sydney - lower North Shore. My criteria for purchasing my first property were: small block (high land content), 2 bed, parking, internal laundry, well located for transport, in need of cosmetic reno - I ended up purchasing a 2 bed unit in an art deco block of 4. Where I am struggling at the moment is in finding an appropriate property in a small block (all other criteria still apply) - if I was to widen my search to include strata/high rise buildings then I would have a greater choice.
So what are people's thoughts on purchasing an IP in a larger block (up to 40 units) if the unit ticks all of the other boxes? I understand the concept of high land value and how this is beneficial for CG, but is this always the case, or do some strata units do as well CG wise as those in smaller blocks? I would always avoid areas with a high number of similar units (e.g. St Leonards), and also only look at older buildings (i.e. no new developments) - so should I cast my net wider to include larger blocks of units? Your thoughts and advice on this would be very much appreciated! For example, something like this:
http://www.realestate.com.au/cgi-bi...r=&cc=&c=92615209&s=nsw&snf=ras&tm=1260438028
Or do I stick to my guns and keep looking for a unit in a small block?
I am a novice property investor (one IP to my name, purchased January '09) looking to purchase my second IP. Area is Sydney - lower North Shore. My criteria for purchasing my first property were: small block (high land content), 2 bed, parking, internal laundry, well located for transport, in need of cosmetic reno - I ended up purchasing a 2 bed unit in an art deco block of 4. Where I am struggling at the moment is in finding an appropriate property in a small block (all other criteria still apply) - if I was to widen my search to include strata/high rise buildings then I would have a greater choice.
So what are people's thoughts on purchasing an IP in a larger block (up to 40 units) if the unit ticks all of the other boxes? I understand the concept of high land value and how this is beneficial for CG, but is this always the case, or do some strata units do as well CG wise as those in smaller blocks? I would always avoid areas with a high number of similar units (e.g. St Leonards), and also only look at older buildings (i.e. no new developments) - so should I cast my net wider to include larger blocks of units? Your thoughts and advice on this would be very much appreciated! For example, something like this:
http://www.realestate.com.au/cgi-bi...r=&cc=&c=92615209&s=nsw&snf=ras&tm=1260438028
Or do I stick to my guns and keep looking for a unit in a small block?