Western Sydney or Brisbane?

[newbie_IP]

Hi All,

Would love to get some advice from you all on my 2nd investment property.

I currently have a 2bedroom semi in Newtown which i think is valued around $650k-$700k and I owe $512k on it.

I washoping to get my next investment property for under $400k and I was hoping to buy another house to save any issues with body corporates etc.

So far I have just bought 2 property reports (NSW and QLD) from Residex, firstly not sure which city Syd or Bris to start looking. I am preffering Syd cause I know it a little better..

Was wondering what you all thought about any of these suburbs : Erskine Park 2759, Hassall Grove 2761, Hinchinbrook 2168, Minchinbury 2770, Oakhurst 2761, Wattle Grove 2173

Also I guess my best bet is to draw as much equity out of Newtownand try and get a loan with 20% deposit on new IP to save getting LMI.

Thoughts anyone?

Ian

 

[alexlee]

Even if it was valued at 700k, you'd only be able to get 50k out before you have to pay LMI on Newtown. Given that LMI is charged based on the size of the loan, it would make more sense to pay LMI on the new place.

 

[Ridin-High]

thoughts are

- discuss funding issues with a broker

- im having the same problem as u south west syd vs brisbane, crap yield vs land tax

 

[newbie_IP]

Only planning on taking out $40k of equity and putting in the difference for lending costs and deposit on new IP.

Any thoughts on suburbs listed:

Erskine Park 2759, Hassall Grove 2761, Hinchinbrook 2168, Minchinbury 2770, Oakhurst 2761, Wattle Grove 2173

 

[Propertunity]

Any thoughts on suburbs listed:

Erskine Park 2759, Hassall Grove 2761, Hinchinbrook 2168, Minchinbury 2770, Oakhurst 2761, Wattle Grove 2173

On the basis of CG performance over the last 15 years, Wattle Grove wins.

 

[newbie_IP]

So you think that Wattle Grove has potential to continue growing in the medium term?

I know more of the area around St Clair, Erskine Park way, don,t know much about the Wattle Grove area?

I figured that the proximity to M7,M4, Parramatta would be good for area growth?

 

[Propertunity]

So you think that Wattle Grove has potential to continue growing in the medium term?

Look, the answer is, no one knows. However, you've got to say to yourself that if something has done something over a long period of time, what are the chances that it will suddenly stop doing that something?

 

[newbie_IP]

thanks for the advice! Can you explain to me the basic costs of a property buyer such as yourself?

 

[Propertunity]

thanks for the advice! Can you explain to me the basic costs of a property buyer such as yourself?

I have sent you a PM.

 

[newbie_IP]

I have narrowed down my selection and am planning on driving out for a look around and meet some agents in the below areas of:

*Wattle Grove
*Erskine Park/Minchinbury
*Hassall Grove/Oakhurst/Glendenning

Does anyone have any reccomendations on streets or sections in the areas of each of these suburbs that are best to look at or parts to stay away from?

Also anyone dealt with any good PM out that way?

Thanks so much for all your help!

Ian

 

[komstak]

I prefer Plumpton/Oakhurst/Glendenning/Dean Park. These suburbs are practically next to the Marsden Park Industrial precint.

http://www.gcc.nsw.gov.au/mpi.html-95.html


Have a look at these streets:

Shinnick Rd, Oakhurst

Hyatt Rd, Plumpton (near Plumption Public High School, daycare, McDonald's, Woolworths)

At Glendenning, I will avoid streets near the BP and pub.

 

[jaypee]

Hello Ian,

I used to live near Wattle grove.
What I know about it:
* Its near Holsworth station, which has express services to the city (Average of 40mintues commute time).
* New houses/terraces near by the station and I believe they are also a new estate/new houses at Hammaondville? - So Wattle grove may experience some flow on affect?
* Near Holsworthy army barracks.

Found this earlier posts with a bit more info:
http://www.somersoft.com/forums/showthread.php?t=52311&highlight=wattle+grove

I think there is a couple more posts about it - you can do a search.