Hey guys.
With all this talk of the RBA raising IR to try stop falling affordabilty rates for home buyers, and talk of IR hitting double figures in the next 2 years, im sort of being put off getting another IP.
Im nearly 23, and purchased my first IP last December, and was starting to have a look at purchasing another over the next 3 months. If its true that rates are going to skyrocket over the next 12-24 months, should i hold off to wait until prices drop?
Im very keen on getting another IP, but do not want to get myself in trouble if rates jump to 10-11%, and the price of my IPs drop considerably.
I find it hard to believe rates will keep rising so much over a short period. From what i remember, rates are risen when the economy is growing too fast. I dont really see it growing too fast atm, especially when housing affordability keeps dropping as rates skyrocket.
What is it some of you suggest i do? Wait it out 6-12 months and see where the market goes? By now, but account for a few % IR rise?
A little about me:
Nearly 23, living at home with no real expenses apart from phone, gym membership, car expenses and chairties i sponsor. Current IP cost about $70-80p/w to hold. Wage roughly $55-60k yr.
Thanks
With all this talk of the RBA raising IR to try stop falling affordabilty rates for home buyers, and talk of IR hitting double figures in the next 2 years, im sort of being put off getting another IP.
Im nearly 23, and purchased my first IP last December, and was starting to have a look at purchasing another over the next 3 months. If its true that rates are going to skyrocket over the next 12-24 months, should i hold off to wait until prices drop?
Im very keen on getting another IP, but do not want to get myself in trouble if rates jump to 10-11%, and the price of my IPs drop considerably.
I find it hard to believe rates will keep rising so much over a short period. From what i remember, rates are risen when the economy is growing too fast. I dont really see it growing too fast atm, especially when housing affordability keeps dropping as rates skyrocket.
What is it some of you suggest i do? Wait it out 6-12 months and see where the market goes? By now, but account for a few % IR rise?
A little about me:
Nearly 23, living at home with no real expenses apart from phone, gym membership, car expenses and chairties i sponsor. Current IP cost about $70-80p/w to hold. Wage roughly $55-60k yr.
Thanks