I have been looking for properties that meet the 11 second rule and have found it difficult to locate ? Where is the best place to look ?
mcoll[
]They are getting harder to find and require a lot of work to unearth. That’s half the fun. A lot people here won’t reveal where they are buying, and I don’t blame them, because they’ve spent a bloody long time researching etc. Make the search function on the site your best friend and use it. Good luck.
cheers
ri’d have to agree, though under billfromoz’s advice i’m not buying at the moment, i am still looking. at present the biggest problem i have, is when i get whiff of an area thats ready to expand, its usually been too late as prices have gone up. one of the rules i have is there has to be justification for the market value. ie house’s in harden NSW might be cheap but why buy there, is a new factory starting up? a new gold mine just approved? if not i tend to shy away from those area’s.
mcollins and all
)I think this “put your money away for 18 months idea” has some merit, but it depends on what you’re looking for. The cheapy 50k properties will still be 50k tomorrow. The oversupplied apartments in inner melby will maybe move from 400k to 320k if there’s a drop of 20% (there’s already been a drop of 4.5% there, so only 15.5% to go!), but do you really want to buy them at that price anyway? at 300k, you still have to get 600 bucks a week rental to get a similar kind of return that you’re looking for, and 300 bucks a room in melbourne? um, I don’t think so.
I used the example of those apartments that will be “at risk” of a much greater price drop- particularly when they’re actually built from the OTP arrangement. I think other properties in decent locations with distinguishing features will be much more “bust-proof”.
You will *always* be able to find properties in your price range- if you’re realistic. But if you lock up your money, I reckon you’ll miss out on some bargains
mcollins- if you do a check on realestate.com.au and do a general check on different locations, and do the search “by price”, you can find out the cheapies around. But if the rental for the area is 80 bucks for a 2-bed place, you can renovate up the wazoo, but it still might not get the yield you’re looking for.
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