We’re looking at buying our first investment property and thought that looking for one that has gone into foreclosure in Sydney would be good idea. Any thoughts on this?
Ta
BekI have looked at some statistics from the ABS.
Basically it indicated that judging by past performance from 1976… we have a few years before things will pick up in Sydney.
The last cycles were 7 years & 11 years… We are now 2 years since the last peak and counting. Having said that, it’s always good to note that these are general figures. I’ve seen 25% cap growth on property bought this year where statistically the growth has been around 4% for that city for the year.Given affordability also… I can’t see general Sydney prices moving anytime soon. Personally I would rent cheap in Sydney and invest elsewhere (PS. I’ve had a great year) Earn Sydney dollars and invest outside the city. If you do have a great deposit (ie. over 20%)… then for sydney I would start small. You could easily pick up a studio for around $180K and rent furnished for $290pw.
“There is nothing scarier than ignorance in action”
You must be logged in to reply to this topic. If you don't have an account, you can register here.
