Hi all,
I am new to this forum and after some opinions please. Let me give a breakdown: Wife and I are Australian newly weds that have been living in the US for the last 2 years (renting in NYC). We are looking to move back to Sydney in the next 1-2 years to start a family. We both earn well (around $190K combined). We have around $100K in savings in Australia and around $20K here in the US. We know we ultimately want to live in Sydney as this is where our families are but with property prices the way they are I don’t know how we will afford a 3 bedroom place (thinking of 2 kids).
Do you think we should just keep saving for a deposit on a place we would ultimately live in or spend what we currently have on an IP and rent it out until we return to Australia? Once we do pop out a kid or two my wife isn't going to be able to work in the capacity she works now so we'll probably be down to around an annual income of around $100K. Thank you!
Hi David
Welcome to the forum and hope you enjoy your time with us.
If i thought prices would fall further this year i would be telling you to save up your deposit further and wait until you get back but from all reports Sydney prices could well kick again and go up this year. (Certainly here in Brisbane i am expecting to get back into the buying market which i hadnt dont with the odd exception for a couple of years).
Why dont you think about buying something that you would potentially live in and in the meantime rent it out.
At least that way you can cap the price now rather than cross your fingers prices have gone up too much since you have been away.
Of course in saying this i dont know what sort of purchase price you are looking at.
Being an Expat you will be limited on LVR so that might be an issue.
Certainly worth exploring though.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Since you do not yet have any children, perhaps you could look at just a 2bedroom house ; with 2 decent sized bedrooms and enough space in the backyard to add a room to the house later on. The 2 children, when they arrive, could share a room for a few years. By then you'd have some spare cash to add a bedroom.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
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