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Hi dcincome,
The Canberra property is my first IP, so am naive when it comes to numbers. Sorry. Originally, hubby & I were looking at the Sydney market, but the repayments would tie us down for further purchases (hubby likes inner west houses). We live an hour away from Canberra and only made this move a year ago(was living in Riverina). After a work mates suggestion, I started looking at the Canberra market.
For tax purposes, negative gearing works for us. Canberra's rent is quite high……we were juggling b/w positive cash flow & capital growth. Canberra property seem to fit the bill, good capital growth and not heavily negatively geared.
We bought the house in September for $455,000 and PM is expecting $490, currently we just accepted an application. How do you work out the return? At first we thought we get in b/w $420-$450. So, we are very happy.
We are holding it for the long term, so hope to slowly renovate it in b/w tennancy.
I would like to buy another house in Canberra, but hubby wants to build a house for ourselves. LOL. We will see when that happens. I had my eyes on Holt for a few months and it seems to have recently taken off, at least the properties there are moving faster.
From the last few years, Canberra certainly seem to have grown and they do have 4 unis, they median income is very high compared to most states, they are the Capital City and you can still buy houses for under $400K.Coming back to the question.
As I don't know how to crunch numbers(hope to learn soon if I spend more time in this forum), try looking at townhouses and decent looking units – their return seem to be looking good. Especially town houses close to Belconnen. Once saw one in the paper fairly close to the city, needed refreshing and from memory was close to neutral or even positively geared…….depending on your deposit. Being close to the city was the most attractive factor, I guess with anywhere. You got to be quick though, often offers are accepted in the first opening inspection.Do you use allhomes.com? This is not your 1st IP is it? Just keep your eyes on the market, don't let your ideal IP slip through!
CHEERS!Hi everyone,
I'm a newbie in IP, but have recently bought an IP in Canberra. We are dealing with L.J Hooker. They seem to be good so far. They are charging 11% commission, staggering compared to Sydney. The IP still need to be tennanted, but the proposed returns are very good.
My husband and I are self-employed in the hospitality industry and live an hour away from Canberra. When searching to buy, we only had time to see the properties on week days and by that time the properties we were interested are already under offer. However, we managed to see one that we liked and made an reasonable offer and vendors accepted. We might not have bargained hard, but we just couldn't make it to most inspections and time is very precious to us.
Prusli,
You probably have finished your renos by now. Can you please give me a break down of costs of your project?
Later, I am hoping to create/extend the outdoor entertaining area. Is there a recommended landscaper at reasonable cost?Great to see other Canberra investors getting together.
CHEERS!
