Thanks for your advice Corey, will do :)!

Thanks Alistair, I appreciate your advice.
Dana

Thanks Alistair, I too had the same plan of buying our next property in Sydney. However prices are out of my reach now, and given the unstable economy I’m somewhat nervous of having a bit mortgage when jobs aren’t the most secure. I see Newcastle as an attractive way to be able to buy land and I also much prefer where Newcastle is in the property…[Read more]

Hi Alistair,
That’s the thing, we’re no longer entirely sure. My family is in Sydney and so is my job, however my partner has family in Newcastle, an investment property there, and he’s a coal miner so they are both viable options. If I could choose I would like a unit in Sydney in the inner west (Ashfield, Croydon area), and a house in Newcastle…[Read more]

And would you recommend they be negatively or positively geared?

Hi TheNewGuy,
The $80k is in addition to the $200k. It is the last portion of the loan on the unit that is ready to be paid off, however we’ve kept it in offset in case we choose to buy another. The unit is worth approx $250k.
The $200k in savings is just sitting in an account doing squat. I’ve stopped adding to it and started buying shares in a…[Read more]

Thanks for the words of encouragement Corey, we feel quite good about our situation however it is easy to lose perspective and become demoralized in the Sydney market. I’ll definitely look into what you suggest.

His Aunty is 50 years of age so hopefully that won’t be a consideration for us or her for quite some time! We are currently in the process of renting the Newcastle property out (after we have our holidays there in Jan). The unit is essentially paid of with the money sitting in the offset account to pay it out in full. We were thinking of taking…[Read more]

Thanks for the great points guys. Certainly a lot to mull over, and as you said there is no rush so I will engage a financial advisor who has a specialist interest in real estate and go from there. Thanks again!

Hi Benny,
Thank you for the words of encouragement, as we were starting to feel quite demoralized with the Sydney housing market, so it’s good to hear we have some options! You’re right about the advice, we do need to find a financial planner and I’ll research one that has an interest in property and make an appointment.