Hi Alchemisst
It is still possible to purchase good investment property for around $220,000 that will rent out for around $300 per week in the Sydney outer West.
I purchased two last week, one for $201,000 and the other for $193,000.
The first one will need about $10,000 reno and will the n rent out for around $280 to $300 per week
The second one is better as it is one that someone has done most of the fix-up already and only needs about a weeks work and $10,000 spent on it. This one can rent for at least $300 per week as it is has 4 bedrooms on a large block with large garage. One of my clients just purchased one in Penrith for $230,000 in January. It will also need about $10,000 spent on it as well, is already tenanted for for $280 per week with the renters willing to pay $300 once the $10,000 work is done. I own in the street only 5 doors up that gets $320 per week and was recently revalued at $295,000 – I paid $240,000.
There are many great deals around at the moment in Sydney outer west for those who know what they are doing. We run weekly seminars for people who wish to learn about property investing in Sydney West. Check out the website http://www.tnpm.com.au