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I agree with Steve – be careful when buying land as there is usually no income.
However it can be a great capital gains investment which enables you to do bigger and better things.
April last year I bought a block of land for $150,000. Since then I have had offers made of well over $300,000 for the land and I am confident I will be able to sell it for around the $500,000 mark early this year. It is my intention to sell it as it costs me money every month – but It was definatly worth buying.I current have all my properties insured through Reward Insurance. They have insured a number of my properties whilst they where being constructed and at a price better than any other company I could find. Their number is 1800466100.
A year and a half ago I bought a nice two bedroom unit in Moe. It gave me a positive cash flow straight away and I sold it a couple of months ago for 50% more than what I paid for it.
I don’t beleive you will get the same capital gains now but the main reason I bought there was that there are lots and lots of renters in Moe. My unit was in walking distance to the main shops which ment I had a lot of rental applications.
There are also a number of new employment opportunities in the area due to the Brack’s Government pumping in around 5 Million dollars to boost the economy of the Latrobe Valley area.
