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wow, thanks a lot for your responses guys. yep, i understand that houses in those areas are difficult to come by at $200k, but there are a few apartments in box hill for that much, and i also found a house in a great location, sub-divided block though, for just over $200k (on realestate.com.au).
NATS12, i was looking to renovate, but not make a quick buck, rather hang on to it for a while… use the equity in it to expand. but yeah, i was looking to renovate in the first 6 months (whilst pretending to live there), and hopefully the increased rent would offset renovation costs in about a year, whilst also adding to the value of the house.
MichaelYardney: do you mean then to purchase in areas that have already experienced growth, or purchase in areas that are yet to grow? (i understand it to mean the former). is there any chance i could look at the list that has the best suburb growth over the last 10 years?
Thanks a lot for your help guys, much appreciated!
gday diggo, i’m in a similar situation than you! man, 16 and already $10k, thats awesome. how did u get into property, your folks into it? im 18 and have about 18k. it depends on where you live, i’m in victoria so i’m looking towards houses that are around the 200k mark as a starter. But it is important to get the first home owners grant (at the moment $12k in victoria, soon to be $10k).to get it you just have to pretend to live there for 6 months (thus it must be in your home state). you don’t necessarily need a stable income for a loan, as other people have said. instead, you can get your parents to act as a guarantor (i think thats the word), and hopefully the rent you collect should be more than enough to cover interest. also remember to borrow 110% of the property price to cover taxes and hidden costs (they add up). Finally, there are awesome (affordable) houses for sale in Tasmania, just visit realestate.com.au – i’ve been interested in the suburb of Burnie (beach views, for between $100 – $200k!!) Wow that is a long first post! keep me posted, it will be interesting hearing from someone in a similar position. PS, could you possibly swing me some information on this online investment… i could sure do with an extra $2000 a month! cheers and good luck
