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  • Profile photo of podohepodohe
    Member
    @podohe
    Join Date: 2003
    Post Count: 2
    August 1, 2003 - 6:07 am

    Well here’s my story… Name is Patrick, live in Inner west Sydney in a unit I bought just over 2 years ago. Was my first property purchase ever, and bought it as both a place to live, but also as an investment, with the intention of upgrading to a larger house whenever family commitments came around. This has increased about 30% since purchase, so well happy [:)]

    Age 27, not married, but have a wonderful girlfriend who is extremely supportive. My next property purchase was an off the plan in Southbank in Melbourne. This one is due to settle later in the year, and has me a little worried given what everybody is saying about inner city units. If only I found this site before that one! But now that I am well informed I know more what to look for in the current market.

    I work in IT, which pays the bills, but got in to property because I have always loved it, just could never afford to purchase any. Long term plan is to build up enough equity, and subsequently cashflow to be able to work for myself, while still having financial security behind me.

    Profile photo of podohepodohe
    Member
    @podohe
    Join Date: 2003
    Post Count: 2
    July 2, 2003 - 10:53 pm

    Thanks for all the many (and varied) responses. Everything that has been said is stuff I have been weighing up in my mind already. To answer some questions, originally I was hoping for some quick capital gain (aren’t we all), but not necessarily to then sell it off for a profit, more to be able to use the equity for other investments. So I am now thinking that this short term plan is out the window. I was then, and still am of the belief that inner city is a good ‘long’ term investment. It’s just how long this term needs to be that is now open to question.

    I feel comfortable that I will be able to afford the loss, all other things being equal. I feel comfortable that I will be able to absorb an interest rate rise, long term vacancy etc… However I am not one that likes throwing good money after bad if it is not going to turn around some time in the future.

    So it’s looking like what I had probably already decided, hold on to it and wait to see what the future holds, and try to ignore all the newspaper articles!

    Thanks again.

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