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I’m new to all this but this is what I think. It’s a lot easier to get positively geared property in Melbourne/Brisbane than it is in Sydney. You can drive 1 hours west/south/north of Sydney and the property prices are still over $500,000 (which is just ridiculous). You drive 1 hour away from Melbourne and you hit the country areas where in more likelihood you get positive cashflow. I have read Steve McKnight’s book. I am happy for him and that he has made it work. It is just not something which is easy to do in Sydney. The property prices here are ridiculously high. Hence, most people have to negatively gear. A mix of both wouldn’t hurt at all. That’s my 2cents worth. [8]
Thanks Simon. You are correct. Just spoke to a tax accountant. The book I read was misinformed (Your Investment Property (Anita Bell), page 2 – point 2)
Thanks all. I have spoken to the OSR and my solicitor now. Just to let you all know for future that you just have to move in within 12 months of settlement. Which I can do as my newly renewed lease will be finished by then.
For those who want to move in and then rent it out is another story. A minimum of 3 months will probably get you out of the doghouse with the $7000 grant. Obviously the longer the better. Anything less than 6 months looks suspicious.
