I have a 2 yr old rental unit in inner city Brisbane with approx $100K equity. I’m currently renting in Sydney and looking to buy, improve and then maybe sell at least one property here, however my high rent is preventing me from saving a decent “Sydney-sized” deposit anytime soon.
I’d like to to hear from people with a feel for both the Sydney and Brisbane markets – am I better to sell the unit in Brisbane now and use the cash to fund one or two projects in Sydney, or is it wiser to hang onto the unit and use some of the equity in the unit to help with buying a property in Sydney (can I even do this??)Anastasia,
Long time no see.That is a toughie to answer. Brisbane has done well and so has Sydney.
As I put in many posts I ask of you what your end goal is ? What are you setting out to achieve in property ? Are you a mass collector like our benefactors Steve and Dave or a renovator like the Doidgy Brothers (Paul Eslick and Geoff Doidge) ? Do you want cashflow or cap gain ?
Personally I buy for cashflow and when and if Cap gains hit hard I sell off some stock to fund new cashflow areas. So for me I would only sell Bribane if I could get casflow elsewhere. But that is me. I only sell when opportunities present themselves.
Where do you want this Journey to end ? What path to you want to tread ? Remember that there is no right or wrong here……just different choices.
Hope this helps Ana.
Enjoy
AD [:0)]
(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Ana,
In answer to your question “Can I even do this?”… yes. Can be done a couple of ways. You can either re-finance the home you own, and use the cash as a deposit, or you can just usevalue the equity you already have as a second security for your loan. Note that either way they will proberbly only lend you up to 90% (depending on your situation) of the value of your property.
Dan.
If you want an extraordinary life you have to be prepared to do things that ordinary people aren’t prepared to do.
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