Hi. I’m a young professional looking to enter the market in Sydney’s inner west. The property would be owner occupied. Is a unit or apartment for under $300 000 a smart investment? I would welcome any advice. [blush2]
Hi Supagirl.
Very broad question you have asked there. Probably the reason why no one has responded to you yet. You need to give more information, and do some more of your own research first.
* What suburb is the property in?
* 1/2/3 bedroom???
* What are other prices in the area doing?
* Are you looking to renovate and resell for a profit?
* Are you looking to rent it out for rental income? (most likley not if you are going to be owner/occupier)
* Are you relying on growth in the area for your investment return?Give some more details, then people may be able to help you. But to me, it looks like this is not an investment property, rather a home to live in.
Good luck.
Richard
Hey thats a pretty wide question but definetly look for under that price range to start.
Refer to richief’s questions but my two cents worth is that ive heard any unit or apartment will have large gains only if it is in a 4 or less apartment complex as there is opportunity for capital gains down the track.
Then again, Im a beginner like you and looking to get my first deal done by beginning 2008!
Good luck
Hi Supagirl75,
Thanks for your post. Welcome to the forum.
By ‘owner occupied’ I assume you mean live in…?
In that case what you are doing is making a lifestyle decision while trying to maximise the financial outcome.
I say this as it is important to make this observation as many people mistake their home for an out-and-out investment.
That is, the question that you need to ask yourself is: ‘First and foremost, is this property a home or investment’
Your answer will dictate what sort of property you acquire, and your timeframe for ownership.
Again assuming that you are looking for a home, select somewhere that has appealing features that will become more scarce (and therefore more valued) over time.
Examples include access to ammenities, land size, proximity to landmarks etc.
If you are looking for an investment that you can also live in then you have a choice of doing a ‘buy-reno-sell’ or ‘buy-reno-keep’ (with or without subdivision and development). This option sees you living a less glamourous lifestyle but potentially making tax-free profits while also having a place to live.
Food for thought.
Keep us posted on your progress.
– Steve McKnight
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Thanks everyone for your replies.
To try to answer some of your questions, I’m looking for a one bedroom unit or appartment that I will be living in, for at least a few years. Primarily it’s a home, but I’d like to think I’ll have healthy capital gains, which will allow me to either buy a second property down the track, or sell and buy a better property.
At the moment I’m looking at Camperdown, Annandale and Leichardt. I’m hoping to buy in as small as possible appartment complex, located away from the traffic and train lines, but within waking distance of some cafe’s; and hopefully in an attractive leafy street.
I’m thinking that this area, being very close to Cafe’s, Schools, University, Public Transport and City would be a fairly strong area for capital growth. It’s also not too far a drive from the M4 and Eastern Suburbs Beaches.
At the moment I’m planning on starting to look in the $275-$300 price range. As said before, any further advice would be greatly appreciated.
Supagirl [exhappy]
You must be logged in to reply to this topic. If you don't have an account, you can register here.
