Hi,
I only signed up to Property Investing on the weekend. So my first attempt at a literate post…..I have recently moved back to Canberra, after moving several times and living in Wagga, NSW for 4 years.
I purchased property while I was in Wagga and, after much discussion about drawing down equity and lines of credits etc., I have decided to sell my Wagga home and take the benefits of not paying CGT after it being my PPOR.
I will have about $100,000 profits.So, does anyone have any views/ideas about the Canberra market? I understand rents are pretty crazy at the moment, I am currently renting however at a reasonable price compared to some.
Am I best to invest elsewhere ie. shares, until the market in Canberra comes back (if this is going to happen??) or should I be keeping my eyes peeled for deals?
Any suggestions grateful.
Thank you
Sophie[oink]Hello sophd
Welcome to the forum, first time for me as well.
I own property in both Wagga and Canberra and although I never like selling in your case i think would be a good idea as i believe Wagga has had its run and the drought is impacting heavily on Wagga with flow on affects likely to stunt growth.
If switch to Canberra i believe more likely to see consistant growth and better rent returns. I have just got a new tennant in Canberra property for $40 more than last year. Apparently 16 different people were interested in renting it out.
I would keep an eye out for good deal in Canberra and if hold for longer term will not go wrong.
This is only my opinion though,
Cheers and good luck.
TimThere are some great deals in Canberra…
http://www.allhomes.com.au is the starting point…I recently saw a medical centre sell for $100K…
The rent was for $250 per WEEK… the catch was the commercial side..the body corporate was $1000 a qtr… but still great return.I made $60K from an off the plan purchase in gungahlin last year…
I intend to do something similar very soon when I can (different area this time ofcourse)The locals down there know what’s going on…
No wonder they are keeping a lid on it…The lowest vacancy rates in Australia… high rents… good investments.
Don’t worry about Wagga mate [biggrin]
Hi Everyone,
My ears pricked up when I saw Wagga mentioned.
I used to live there. My property (a house) is soon to be finished which I plan to rent out. I have had other IP’s also and probably plan on Investing again on units. I only have good things to report.The Contrarian, why do you say “Don’t worry about Wagga”???
[hmmm]Quite simply…
Why do +ve cashflow in a Wagga when you can do it in a capital city.
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