Ideally I'd be investing in Victoria regional areas. However their lack of stamp duty exemption for first home buyers means I'd just be wasting the FHOG. Will definitely be exploring there for future purchases though.
For now we want NSW and somewhere within traveling distance to Sydney as we have to live in this IP for 6 months due to FHOG.
Im not keen on Sydney for the fact that 220k *might* get something way out west or in campbelltown. Im a westie myself so not snobbing those areas, but they are not places I want to buy in. Perhaps they will appreciate more than the central coast? I really dont know.
But honestly I cant see the coast, particularly suburbs right near water like Gorokan, staying so low forever!? I reckon it has more potential than somewhere like Mt Druitt or Minto.that is a good bet at the moment. Victoria's regional areas.
You don't lose FHOG if you buy an ip but if you decide to move in the property after few years or later then yes you won't be able to get it.
However you can use the appreciation of the 1st ip to buy the house that you want to live in that is in your state and you can get FHOG.
areas like minto, mt druitt, blacktown, doonside are to keep away short and long term becuase you can have better gains elsewhere!
you should think differently when you are looking for ip vs buying a home to live in.
i suggest you buy an ip first in the right area and price, wait 2 years, re-valuate, and if there is some equity buy in the area that you want to live in.
coastal areas will always go up unless they are mining towns, population is rapidly declining, etc…
Im not thinking of buying on the coast because i want to live there, i just see potential there as its been in a slump for too long and something has to change due to its excellent location.
Im a bit confused by your comments. You cant claim FHOG if you buy an IP.. it has to be a PPOR. Im not interested in buying a PPOR at all now, once I move out of the IP I will be renting somewhere then planning to buy more IPs before I even think about a PPOR.
FHOG is going to get me in the door on this first one which is why Im choosing to use it now.
sorry if i confused you. you can only get FHOG for PPOR but just becuase you bay an IP first it does not mean later when you want to buy PPOR that you can't get FHOG.
in order to get FHOG you have to by the property as PPOR, then move out of the PPOR and rent it out.
i suggest you use the FHOG later as the government will most likely increase the grant in the near future because of the afordability crisis especially in NSW.
Hi Longroad,
I have done a fair bit of research on the central coast,…. I think that its future is really good so rents will be increasing year to year,
If your budget is a bit small maybe look a bit firther up in the hunter valley,
Personally I feel that the northern parts of the central coast in wyong shire are still quite cheap and will perform well,…
If you decide to search other parts of Australia,…. Take a look at Northern suburbs of brisbane,… Talk about a boom town.
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