Hi all, first of all, thank you for taking the time to read this. I would like to seek your expertise on the situation im currently in. Heres a bit of background first, im a uni student whos very passionate about property investing and renovating, my original plan was to save a bit of money whilst still living with my parents in melbourne and with the saved up money start up a investing portfolio. However recently my offer for a transfer from sydney uni to melbourne uni was rejected so i'll have to continue my studies in sydney. So my question is this, since that is the case, should i: rent a place in sydney and the money left over saved up going towards my first property at approx 100k property in SA (of course with a bit of research) should take around a few months to achieve this, or the alternative being me buying a 200k-250k property now in sydney, it saves paying dead rent money but the amount will be twice as much as rent, the main adv is its a place i own that i can renovate as well but it means giving up opportunities in SA which would have higher capital gain and higher return. then again with that being said seeing the property market in sydney, it's in my opinion hit its peak and dont see it increasing much in the near future. infact alot of the properties near the city are overvalued! So I would greatly appreciate your take on this.
Pat
Pat, I'm not sure which suburbs you're looking at, but the consensus amongst investors is that inner Sydney is ripe for its next boom in the next year or two… so if you can afford it, I'd definitely be buying something to live in yourself.
I believe trakka is right, I can tell you for sure that unit prices within a 5-8km radius of the city have begun to rise rapidly, with interest rate hikes deterring people buying expensive houses, and huge jumps in rent forecast over the next few years. Our unit is valued 25% higher than we paid 2.5 years ago. We have watched 5 units in our block sell over the past 12 months or so, and the prices are getting substantially higher and higher each time.
Hopefully the house market won't jump so quickly for our sake!
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