Hey all,
I'm new around here and have a couple questions.
My wife and I are living in Canberra and have plans to stay there for the next 3-6 years.
With the amount of rent we are paying we have been thinking it might be better to buy a house/unit to live in here and then either rent or sell it when we leave. Some say that we may be better off buying an investment property (either here or somewhere else in Aus), while continuing to rent.I'm just looking for some thoughts on which option would be better for us to pursue.
Thanks
Bump
I would try to find a suitable investment property in Canberra and live in it rather than pay rent currently. If you leave Canberra, you would have serviced the mortgage for a few years and you have the option to rent out the property. It’s the best time to buy now that interest rates are so low.
I think in ACT, there are suburbs where rent is higher than paying the mortgage. So it would make more sense to live in your own home if it is cheaper. In addition, ACT is a reasonably stable town. You can always rent it out when you don't live there.
Most of the sales and rentals are available on allhomes:
http://www.allhomes.com.au/Cheers.
Canberra is one of the most affluent cities in Australia and I like it for that reason. Weather, food, lifestyle wise, that’s another story.
Proasset is correct in saying it’s better to find somewhere that is cheaper to own and I think there is definitely pockets like that. I might even consider leveraging with a rental in a high rent suburb against your PPOR.
Thanks for the input people
I think we may begin looking around for a property to purchase then. What kind of property should we be looking for (ie good for a future investment property)? Anyone got any advice on good areas to buy in Canberra?
We'd like to continue living close to where we work, which would be ideally between Woden and the City centre, but would be open to other areas if the benefit was significant.awsydney – I'm not sure I understand this:
awsydney wrote:I might even consider leveraging with a rental in a high rent suburb against your PPOR.How can I leverage a rental against a house I'm mortgaging?
Thanks,
.dj
I think we may begin looking around for a property to purchase then. What kind of property should we be looking for (ie good for a future investment property)? Anyone got any advice on good areas to buy in Canberra?You must be logged in to reply to this topic. If you don't have an account, you can register here.
