Hi, live in the North West of Bne & have my 1st & only IP bought about 10 years ago in this area too. In hindsight I think I paid too much for the IP, bought in an area oversupplied with rentals & have been getting lackluster returns ever since. Thankfully I have done quite well out of the share market over the last 10 years so have the means to buy another property.
For about the last 12 months I have been researching & looking but didnt find that the NW of Bne suffered any particular downturn in prices during that time. As I'm a bit burnt from my first experience I didnt buy anything. Now it seems the market has gone crazy again & I wonder if you wouldnt mind taking a look at an eg for me please.
This property looked interesting, would be negatively geared even with a cosmetic reno but is in a nice spot. The agent told me there were over 50 inspections on the first open & there was interest from over 10 people & it went to contract over list price. So my question is: should I consider something more expensive & hope that the level of competition is not so great or try & compete with the eg market? I'd ideally like to accumulate a few properties to help with school fees but understand I will be restricted by the number I can buy if I have to buy more expensive property. I'd also like to keep looking in this general area as it'll be a buy & hold as I'm too committed to small children, a job & study to do developments or complicated renos.
Any advice please?
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