starting my initial research into the property market with a budget under 300k. Can anyone point in the right direction of areas to look at, i already have 2 ips, one in ryde nsw and another in orange nsw, but would like one in a metro area with some good growth opportunies
Any ideas?
Not quite Metro, but places like Tennant Creek in the Northern Territory offer huge returns (7.8% plus) for a double brick home under 300k.
Tennant Creek once had Australia's highest gold and bismuth copper production and many mines are opening up again now that the price of gold has risen and it is now worthwhile to mine again. This renewed industry adds pressure to the housing supply which is already in desperate demand and 0 vacancy.
The area is largely Government based employees supporting a mostly Indigenous population. Housing is leased from private owners and sub-tenanted (given freely) to employees such as Teachers and Police to attract/recruit them to the area. If there were more houses they would be instantly snapped up for 'head-leasing' but the cost of building there due to distance makes new houses very expensive. There are double brick, 3 bedroom homes with huge well fenced yards up for sale now that are getting $450+ a week rent. And leasing to the Government is guaranteed. No tenant, you still get paid. Damage? It gets repaired. The longer the lease, the higher the return.
And what great places to visit on the way to checking on your investment. Kakadu, The Gorge, Kings Canyon, Devils Marbles, Uluru, Darwin – cheap flights from there to Bali…
Wanna buy a house with good returns? Tennant Creek is a little hotspot not to be overlooked!
I would suggest either raising your budget or moving further out, perhaps buying a unit in Brisbane outer suburbs, or something in Adelaide may be more beneficial.
Here is another topic with a similar line:
https://www.propertyinvesting.com/forums/property-investing/help-needed/4338229
Have a look at Townsville, Queensland, It has been in most of the Property magazines lately as a 'muscle' town benifiting from the mining boom. The queensland premier also said they would be turning it into Queenslands Second capital city to ease pressure off the Southeast corner (Brisbane etc.)
Not alot of houses under 300k but there are enough that are worth a look. Thats if your even considering investing in a different state.
Nathan
Many people think QLD along with WA will be the next to see a bit of growth. You could pick up a unit in Brisbane for under 300K.
You could also look in Ipswich and although somewhat regional Toowoomba.
ive heard the talk about QLD, and with the way the market had been going over the last 3 or so years its probably reasonable to think it will have a spike. i guess similar to the share market once prices drop, its a good time to buy.
I am not the kind of person that will listen to the news about property prices dropping by some 25% over the next year, but curious what everyone here thinks will happen to the property market in the next 12months. Would you wait or buy now?
You can get places in Western Sydney for under $300k. Mount Druitt, Seven Hills etc.
Cheers,
Lukejust found one….but under offer:
http://www.domain.com.au/Property/For-Sale/House/NSW/Penrith/?adid=2009264757in penrith
There are quite a few listed in the St Clair and St Marys area if cheap properties (<$300k) are what you are after.
I was doing my shopping around the lower Hunter region today. Maitland & surrounding areas are a stone’s throw from the coal fields & Newcastle. Plenty of housing in that price bracket.
Yeah, looking interstate (outside of NSW) may be complicated if you’re based there. If I were you, I’d invest in Western Sydney where you can find properties under 300k
Bendigo?
Hello Sam,
If you looking at Queensland you might want to consider the Logan area (Woodridge, Kingston, Logan Central, Marsden, Crestmead and Slacks Creek etc.). You can pick up properties if you buy well around the $210,000 mark that will rent out for $310 to 320 per week.
Kind regards,
Jason Moore & Sherry Ortiz
Deal Maker | Great Property Deals
http://www.greatpropertydeals.com.au
Email Me | Phone MeYour Private Off Market Property Acquisition Specialist - Forget Buying Through Real Estate Agents
Hunter Valley
Deal Maker wrote:Hello Sam, If you looking at Queensland you might want to consider the Logan area (Woodridge, Kingston, Logan Central, Marsden, Crestmead and Slacks Creek etc.). You can pick up properties if you buy well around the $210,000 mark that will rent out for $310 to 320 per week. Kind regards, Jason Moore & Sherry OrtizHi Jason
Can you see Logan picking up anytime soon? I've kept an eye on the market and it looks like it's been heading south for the last couple of years.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi,
I was reading some intersting info today about the drop in Melbourne housing proces. While the median house and unit price is still in the 400-500k mark, it's been found that the median price of a house in regional Victoria is 310,000, which is close to your budget!See here for proof of the house price drops:
http://www.bigpondmoney.com.au/melbourne-median-house-price-dropsHi Sam,
if the Hunter Valley is on your radar? check out Greta, its an old school ugly ducking, still afforable & located between Maitland & Singleton, Singleton workers are the highest paid in NSW (excluding Sydney) Pacific National are building a new train maintnence depot in Greta & McDonalds have a new restaurant going in, there are several new land sub divisions coming, alot of the older investment properties being offered are under rented. you will pick up something in your price range & generally the lots are large & some suitable for further development.thanks,
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