After 9 terrible summers I am soon to return to NSW from the UK.
Fingers crossed the sale of my tiny flat in Essex will go through soon despite the crashing market.
For work reasons we will move to Sydney but will not be able to afford anything in the suburbs my wife deems acceptable.
I am likely to have around $200,000 cash to spend on property and appreciate that now may not bee a bad time to be cashed up.
My question for those in the know – how best to make the move into property? (ignoring the question of timing as there are other forums dedicated to this).
My general thought was to rent somewhere 'acceptable' and invest in a few lower end (<$200,000) properties in outer suburbs or elsewhere in NSW , using a large-ish deposit to keep each one with roughly neutral gearing. As I plan not to negatively gear a discretionary trust is the structure I was considering.
I would greatly appreciate some constructive criticism on my attempts to get on the property ladder by those a little more plugged in to the Oz situation.
Everyone has their own opinion on when the right time is to get into property.
I believe anytime is a good time you just need to adjust your technique and what you should be looking for.
There are a heap of bargins to be had as people are desperate to get out of the hot water. One of the guys here has a client with a contract for 75 days, that person is definately desperate to get out. These seem to be popping up quite often along with really cheap bargins.
Make sure you do a lot of reasearch and if you have the time you will find a bargain.
Happy hunting.
Thanks for the advice Matt.
Unless the Aussie market takes a massive nosedive it looks like I will have to rent my PPOR and chase down a few of the bargains you mentioned as investments
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