Hi all,
I’ve been looking for 3 months now and have recently joined this great site having just read the 0 to 130 properties book.
I’m trying to fing positive rediential IP in Sydney and simply can’t esp not within a 10km circumference of the CBD.
I’d really appreciate any ideas that people have of specific areas within 10km of Sydney that still can achieve a positive return.
My view is that on average the market is 30% overvalued ?
Cheers,
M
I knew someone that purchased a small unit in Kings Cross that was positively geared after tax deductions.
But I think you will be very hard pressed to find something without being creative. eg. renting individual rooms out, adding a bedroom, something with a granny flat etc.
Or you could wrap or lease option something to make it positively geared.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Martin,
This is not a good idea, well personally i think its not, but some of the Inner Sydney Studios, do give +ve cashflow returns, though, they are tiny i mean really tinnie and the servicability of the loans, maybe just a tad little harder as the studios are about 20 square metres big.
But these really tinnie studios, do offer some large Rental Yield Returns. Though again, many of them are neutrally geared.
cheers
s.i.sTerry mentioned small units in Kings cross.
Kings Cross isn’t a bad area to have either small units or bedsitters. I believe there is a big demand from tenants.
The only drawback is that finance is harder to find. Yes, finance can be found though most of the major lenders shy away from anything which is less than 50 sq. metres in living area.
Living area as meaning internal living area and excluding balconies and car spaces/
I have some Sydney clients who are making it a habit of buying small 1 bedroom units on the Gold Coast.
Don’t know anything about that area so, again, one has to do one’s homework.
I do believe that they are very rentable. These people p[ut some furniture in and are very selective in picking their tenants. They don’t appear to have any problems getting tenants.After say a 20% deposit those can show a + return.
Pisces133
G’day all,
The proper name for Kings Cross is Potts Point.
Kings Cross is the intersection under the Cocca- Cola sign on William Street.
Potts Point use to be a top place for rentals, unfortunately the developers have taken over most of the high rise hotels and turning them into apartments.Potts Point will be another Pyrmont.
Sixty percent of all units are rentals.
Just sit on your hands and wait.A couple of interest rate point rises could bring prices down.
I live in hope.Bruce G.
Bbruham is close to the mark re the name. Kings Cross is a locality describing chiefly the area around the Darlinghurst Road area (the clubs / pubs / fast food joints / “other busineses” etc).
Potts Point is the name Australia Post recognise!
I don’t believe there’s any poss geared IP’s in sydney. Show me the rental unit of 170K that is rented out for $340 and I’ll take it back and apologise
For 170K it *might* be possible to get a really old and bad studio somewhere. but $340 a week for it? nu-uhkay henry
Hi Kay,
I have seen tiny i mean really tiny studios for sale that are +ve geared. Yet i wont even touch them, there that tiny, you will have more problems in servicing the loan, that the studio will also be harder to sell, when you need to offload it.
But they are there and available and to be honest there not worth it, unless you are prepared to wait, till a buyer who can take if off your hands and doesnt do a proper due dilliegence, is a risk. Other thing too, reason why i didnt touch or pursue them any further, i dont like purchasing units or appartments, nothing wrong about them. I just stay clear of them.
cheers,
s.i.ssis,
Would you mind directing me to any site or RE that has advertised pozz gear sydney units? Most of the units for sale are on domain.com.au, but I have never seen one that could possibly be pozz geared.
Thanks! :o)
kay henry
For 170K it *might* be possible to get a really old and bad studio somewhere. but $340 a week for it? nu-uhYou must be logged in to reply to this topic. If you don't have an account, you can register here.
