I just wanted to hear the views of others that may or may not be in mine or similar situation.
I am currently in London and given a recent job offer am now planning to stay here for atleast a couple of years. If all goes to plan I should be able to save around £20,000 this year – roughly $40K AUS based on the dismal exchange rate.
Anyhow, I am wondering if you think it is plausable to pick suitable investment properties in Australia without actually being there to view them. Having lived on the mid north coast of NSW, in Sydney and Melbourne I have a fair idea on a few places I believe may be worth looking at. However, taking a look at the map of the UK and areas surrounding London is quite daunting and I'm at this stage a little intimidated by this.
I am a 28 year old Australian. I live in Spain and have done for 3 years now, I am with a pro sports team and earn good money and like you very keen to get the property investing going. Personally I found it very hard to get started as I had very little money to start with but up here I save allot, I also find it hard to find deals and purchase property at home as I’m out of the country. For me I saved up some money and went home between contracts for 3 months at the end of last year, I spent the whole time the previous 2 years looking where to buy and learning as much as possible so in my short visit home I could get straight into it. I found it very important to find a good accountant and mortgage broker as the lending and tax implications a more with expats. I ended up buying a unit and house, renno’d the house in a short 3 week space and now I’m back in Spain learning, saving and watching all the area’s for next trip home, I think you need to at least walk into a house or property to feel if it’s right or not and know the street and area which is hard over the internet. I looked at buying here in Spain but went off it when I found that you can not borrow against it in Australia and ultimately I want to be home….. Hope this helps, Bryce.