I am looking to purchase an IP in the Newcastle area but with so many suburbs I am heading into analysis paralyses territory. I am going for the buy and hold strategy with possible cosmetic reno. For my overall strategy to work I need CG of at least 5% first year (but the higher the better).
I have narrowed down the suburbs I am interested in to:
Islington / Tighes Hill / Hamilton / Wickham
The Junction / Mereweather
Maryville / Mayfield
Adamstown / Kotara
Waratah / Georgetown
My budget is 350-500K depending on the price point and I would like a yield about 4.5-6%
I have grouped the suburbs based on what I believe they have recently achieved in terms of growth (the Hamilton group appears to have done the best). I am just worried if I purchase in one of my top groups then I may have missed the growth boat and I will miss the opportunity in another group such as Maryville. Conversely I wonder if Maryville is also over for high growth and I should move onto the next group !
Any suggestions ?
I have narrowed down the suburbs I am interested in to:
Islington / Tighes Hill / Hamilton / Wickham
The Junction / Mereweather
Maryville / Mayfield
Adamstown / Kotara
Waratah / Georgetown
My budget is 350-500K depending on the price point and I would like a yield about 4.5-6%
I have grouped the suburbs based on what I believe they have recently achieved in terms of growth (the Hamilton group appears to have done the best). I am just worried if I purchase in one of my top groups then I may have missed the growth boat and I will miss the opportunity in another group such as Maryville. Conversely I wonder if Maryville is also over for high growth and I should move onto the next group !
Any suggestions ?