Hi all! If anyone has an opinion on investing in Canberra or Brisbane, I would be most grateful for your thoughts.
I've just moved to Canberra, for a possible 12 month to 3 year stay. (Army wife!)
At this stage we have one property in Brisbane with approx $100 - $150k of equity (depending on valuation to come through) and I think we could organise a loan for between $400-$500k for our next purchase.
In a perfect world, I would like to get my hands dirty and try a small renovation, buy renovate and hold. And as it's likely we will be moving to a number of different cities/ states over the next 5-10 years, I thought this might be a good strategy to keep repeating everywhere we go! But I'm a bit nervous about investing in Canberra in it's current market with the funds we have available.
I've read through some of the previous posts about Canberra, and it seems that there may still be some opportunities closer to the city, but I don't think our budget will stretch that far. I'm wondering if an older style villa/duplex (late $300k - $420k range) in the middle ring (Weston Creek, Woden?) might still be good investments? From what I can work out these areas are not flooded with new units? I'm going to really start researching the market this weekend with a list of open houses to visit!
On the other side I was thinking Brisbane would be the better investment and within our budget, it is where I grew up and I know the market better. But with a part time job and motherhood, travelling to Brisbane to find the investment (and organise a renovation) may be quite the challenge. Unless I utilise a team? Buyers Agent, Project Manager etc.
Our first property has just been a sit and watch property, but now I want to really move things along and start the learning curve! Any thoughts on either approach?
Thanks!!
I've just moved to Canberra, for a possible 12 month to 3 year stay. (Army wife!)
At this stage we have one property in Brisbane with approx $100 - $150k of equity (depending on valuation to come through) and I think we could organise a loan for between $400-$500k for our next purchase.
In a perfect world, I would like to get my hands dirty and try a small renovation, buy renovate and hold. And as it's likely we will be moving to a number of different cities/ states over the next 5-10 years, I thought this might be a good strategy to keep repeating everywhere we go! But I'm a bit nervous about investing in Canberra in it's current market with the funds we have available.
I've read through some of the previous posts about Canberra, and it seems that there may still be some opportunities closer to the city, but I don't think our budget will stretch that far. I'm wondering if an older style villa/duplex (late $300k - $420k range) in the middle ring (Weston Creek, Woden?) might still be good investments? From what I can work out these areas are not flooded with new units? I'm going to really start researching the market this weekend with a list of open houses to visit!
On the other side I was thinking Brisbane would be the better investment and within our budget, it is where I grew up and I know the market better. But with a part time job and motherhood, travelling to Brisbane to find the investment (and organise a renovation) may be quite the challenge. Unless I utilise a team? Buyers Agent, Project Manager etc.
Our first property has just been a sit and watch property, but now I want to really move things along and start the learning curve! Any thoughts on either approach?
Thanks!!