Hi guys,
First of all, I am new to property investment. I was thinking to buy and hold a unit somewhere in Parramatta area. Given that Parramatta is outside of my budget range, I started to look around the surrounding suburbs (eg. Merrylands, Granville, etc).
Recently I have decided to go for a unit in Harris Park, around Allen St area near where the school is. The reasons are because I feel that HP area is quite close to Parra, growing small to medium business precinct, have a village feel, easy access to train station or M4 and still within 15km range from Sydney.
I noticed that the price of units has been increased quite dramatically since the last 1 - 2 years.
My budget is around 370 - 380k and expecting 5% yield from the property.
I am thinking to hold it for 5 - 10 years and wait for another cycle since I expect that Parramatta area will grow further..
Do you guys have any opinion or inputs? Does this sounds like a good plan?
First of all, I am new to property investment. I was thinking to buy and hold a unit somewhere in Parramatta area. Given that Parramatta is outside of my budget range, I started to look around the surrounding suburbs (eg. Merrylands, Granville, etc).
Recently I have decided to go for a unit in Harris Park, around Allen St area near where the school is. The reasons are because I feel that HP area is quite close to Parra, growing small to medium business precinct, have a village feel, easy access to train station or M4 and still within 15km range from Sydney.
I noticed that the price of units has been increased quite dramatically since the last 1 - 2 years.
My budget is around 370 - 380k and expecting 5% yield from the property.
I am thinking to hold it for 5 - 10 years and wait for another cycle since I expect that Parramatta area will grow further..
Do you guys have any opinion or inputs? Does this sounds like a good plan?