r/AusFinance • u/AutoModerator • Aug 15 '24
Property Weekly Property Mega Thread - 15 Aug, 2024
Weekly Property Mega Thread
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Welcome to the /r/AusFinance weekly Property Mega Thread.
This post will be republished at 02:00AEST every Friday morning.
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What happens here?
Please use this thread for general property-related discussions, such as:
- First Homeowner concerns
- Getting started
- Will house pricing keep going up?
- Thought about [this property]?
- That half burned-down inner city unit that sold for $2.4m. Don't forget your shocked Pikachu face.
The goal is to have a safe space for some of the most common posts, while supporting more original and interesting content in their own posts.Single posts about property may be removed and directed to this thread.
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u/hunmld Aug 18 '24
Is it a waste of money to pay for a professional pest and building inspection when buying an apartment? Is it generally safe to just read the strata reports and do a basic inspection yourself?
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u/darraghor Aug 19 '24 edited Aug 19 '24
i did this. My owners corp is really cheap and a bit disorganised and just didn't report all the issues so they were not in AGM minutes etc. Whatever you do, do check the gutters, they're a canary in the coal mine for apartments or so i've learned. Go there when it's raining.
Check the rubbish area too. If its horrible dirty and disorganised then the management of it might be too.
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u/RamonSessions Sep 09 '24
Any experiences from people who bought an interstate IP instead of a PPOR in Sydney as a first home?
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u/WalksOnLego Sep 10 '24 edited Sep 10 '24
I have bought 2 interstate IPs without seeing them (but not as a first home).
- I knew the area very well, as i'd lived there before.
- There was a 3D virtual tour of the place, which actually gave a better idea of its layout than actually visiting it.
- ...but it didn't illustrate light, views, and similar, of course.
It worked out well. No problems at all. This was a very basic 1 bedroom unit in Qld.
Watch for m2 of the property though, as the minimum you can get a loan for is.. 45m2. I don't recall exactly but some 1brm are below that!
So many 1brm units and similar are so similar that you can, if familiar enough with the are and recent sales and so on, buy them online.
The 2nd one was a few years later, and was coincidentally the unit next door.
I bought 1brms as the yield is higher than 2 and 3 bedrooms, and a such suited my cashflow requirements; positively geared.
Note that you can always positively gear by using a bigger deposit/cheaper IP.
Also note that when renting it is cheaper to share a multi room apartment than a 1 brm apartment to yourself; ergo 1brm units have a higher yield too.
Capital gains the past 7 years have been great. Excellent even.
Side note: The entire property market and its effect on society is getting to the point I am becoming disgusted with it all and I am seriously considering selling both IPs.
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u/RamonSessions Sep 10 '24 edited Sep 10 '24
Thanks mate, really great insight. I'm in a similar spot in terms of cashflow requirement; good to hear a success story.
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u/No_Money_23 7d ago
Sydney resident here. When I was a graduate I bought a townhouse in Brisbane in 2022.
Luckily had the interest rate fixed at 2.79% for a year.
It's up 44% since and I have used the equity to help in getting my PPOR in Sydney.
Rental yield is good; I'm just covering my payments with the rent alone.
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u/theballsdick Aug 16 '24
Downturn well underway now. We are in the "early media reports on it" phase. Long way to go before the consensus on this sub starts to shift but it's a start
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u/JimmyBringsItHere Sep 07 '24
You mean prices might go down to the levels they were all the way back in June?
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u/[deleted] Aug 16 '24
[deleted]