Merlot

Never done it before, looking at where we want to live on our return we possibly can't afford to buy BUT seen a number of investments that are possibles in other areas and away from CBD/commuter.

Can anyone recommend a good website or book to get me into the up's and down's of this roller-coster ride?

Do you feel it is a good time to buy in Australia? It won't be for the next 18 months for us and I know you can't predict.

M

MrsDagboy

It really really does depend on where you are looking at buying, but right now, as an investment, no.

Prices are at a high, not the best time to start investing your money in property, especially if you expect to have a mortgage.

But then, who knows what will happen in the next 18 months, as you say .

Merlot

This is what I have gathered by doing sums and using calculators, I guess stick any money in a high interest savings account until things look better.

What I would like to find out is more about the legal bits and pieces - any ideas or books to read.

Many thanks
M

louise4

We are starting to look into this Merlot. Not for investment but to have a home and settle down at last.

when we were there last time we felt that to buy every box had to be ticked, and if you are a cash buyer i suppose that is right. but seeing as we will have a high mortgage we have decided to forgoe our 'prefered' areas and take a step back.
we will do anything to feel really truly settled this time. in our view having your own home is it.
here's hoping we can both get that foot on the ladder.

Louise

Merlot

Here, here that one

If we don't do it on our return I wil never settle and get itchy feet and move.

Here's hoping.

M

Hels

Hi M,

If you arent coming back in the next 12 months, I wouldnt buy an investment property. Put it in a Managed Fund or something like that. That way when you do come back you can get the 1st Homebuyers grant.

Thats what I would do, anyway as an overseas invester a whole other can of worms would be opened, from what little I know.

ABCDiamond would be able to help you with this. He has been a great source of info for me over the last few months.

Good luck, Hon

Hels

ABCDiamond

In my opinion the best source of info is Somersoft Property Investment Forums http://www.somersoft.com/forums/

I gained loads of knowledge from the people there.

Without knowing EXACTLY what you are doing, now would not be the best time to buy.

However, some investors are still buying, and buying well.

2/3 Years ago it was easy; you closed your eyes, picked a house, or two, from the paper, and it made a profit.

Times changed.... Homework is now needed

But read that forum, and you may be ready when the time is right, and you may even find out when the time is right, just before the rest ?

Megalania

When the average (wo)man looks at you like you are particularly stupid or your gene line originated in a cess pool when you say you are thinking of a particular type of investment - then is, most likely, the right time to make that investment.

Rogue Trader

Nice one M.

As the saying goes, "if you want to succeed, observe the masses and do the opposite..!!"

RT.

ABCDiamond

Takes a bit of thinking to get the real meaning there

Talk about "cryptic"

Megalania

Wouldn't want to distrupt the investment early signaling system.

Merlot

Thanks for the good pointers.

M

bridiej

Tried to send you k for that but alas, have to spread it around a bit first...

PhilShila

Get a subscription to Austalian Property Investor magazine - you can subscribe through their website: http://www.apimagazine.com.au/

They have really useful articles and every issue they publish all the lastest prices and yields by type of property, by postcode for every city in Australia.

I've got some investment properties in Melbourne and am getting really low yields at the moment - don't even consider Melbourne or Sydney for the time being as they are both suffering from huge over-supply. There are still good invesments to be had in selected parts of Queensland and Western Australia, but these are the only real growth areas at the moment.

Phil

OzTennis

Got to http://www.domain.com.au and click on Free Guide Owning an Investment Property at the top right of the home page. There's also lots of other free guides such as property price guides by city/state by suburb etc.

OzTennis