CITR Property Thread

[cartoon]

420m2 WTF?? Min allowed block size in our town is 690m2. I'm on 2400m2, luckily i don't mind mowing the lawn

Mate some blocks round sydney are in the 200's

[SPL_K]

690m^2 block... lol that kind of land within a 20 minute vicinity of Sydney City is going to cost you a fair bit, with a house on it already, I'd say it would fetch 800k+. That's on the City side of the Harbour Bridge, so the Inner Western Surburbs. On North Sydney Side, they would be demanding 1 mill+ easily lol. That's just my guess, I haven't looked at the property market recently but feel free to correct me

[Norm]

420m2 WTF?? Min allowed block size in our town is 690m2. I'm on 2400m2, luckily i don't mind mowing the lawn

You guys get it soooo lucky over east. Mine is 175sm and its 3/2/2. It's 550k and a villa. But I can't complain because its soooooo close to the city! Wish I had a larger indoor garage thogh

[Hau]

690m^2 block... lol that kind of land within a 20 minute vicinity of Sydney City is going to cost you a fair bit, with a house on it already, I'd say it would fetch 800k+. That's on the City side of the Harbour Bridge, so the Inner Western Surburbs. On North Sydney Side, they would be demanding 1 mill+ easily lol. That's just my guess, I haven't looked at the property market recently but feel free to correct me

I know in bankstown a house just recently went for $650k for basically just the land which was only just over 600sqm. My parents bought the land we live on now for $550k which was just under 1000sqm. But its now divided into two blocks.

[cartoon]

Land is pricy as and the market now has everything selling at a good price quick!

I just sold an investment and it was on the market for exactly one week before it was sold!

My new place I got the last home and land package because some one didnt put the holding deposit down with in time. After I put it down 5 people were in line incase I backed out.

Brand new 4/2/2 under 500 is silly! I was looking at 3/1/1 in my area (larger land) and a Reno cost of way more than my new place. I work in the building industry and it was way cost affective to buy home and land.

[plAythiNG]

just curious u guys saving for a deposit or recently put down, how much did you put down, 5%? 10%? 20%? more? reasons why you also did as well? Please also state if it is for owner occupied or investment

[knobosaurus]

Have a few mates who've purchased property recently. Most of which suggested a higher deposit to reduce amount borrowed and hence interest incurred.

[Perry]

Isn't it 20% or more you dont have to pay mortgage insurance or something???

[plAythiNG]

Correct. Borrowing 80% value of property avoids lmi however especially with sydney prices being on the more expensive side..getting that extra 5/10/15 % means time delayed tonsettle on that property, that dream home... just keen yo hear some opinions!

[plAythiNG]

Have a few mates who've purchased property recently. Most of which suggested a higher deposit to reduce amount borrowed and hence interest incurred.

Ideally this is the case however a couple or applicant may be renting, might have found their dream home, might want to purchase today instead ofnwaiting 2 yeara from now.. many reasojs to why a person may want to commit.now and my see the validity of paying the lmi due to high lvr percentages

[mrntegra]

Yeah if you have to borrow 80%+ you have to pay mortgage insurance and the banks frown upon it. And yeah as stated putting down bigger deposit means less interest paid and money borrowed.

if its your first property alex try to put down as much as possible. Dont lash out and have expense things in the house. Make sure you pay off as much as you can. first 2-3 years are the hardest then it gets easy.

Best to get something in your portfolio mate. Even if you start with an apartment or unit in cheaper suburb. Once you've start you can always use equity to help you out if worked correctly/efficiently..

[Perry]

Agreed with mrntegra said get something which your comfortable in paying off not going on noddles day in day out.

[knobosaurus]

And best go for it now while interest rates are at an all time low. Record low that is according to Wayne Swan

[cartoon]

Investment property's you leverage as high as you can, put as little money down as possible and capatilize the mortgage insurance onto the loan.

If you have more than 1 investment never cross capatilize!

I have 2 investments (had 3 but sold one last week) and putting an 80% deposit on the house I'm going to live in.

[plAythiNG]

Investment property's you leverage as high as you can, put as little money down as possible and capatilize the mortgage insurance onto the loan.

If you have more than 1 investment never cross capatilize!

I have 2 investments (had 3 but sold one last week) and putting an 80% deposit on the house I'm going to live in.

Good points fielding. Agreed from a neg gearijg perspective that u want to have a high debt to keep the interest high. However is the lmi really reallynworth the extra $20-$30k? Imo i dont think it isnworth it...

Why are youbsaying dont cross collaterise propertys if you have multiple investmemts?

I know from a banks perspective its more work involved when it comes time to access more equity or release properties etc... however from a customers perspective it it does help them keep lvr's down and as a result aim to avoid lmi and aiming for that next property purchase... personally for me i wouldnt cross collaterise as its easier to know how much equity there is in each property by looking at the debt of each loan and comparing it to the value of today ..