I have been searching a great deal on the internet looking for places and still thinking of what strategy I am going to take. I was interested in Cairns as it is a place I might like to live in the future. Studio apartments seem very cheap but rates and body corp are around $1000 each eating up any positive cashflow.
Tasmania also looks interesting as places look so cheap but I have been a bit put off with some of the comments on the fourm at propertyinvesting.com. Such as the costs of doing repairs, vacancy worries and low capital growth. I understand you can’t have everything but obviously you have to minimize your risk levels.
I then thought about going back to areas I know well, like where I grew up in the suburbs of Melbourne. Commercial property looks fairly attractive. I plan to contact a couple of realestate agents about these properties on Monday. Making a good first deal seems fairly crucial to keep on the good side of my banker and to retain my existing equity. Mining towns also seem to offer fairly good returns. I could probably see how some people see this as pretty risky but if you think of the economic worth mining gives Australia they could be potentially good investment areas.
