“For enterprising Gen Yers who don’t want to give up their lifestyle in trendy inner-city suburbs, many are buying investment properties in cheaper areas so they can get a foothold in the market – a clever tactic."
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Gen Yers who continue to rent have many property investment options under $300,000: John McGrath
John McGrath says RP Data figures showing suburbs with median dwelling prices under $300,000 confirm that Gen Yers can buy an investment property in a cheaper suburb and rent in a more desirable lifestyle location.
McGrath, CEO of McGrath Estate Agents, was one of the first market commentators to notice that more first-home owners are entering the market as investors and believes that renting while investing is entirely doable if a buyer is on a good income.
“For enterprising Gen Yers who don’t want to give up their lifestyle in trendy inner-city suburbs, many are buying investment properties in cheaper areas so they can get a foothold in the market without compromising on where they live – a clever tactic,” says McGrath, CEO of McGrath Estate Agents, in a blog post on www.switzer.com.au.
“At the end of the day, the key to buying on a budget is knowing where to look.
“Here are the top five suburbs in every capital city and regional areas where the highest number of sales under $300,000 were recorded between January and today. Note that all these suburbs recorded both apartment and house sales under $300,000.”
Liverpool, Blacktown, Mount Druitt, Penrith, Lakemba
Dubbo, Orange, Goulburn, Port Macquarie, Taree
Werribee, Pakenham, Frankston, Melton South, Hoppers Crossing (You can buy apartments under $300,000 in Melbourne city (300+ sales since Jan 2011) but not houses)
Mildura, Shepparton, Traralgon, Horsham, Sebastopol
Caboolture, Deception Bay, Woodridge, Redbank Plains, Eagleby
Maryborough, Newtown, Warwick, Harristown, Gympie
Armadale, Rockingham, Gosnells, Maylands, Mandurah
Collie, Boulder, Northam, South Kalgoorlie, Katanning
Morphett Vale, Paralowie, Salisbury North, Parafield Gardens, Salisbury East
Mount Gambier, Murray Bridge, Port Lincoln, Whyalla Stuart, Whyalla Norrie
Glenorchy, Claremont, Kingston, Moonah, Brighton
Devonport, Ulverstone, South Launceston, Newnham, New Norfolk
Bellamack, Johnston (no apartment sales), Farrar, Rosebery, Nightcliff
Casey (no apartment sales), Crace (no apartment sales), Forde, Bonner (no apartment sales), Macgregor