Most Australians have set their sights on Sydney for their dream property investment. I say ‘dream,’ because not everyone can afford it.
For many years now, property prices in Sydney have been steadily growing. Even many investors struggle to save up for their deposits. But still, I encourage people to not give up on their dream of investing in a property in Sydney. Here are three important reasons why investing in Sydney property is a great idea:
I just came across a new report from CoreLogic that says that residential rents in Sydney are at their lowest level on record – averaging just 3.1 per cent in April 2016.
Low rental returns can be a sign that property investors are relying heavily on negative gearing to offset their cash flow losses against their taxable income.
There is another easy way to improve cash flow that has nothing to do with negative gearing. Yet according to statistics, a stunning 80% of people investing in apartments are failing to use it.
In a recent article for Smart Property Investment, James Mitchell reports that it takes up to a third of investors more than four years to save the deposit for their next property purchase.
The article goes on to reach a startling conclusion.
Home hunting remains a passionate pursuit in our country and there are many who keep looking for a year or more before zeroing in on the right property.
What you pay for the property is not necessarily all that you’ll have to spend in the pursuit for a home. There are several surprising hidden costs of looking for a home, too.
Jason Dowling writes an article for Domain where he discusses the potential impact of sea level rise on properties too close to the coast. The coastal communities are under threat, and, like pest and building inspections, a climate change inspection should be very much on the cards. That is quite an idea that will surely help home buyers!
The negative gearing debate never cools down. The Malcolm Turnbull coalition, though, has managed to put it off the table as it looks forward to firming up economic policies prior to the election. The focus will be on household wealth and property values instead of capital gains tax and negative gearing, said the spokesman for the coalition.
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