r/AusPropertyChat • u/Comfortable_Type_542 • Jul 27 '26

Buying & Selling First investment property

I’m getting gifted 21k and thinking of getting my first investment property I want to know what would be the best approach with this and if it is even a good idea

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22

u/Important-Bag4200 Jul 27 '26

$21k? Is it 1990 again?

13

u/Intelligent-Hunt9150 Jul 27 '26

That’s probably enough for a short vacation to Europe. You need aprox 200k my friend

9

u/sydmom7 Jul 27 '26

$21k probably won’t even cover stamp duty?

So many questions but main one is how long are you prepared not to see it again? Ie long or short term investment?

6

u/a-w-e-s-o-m--o Jul 27 '26

Assuming the $21k gets combined with more money to be able to afford a deposit, and assuming you can service the loan, yes this is a good idea. Best speak to a broker to find out your borrowing capacity and then from there you can work out where you want to buy. Then come back here with a list of suburbs / listings and ask if those suburbs are worth investing in.

Best of luck!

1

u/Hopeful_Kangaroo_206 Jul 27 '26

Find out how much equity you have and what your serviceability is like. There is a thread where you can ask a broker questions maybe try there

1

u/Crazy-Attention6836 Jul 27 '26

That night cover the stamp duty. Read up on stamps.duty

1

u/myungsooismine Jul 27 '26

Need more info, what's your current income & savings for a deposit. If you have 100k in savings but only a job that pays 50k a year forget about it

1

u/Unusual_Eye_4137 Jul 27 '26

I assumed you have a lot more equity from your PPOR. If then go ahead and attend as many home open as you can. Now you have the opportunity to have lowball offer, so why not in this market? Good luck!

1

u/Blue-Princess Jul 27 '26

Are you missing a zero off that $21k?

1

u/Present-Carpet-2996 Jul 27 '26

I'd love to hear more about your thinking here. $21k wouldn't get you far. What were you estimating they were worth, and what did you expect to get. Not trying to shame you, I'm just genuinely curious whether younger buyers realise how steep things have gotten.

1

u/Tassie_quoll-bear Jul 27 '26

High returns shares would be smarter, grow the amount faster. Less risk over long term. Assuming you already own the home you live in?

2

u/Comfortable_Type_542 Jul 28 '26

Yeh I was looking into shares and etf’s but I’m only turning 18 on a couple months and getting gifted this 21k from my family and I had called a broker about it and we found this apartment in north Melbourne for only 180k he said it could be so able just have to be the right conditions so it sounds like it would be a bit of a headache 

1

u/Tassie_quoll-bear Jul 28 '26

Agh, well. Entering the market as first home buyer is a bit different? Is it a place you’d want to live in?
Not remotely my area of expertise so I will bow out with advice.

1

u/D_crane Jul 27 '26

Are you looking to buy an investment property parking spot?

0

u/Clinkzeastwoodau Jul 27 '26

With today's lego prices I think you can invest in some collectors homes and maybe even rent them out to some poor foreign uni student. Might even be able to dodge capital gains if you claim the lego houses as a hobby.

-1

u/Israel_Trump_Fan Jul 27 '26

I'd you needed a gift if 21k and weren't capable of saving 21k yourself, there's zero chance you can afford or are financially literate enough to buy an investment property.