From fairly recent experience I'm happy to admit it is both a daunting time and market to dip your toes into.
I had traveled extensively up to 25 years old, couple with some FIFO work and income-earning 'extra-curricular' activities. After returning from a 6 month stint in the Cook Islands, I thought it wise to at least establish the foundations of a portfolio early so that I might be able to live in the Cooks permanently one day.
Moved back into my mothers house (not easy) and saved a deposit within 18 months. Budget circa 450k.
Was originally looking at units (in the Coolangatta region) and decided against it as an initial investment due to Body Corp etc. Was torn between buying a pure rental property or something I could potentially move into if necessary. Decided on the latter, buying a 3bdr house in Kuraby (Brisbane) for 425k, with minor works to be completed.
Cannot recommend a mortgage broker enough for a first home buyer. The broker recommended to me was a gift.
Will be looking to purchase in the Greenbank/Hillcrest region before the end of the year pending the advancement of infrastructure plans out that way.
For those about to embark on the same process, study the market intently, know your regions and know more than the agents you're up against. Treat it like a competition and buy under valuation.
I'm posting the RP Data Monthly Reports in a thread in the property forum each month, read them. They're priceless.
