uni student wanting to buy an investment unit

  1. 273 Posts.
    Hi guys
    I was just wanting to get some opinons on my plans to by a property.
    I am 19 in university studying Commerce at UNSw, whilst working part time
    at a Accounting firm. I have saved bout 23k so far (+money from share trading)
    and would really like to buy a 1bd/2bd unit preferably in Sydney as that is where
    im from.
    Problem is that banks will prob only lend me bout 100k if I wanted to buy this and then rent ( i have spoken to HomeChoice/Aussie)
    the unit out for about 200 buck a week. I have the option of working full time and doing uni
    part time and working full time but still could prob only save bout 400$/week (living at home :) )

    Some may think I should just relax and enjoy my youth but i really want to buy a property by the time
    i turn 25 and before I buy a car.

    The only place I can afford in sydney that is on a train line and less than 1 hr away is in Carramarr
    or like Glenfield/liverpool for a low quality house with 1bd (155-180k)

    Do you guys think im better of saving up more till i can get a deposit or what?/ or perhaps
    by in a dodgier place ie. Newcastle or something?

    Any constructive comments would be appreciated.
    Cheers
 
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