Last year Dylan Forster, 21, entered the Melbourne property market by purchasing a two-bedroom townhome at the Mason Point residential development in the South Morang Activity Centre, one of Victoria’s booming housing hot spots.
But rather than moving straight into his new place as an owner-occupier like the majority of first home buyers, he plans to stay at home with his parents and rent the property out, with the tenants to pay off his mortgage. “I’d love to have the freedom of living in my own place right now, but I’ve decided that it’s well worth waiting a few more years and having the financial freedom to be able do stuff like travel, go out with my friends and have a bit of fun while I’m still young,” Dylan said.
“Rent should cover my mortgage repayments while I sit back and watch my property asset grow, and in a few of years I’ll sit down with the bank and have look at how much equity has been built up, then make a decision on what my next move is,” Dylan said.
“Working in the construction industry I can tell Mason Point is a top quality development and it’s located in a high-growth area, which are both reasons why I chose to buy there. I’m definitely planning to move in there a few years down the track.”
Dylan said the alternative would be to use the equity in the Mason Point property to secure a second investment property and start building a significant property portfolio to set himself up for the future.
Director of Gibson Property Corporation, Charles Gibson said: “These First Home Investors fall into two categories – those who have the option of continuing to live rent-free under their parents’ roof and those who are prepared to keep renting, allowing them to remain closer to work and their friends and family. The second group will tend to rent in inner city suburbs where the cost of purchasing is prohibitive, while investing in an area that is within their price range and installing tenants to recoup the majority of their loan repayments.
“Once they decide to settle down and have a family, they may be willing to move a bit further away from the city or may even have greater earning power that would enable them to afford to purchase closer to town.”
Mason Point is a joint venture between Gibson Property Corporation and Roche Property Group, who strive to create ground-breaking new mixed-use developments on the city’s fringe to provide a variety of living products that cater for all buyers’ needs.
The Mason Point “Urbane” Release Two release features 48 two and three–bedroom apartments starting from $343,000, as well as 16 two-bedroom townhomes starting from $423,000. Construction is expected to commence in mid 2014, with completion set for 2015.
For further information visit masonpoint.com.au
Please See Article At: http://www.thehomepage.com.au/news/first-home-investors-getting-foot-in-market-while-still-at-home/
