Is the Gold Coast a good choice if I want to move out?

Question

I may not be able to afford to stay in Sydney at this rate if I move out in a few years time. Will the Gold Coast be a good option for first home buyers? How is it compared to Sydney?

Just curious at the moment.

Answer 1

It doesn't really matter where you live, but the best real estate advice that you will ever get is... For your first home, buy what you can afford, not what you want.

Once you get into the market and have some sort of equity, 30% or more, your options open up.

Even if you start off in a flat or unit in Sydney, in 5 years time, you'll find your opportunities to "buy" up are significant.

(Substitute any city in Australia for Sydney)

And most importantly don't overborrow, allow for about 2% interest variation on your mortgage.