![QLD_CM_REALESTATE_WHERETOMAKE$500KBY2031_CASESTUDY_11NOV23](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
21-year-old investor Caitlin McMillan and her one-year-old baby Elaina Fuller outside their investment property in Logan Central, Brisbane. Photo: Lyndon Mechielsen/Courier Mail
She started saving money for a house deposit when she was 15 years old. Six years on, Caitlin McMillan is grateful to be on her property ladder despite further interest rate increases.
The young Logan Central real estate investor said she's much better off dealing with high repayments on her own property than paying off someone else's mortgage.
“I'd rather buy and survive the high interest rate real estate market than rent,” McMillan said.
“It’s quite volatile and rent prices are exorbitant compared to mortgage payments.
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“I am fortunate that the loan amount was not too large to begin with. Not only interest rates but also the cost of living is difficult as it is. I have already made sacrifices and am now in a situation where I have to get by somehow, so I decided to enter the market now. I couldn't imagine it.”
The Reserve Bank increased the official cash rate by a further 25 basis points in November.
McMillan, 21, said her goal had always been to buy a home, live in it for a while and then rent it out.
“I plan to hold this property for 10 to 15 years, depending on what the market does and what kind of capital gains I get from the property,” she said.
“I started looking six months before I bought it. I was also considering my budget, so I wanted a place as close to the city as possible. It takes 20 minutes to get to the city. When I bought it, Logan Central was booming, and when we found this newly renovated gem, we jumped at it.”
Tiana Etri, Business Development Manager at Ray White Daisy Hill
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Tiana Etri, business development manager for Ray White Daisy Hill, said the Logan market in particular is seeing an increase in the amount of inventory available to buyers.
“Property is still on sale and commanding premium prices across the board,” Etri said.
“Interstate investors are not daunted by changes in the Queensland property market or rising interest rates, as we saw recently with Crest Mead.
“With 2032 just around the corner, I think Logan Central is a great investment for investors. In my experience, real estate portfolios tend to have low vacancy rates and a good selection of tenants. It’s a fast-growing suburb.”
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