Seeking advice from great minds!

[Steven Ong]

I am Steven (from Australia) and holds a W-2 equivalent role in Australia.

I'm currently contemplating a significant step in my investment journey and would greatly appreciate everyone's advice. Specifically, I'm looking into property investment opportunities in Perth, Australia. While this has been a passion of mine for some time, the substantial capital required has kept me on the sidelines. However, after years of disciplined saving, I've finally reached a point where I can make my first property (a small apartment) purchase last year. I've already put down a significant deposit and now I'm considering leveraging a 100% loan for a second property, with a budget of up to $600k. Yet, the current market conditions in Australia (especially Perth) are proving to be incredibly competitive. Despite offering above the asking price, I'm consistently missing out on potential deals. Even bids exceeding the asking price by 30-50k aren't enough, as others are bidding significantly higher, sometimes up to 80-100k above asking. This situation has prompted me to reassess whether now is the optimal time to enter the property investment market or if I should explore alternative investment avenues. Any insights or advice would be immensely valuable to me. Thank you in advance for your time and expertise.