I think both ways are good. If its PPOR but you want to make some money from it, then there is nothing wrong with a newish townhouse which in 4 years time will need only a lick of paint. If you are diligent and pay down the mortgage as much as possible (principle and interest loan), and you are living in the townhouse which ticks all the boxes for your current needs (close to city, eary to manage etc). I don't think you want to go down the path of a big reno for your PPOR since you will be living there as well and working. Just need to find the right townhouse in the right suburb. This is a good time to buy in Adelaide as there are some bargains around. I've made money on units and townhouses close to city which are in great demand - renting is a breeze and selling after a bit of touchup and new bathroom. Like this place.
http://www.realestate.com.au/propert...gton-112547911
http://www.realestate.com.au/propert...gton-112547911