[BangersParticipant@bangers01Join Date: 2014Post Count: 23]

September 6, 2015 - 7:57 pm

Please don’t buy a Brisbane inner city unit, but perhaps consider other areas in Brisbane (you can still buy a house for that). Properties are being snapped up quickly though with a view that Brisbane is the next growth area. Units are becoming over-supplied. The yields are generally better in Brisbane than Sydney/Melbourne, but it is still hard (?impossible) to find a positive cash flow property, particularly within 30kms of the city – unless you can somehow value add.

Spend more time reading and exploring first – you are of course in a rush, but nothing would be worse than losing more. And please take all advice with a grain of salt, most have an objective. (I have Brisbane properties).

If it were me, I would perhaps consider using a Buyer’s Agent (but find a good one – this again comes with time trawling the forums). They will be able to meet your brief better, and perhaps faster than you can with your responsibilities. But, it will take a decent wad of your cash.

• This reply was modified 8 years, 8 months ago by  Bangers.
• This reply was modified 8 years, 8 months ago by  Bangers.

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April 27, 2015 - 12:32 pm

Coogee126 wrote:

@richard taylor, I had my morning coffee in a coffee shop before heading to work, and saw your post, it took me 10 minutes to realised that there is no suburbs called Bangers in QLD.. lol.. thought that was funny thing to have a laugh..

I’m doing my best to change this. One house at a time. ;)

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April 23, 2015 - 7:38 am

As to the clock – volume falling, high demand, some increases in price… 7-8 o’clock for houses, at least. Units are about to have an influx of supply.

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April 23, 2015 - 7:36 am

MI,

Mount Gravatt East has done well in the last two years. I live here (until tomorrow), and think its a great spot. 9km to the CBD, easy access to two huge shopping complexes (Garden City, Upper Mt Gravatt and Carindale), easy access to the Gateway to the Airport and Sunshine Coast, as well as access to the South East Freeway to the Gold Coast or the City. There has been a huge amount of development of little boutique apartment/townhouse complexes in the higher density parts closer to Logan Road. Mount Gravatt East toward Carindale is cheaper and has more housing commission homes. It’s hard to know what will happen to this pocket, but I think will become more appealing with time. Some of these old homes are being replaced with higher density commission complexes however.

I think the area will outgrow even adjacent Holland Park West. Mount Gravatt Central has some good restaurants, the Showgrounds have Farmers markets on a Sunday etc…

Moorooka you have to know – some good pockets, some areas near main roads you wouldn’t touch.

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April 8, 2015 - 6:36 pm

Thanks Kinnon,

I saw your post elsewhere, sorry I didn’t catch it in time to save you writing it twice.

Bran (of several names)

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April 6, 2015 - 5:54 pm

Nundah, Wynnum and Woodridge?

You almost couldn’t get a more different trio if you tried.

A good place to start is trawling the forums, search Brisbane and read every post.

[BangersParticipant@bangers01Join Date: 2014Post Count: 23]

April 6, 2015 - 6:38 am

Hi Kinnon,

Did the Aquis people have much to say?

[BangersParticipant@bangers01Join Date: 2014Post Count: 23]

March 30, 2015 - 8:51 pm

Yes, insured but have not lodged a claim. Then I will be ditching my $5000/year policy (is this normal!!!?) for something less ridiculous. The claim will help, but it was overdue anyway.

And the extra bedroom might be put to that use, or maybe I will be forced to live in it.

Keep us posted. I will have to visit the area soon, it’s been a long time

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March 30, 2015 - 11:32 am

Kinnon, it’s been three months, what’s happening in Cairns? Can I quit my day job yet?

(Personal Update:

Last tenants trashed our Cairns house, few repairs and cosmetic refurbs. Agent valued it 35k higher than purchase price, bank valued it 45k under :(

The Mount Gravatt house has moved enough (25% since 2009) to draw down the equity and pay the deposit for a 5 bedder 5km from the CBD which we will move into later this month.

Win some, don’t win some.

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January 30, 2015 - 9:14 pm

I’m far from an expert, but if it were me (and as I said, it pretty much is), I’d keep saving as you are with a view to paying out the debt. Then put the equivalent of your credit card payment plus your savings amount into your growing deposit, then buy once your deposit is enough, ie snowball your credit card payments into your savings.

I’d forget about paying less tax for now, you will only be paying for the privilege, and in my mind not a good reason to invest. No-one wants to earn less money which is the surest way to decrease your tax. I’d happily forgo my negative gearing for an ongoing profit and more tax.

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January 29, 2015 - 11:05 pm

Djcrossy,

Your position is somewhat akin to mine, whereas I had no injury, I racked up an enormous debt in the last year self-funding some overseas training. Given this is now at a cost of 10% interest p.a, I figure that paying this down is a guaranteed 10% p.a. saving. My experience with 2 properties is such that I’ve never achieved this return yet, so debt needs to go first or I’m going backwards.

I read total money makeover a week or two ago, it sounds like its the right time for you to read it and consolidate your efforts thus far.

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January 27, 2015 - 5:21 am

Ha ha ha. Exactly. I remember having the same idea as a youngster. I figured I could get a free cash injection by using one credit card to pay the other for eternity.

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January 26, 2015 - 1:00 am

And what Pete is saying, is that this 20% applies from day 1 – there is no 55 day interest free on a cash advance (to my knowledge)

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January 24, 2015 - 8:42 am

Can your business buy the house and rent it to you?

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January 20, 2015 - 6:07 pm

Can someone help me decipher the wording here? Am I correct in interpreting that that a 2.4m ‘driveway’ is required, which then must service at least 10m of the (rear) block? Does anyone know how close this driveway might run to the existing garage wall and/or neighbouring fence?

“Battle-axe low density allotments shall be permitted providing the following requirements are satisfied:

the minimum width of the access strip measured square to the length of the access strip shall be 10 metres and shall consist of a suitable gradient to allow an allotment access of maximum longitudinal gradient of 1 5 to be constructed;

the number of battle-axe allotments in any subdivision shall not exceed 10% of the total number of allotments:
the battle-axe allotment, exclusive of the access strip shall comply with the minimum standards stated in Table E-I of this Part;
the allotment access is to be provided within the access strip and shall be constructed of a 2.4 metre wide bitumen, concrete or other approved surface, including the connection to the adjoining road access, the access being designed and constructed to the satisfaction of the Director Technical Services prior to the endorsement of the survey plans unless the allotment access shall have a gradient of 1 in 8 or less;

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December 31, 2014 - 8:39 am

Thanks guys – will do

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December 26, 2014 - 8:41 pm

Oh dear.

Not only have I been withdrawing excess, but the house is variably PPOR and IP depending on where I’ve been posted. Definitely need a restructure of my accounts – when I move back in, my extra cash will only be offsetting my IP, thus minimising my tax deductible interest and max-ing my non-deductible.

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December 26, 2014 - 2:36 am

I don’t mean to derail from the OP – but can someone indicate why the redraw is a bad idea? I’ve not infrequently redrawn any excess payments… THe redraws don’t cost me anything to process at least. What am I missing?

My offset account offsets an IP, not my PPOR – thus I was channelling extra cash into the PPOR mortgage but redrawing it when the (unfortunately non-investment) need arose.

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December 22, 2014 - 6:12 pm

Thankyou Kinnon for your thoughtful reply and the figures which offer a little hope.

There is no impetus to sell in a hurry, with a major cash flow injection starting in 2-3 months, it will be easily serviced – we can keep it forever. In terms of opportunity costs, both properties are sitting about 80%, and until I pay down the 80k I won’t want to stretch this further in any case, and wouldn’t wish to purchase until we are back from our year overseas. It seems a little silly to sell it now after this long, with even a hint of improvements in the future – but having made losses each year its a little difficult to swallow.

My immediate strategy is to wipe out the 80k debt (at tax deductible interest), then reassess both house possible sale values and rents. Based on income alone I should be able to repurchase perhaps mid 2014, maintaining an 80% ratio or perhaps slightly higher.

The renovations will become necessary if and when we have our third child, but otherwise life will just be a squish.