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what about Park Ridge QLD 4125 ? it is now starting to become top 9 in QLD state, it is starting from $300k for 2 bedroom house with 313 Sq Meter.
You have to be careful with these figures – i.e. growth in median prices does always not = actual house price growth. There are a lot of new properties being developed and sold in Park Ridge which pushes up the median sales price but that doesn’t mean that all folk achieved 18% growth on their properties in Park Ridge.
I think you can do better than a new or OTP property in park Ridge on 350sqm.
We have purchased properties on 1000sqm not far away for $330k a few months ago that are now selling for $370k+
Chris White | Pillar Property
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Do they work for you the buyer or the developer – always a good starting point.
Chris White | Pillar Property
http://www.pillarproperty.com.au/
Email Me | Phone MeThe Property Investment Specialists
The only councils that allow dual income properties to be rented independently are Ipswich and Logan Councils and soon to be Moreton Bay.
Chris White | Pillar Property
http://www.pillarproperty.com.au/
Email Me | Phone MeThe Property Investment Specialists
I have someone in mind to partner with who is like me, he’s starting out. I am mostly concerned that at the end of a renovation project, I may feel that all the hard work was not worth it when I am only keeping half the profit.
There are a couple of other things to think about;
1. You are both new to property investing so mistakes will be made. A better situation is to partner up with someone experienced.
2. Its important to have a solicitor draw up a partnership agreement to put some framework around who is doing what in the partnership and for what reward. Believe me, everyone has the best intentions in the beginning but often interpretations and expectations can be different- and often people don’t realize this until there is an issue. You will likely have to revert to the agreement as the referee.
3. Re: not knowing if the work is worth only getting half the profit. If you are only doing half the work then this is not an issue if the deal stacks up in the first place. You should have a minimum return that you are looking for with each deal.
Chris White | Pillar Property
http://www.pillarproperty.com.au/
Email Me | Phone MeThe Property Investment Specialists
Couldn’t you keep contributing money into Super and home loan + also purchase an IP now.
At 5% ++ rental yields and property interest rates around 4.5%, the property would basically look after itself.
Your approx. $80k in current equity (assuming 80% LVR) could be the deposit (inc. costs) on another investment property purchase.
We are buying sub-dividable properties in Brisbane for $300k to $450k. Neutral to positive cash-flow with development upside when you feel like doing the project. You can tick nearly every box right now…………….
Chris White | Pillar Property
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We renovated and subdivided this property recently https://youtu.be/Q9NBdTKGzFkand and have a few others lined up to do the same. You don’t need to build a house on the newly created block if you are subdividing the land. Are you subdividing or creating a duplex situation? And is the property on two titles or one?
If the land is one title and you want to subdivide into two then councils fees alone are $30k to create the new title. Then you have services connection fees and installation, driveway and professional fees – so all up the costs are around $70k. In the example above we saved the $30k council contribution fee as the block was already on two titles, so we simply did a boundary realignment.
For location of services use – http://1100.com.au/
For previous DA’s use – http://pdonline.logan.qld.gov.au/MasterViewUI/Modules/ApplicationMaster/default.aspx
Cheers
Chris
Chris White | Pillar Property
http://www.pillarproperty.com.au/
Email Me | Phone MeThe Property Investment Specialists
Houses in Brisbane fit that build at the moment, i.e. yield + rising market + land component with add value potential…..
Stay away from units around the city though as there are too many being built and the market is being driven by intestate and overseas investors..buy where the locals buy…..
Chris White | Pillar Property
http://www.pillarproperty.com.au/
Email Me | Phone MeThe Property Investment Specialists
We’ve done a few and they have always valued at house purchase price + 100% of construction costs.
The first one we put together was in Umina Beach about 3 years ago – $305,000 + $105,000. The rent is $680.00 per week. The clients have just been offered close to $550,000 for it. Super funds are a strong 2nd hand buyer of these dual income properties as well as extended families + obviously investors.
The key is to do these projects in a rising market so you get the best of both worlds – we not doing anymore in Sydney and surrounds.
Chris White | Pillar Property
http://www.pillarproperty.com.au/
Email Me | Phone MeThe Property Investment Specialists
We are based at Norwest and manage properties from the East to the West. Give me a call if you want to speak to a pro-active property manager in Sydney.
Cheers
Chris
Chris White | Pillar Property
http://www.pillarproperty.com.au/
Email Me | Phone MeThe Property Investment Specialists
Houses……in Brisbane right now!!
Best of both worlds in Brisbane at the moment – i.e. around 5% yield on good blocks where value can be added.
There is a looming oversupply of units around Brisbane city so avoid those.
We have been buying houses in Brisbane from $300k upwards..
Cheers
Chris
Chris White | Pillar Property
http://www.pillarproperty.com.au/
Email Me | Phone MeThe Property Investment Specialists
This is a worthwhile site for property info and the subscription based section provides reasonable desktop valuations. You can subscribe for 1 month or more, so good for property buyers looking for only a short period and not wanting to pay a full RP Data membership.
http://www.propertyvalue.com.au/
Chris White
http://www.pillarproperty.com.auChris White | Pillar Property
http://www.pillarproperty.com.au/
Email Me | Phone MeThe Property Investment Specialists
Not sure about Starr Partners in Merrylands Cassie however, we are based at Norwest if you want to talk about pro-active property management. We manage properties as far as Blacktown currently to the west, Bondi to the East, Central Coast (North) and also soon to be Brisbane.
Regards
Chris White
http://www.pillarproperty.com.au
0438265226Chris White | Pillar Property
http://www.pillarproperty.com.au/
Email Me | Phone MeThe Property Investment Specialists
Guys, in NSW now, you can easily 'create' a cash-flow positive deal – in any location, it just depends how much you want to spend.
See a case study of one that we did – Cash flow positive property deal
You don't have to invest in mining towns and very remote areas (and I am recommend you don't)
The market here is also in the growth phrase – Sydney property cycle so we are getting income plus growth at the moment.
No gimmicks here.
Chris White | Pillar Property
http://www.pillarproperty.com.au/
Email Me | Phone MeThe Property Investment Specialists
Hi Guys Sunday mornings are always a great time to read and contribute to a few posts. To put my 2 cents worth in, an experienced buyer’s agent should: Have extensive knowledge – enabling them to advise their clients about the best areas and streets to buy in and at what price and also those to avoid at any cost. They also should know their way around buildings and structures and be able to guide you on any problems that may exist with a property, potentially saving you thousands. Have many industry contacts – enabling them to access good properties “off-market”. In my experience, properties that are dressed up and taken to auction fetch 10-15% more than if purchased off-market. Be able to negotiate a better price – most people are not experienced negotiators and pay 5% to 10% more for properties as a result of this. Real-estate agents treat buyers agents are experienced peers and are more straight talking and not as likely to try the high pressure sales as they do with the general public. Have the time to review dozens and hundreds of properties – anyone who buys property full-time can attest to the fact that you have to look at and review “hundreds” of properties to find the right one “at the right price”. The best way to see which buyer’s agent will deliver on all this is to interview them and also speak with their clients about their services. <moderator: delete advertising>. If you already know it all, have many contacts and heaps of time then you probably don’t need a buyer’s agent. Cheers Chris
Chris White | Pillar Property
http://www.pillarproperty.com.au/
Email Me | Phone MeThe Property Investment Specialists
This previous thread might provide a few more answers for you.
https://www.propertyinvesting.com/forums/property-investing/commercial-property/4325441?t=1260815402
Also, the book “How Investing In Commercial Property Really Works – By Chris Lang & Martin Roth”.
Cheers
Chris White | Pillar Property
http://www.pillarproperty.com.au/
Email Me | Phone MeThe Property Investment Specialists
Hi Michael
Good luck with your adventures.
Have you got any research material on the vacancy rates in these areas, current levels of inventory (empty properties), take up rate per month and general direction of property prices?
The US Census publishes regularly on vacancies and home ownership – it would be interesting to see what is happening in the areas that you plan to invest.
All the best.
Chris White | Pillar Property
http://www.pillarproperty.com.au/
Email Me | Phone MeThe Property Investment Specialists
I do know that there is some good infrastructure proposed for Craigieburn – shopping centres etc………you could also check the same sort of statistics that I listed above for Point Cook to get a better idea.
When there are a lot of new houses being built in an area, its a good idea to check how many of them are being taking up by owner occupiers and how many investors are buying. I noticed that with Point Cook, the houses were being promoted by some project markers to interstate buyers. With a lot of investment properties come on the market at once, having a higher vacancy period is a real risk.
Much more on the ground research needs to be done to qualify the short to medium term investment potential of an area.
The long term prospects are good in these areas however, you need to buy right today as well.
Chris White | Pillar Property
http://www.pillarproperty.com.au/
Email Me | Phone MeThe Property Investment Specialists
I looked at Point Cook (from the desktop) for a friend of mine recently.
The median house price is $430,000 @ July 2009 – capital growth has averaged 3.66% per annum over the last 5 years.
The median unit price is $190,000 @ July 2009 – capital growth has averaged -3.84% per annum over the last 5 years.
18% of the suburb rents, so an ok rental pool.
A quick look on http://www.realestate.com shows Point Cook is oversupplied with new houses, which is probably why prices are dropping.
Please note that most of Melbourne’s property prices are rising.
http://www.realestate.com also shows an oversupply of rental properties which will cause rents to drop and vacancy is probably higher than the Melbourne average.
If you were buying in Point Cook, just based on this data alone, you would have to buy “very well” and be prepared for some short to median term price falls, rent falls and longer vacancies. I wouldn’t recommend it to my clients unless we negotiated a bargain from a very motivated vendor.
Chris White | Pillar Property
http://www.pillarproperty.com.au/
Email Me | Phone MeThe Property Investment Specialists
I would also go with buying an older house at up to $700k. (not too old though, just not new)
You may have to compromise with suburbs depending on where you want to live and also the style of property, house or unit however, the Sydney market is really moving in this price range at present (houses nearly 10% this calender year and units nearly 8%).
I think the market will keep pushing forward for a good few years, albeit maybe not at the same frantic pace. The tax free gains are a great incentive and also the peace of mind of having your own base/home if you are that way inclined.
Why not buy the home, up to $700k or even a lot less, see how you go for a year or two and then start an investment property portfolio with the equity gained.
There are many options however, the straightforward ones are often the best when starting out. (if you are just starting out)
Chris White | Pillar Property
http://www.pillarproperty.com.au/
Email Me | Phone MeThe Property Investment Specialists
Sorry, I noticed that it was for an investment property. (not sure what happened with my user name on that last post)
If you go to http://www.investsmart.com.au/ and click on houses or units for NSW and search by median; all suburbs in NSW will be rated by median price from the most expensive to least expensive. If you are after a property that is about average for the area look at all suburbs that have a median price of around $300,000. Something newer, you may need to check median prices that are about 10% – 15% below $300,000 (may be difficult in Sydney though). i.e. at $300,000 you then would be buying something that is superior for the area.
You can then check the postcodes to see which ones are for Sydney.
And then if you want to check the distance from the CBD or distance from any another area that may have shops and infrastructure you can use http://www.nowwhere.com.au/NTI/DistanceCalculator/default.aspx to check the (as the crows flies distance).
FYI, Brisbane presents a lot more options in this price range.
Chris White | Pillar Property
http://www.pillarproperty.com.au/
Email Me | Phone MeThe Property Investment Specialists
