Forum Replies Created
While we’re on this topic can I get some views on Morayfields as a future CG suburb. My research tell me it has good potential but there are some IP guru’s who think otherwise.
Can I pls get some feedback on this.
Dedfred [suave]
Hi Crusher,
Tat’s not a real option for me…living in Sydney and depending on a builder to do his job is a big ask. With my family and work commitments I’l find it a big challenge to commute inbetween states to monitor progress.
I did think of this option in the beginning but ruled it out.
dedfred
Originally posted by kmiddlet:Hear hear ozsparky.
What you describe is what I termed the “developers premium”.
It doesn’t always work. That is when lifex’s proposition kicks in.
However odds are in your favour going down the build road instead of the one year old road. The caveat is to research first.
I Went…I Saw…help me Conquer!!!
OK, so I flew up and I’m back…and it was a great trip. I’ve locked my sights onto Morayfield’s and Springfield Lakes…I’d made a few appointments prior to flying up. My inspections included H/L pkgs (I know…I know, I had to see it for myself), younger properties (1 – 3 years old) and 10+ year old properties.Well, after 2 day of getting lost a few times in my hired car and covering about 450Km in that time, I think we’ve been able to lock down just two that we like and I’d like to get some feedback from you guys.
I inspected 13 properties in Morayfield’s, and 4 in Springfield Lakes.
Properties we Like:
Morayfield: 4B+2T+2LUG.
1. 3 year old property located on a large block of land (700+ sqm) situated only 1.4 Km from Morayfield station and shops. It also has a local (small) shopping centre round the corner for day to day needs.
2. Local primary school is just around the block.
3. It has tenants in place who are keen to stay on for a long term.
4. The only issue that was brought to my attention is that there is a slight flooding issue in the backyard when there are heavy rains. This is apparently caused due to bad drainage that trickles on from the neighbour’s property.
5. The flooding does not affect the house itself and the tenants are extremely happy the way it is.
6. I’m not sure if the drainage issue can be addressed by the council or even if it’s a big issue at all.
7. Approx Gross Rent Return 4.64% (this is calculated on current advertised rate of the property which is negotiable).
8. I also spoke to a couple of the surrounding neighbours who had good things to say about the street and the locality in general.
9. I’m told the current owner is looking at liquidating this asset for personal reasons.Springfield Lakes: 3B+2T+1LUG.
1. This property is currently owner occupied and is situated on a rather small block (300+).
2. The property is just over a year old and is well presented; I’m told by the agent that it can be very easily tenanted.
3. It has A/C, dishwasher and few other features that come with newer properties.
4. Its location is fairly good as far as I’m concerned as its located near a park, a new school and only a couple minutes drive to the new shopping centre and university.
5. There were no obvious issue that I could pick nor was any mentioned by the agent or current owner.
6. Based on forecasted rent this property would give me a gross rent return of 4.43% (again, this is calculated on current advertised rate of the property which is negotiable).OK, now for my thoughts on these properties and locations and if you could pls respond if you agree/disagree, or think I’m wacko:
1. What I’ve come to understand that Morayfield’s has existing infrastructure and from what I can understand its a Blue Collar area with low – medium income earners with a big rental property demand. (Agree/Disagree)
2. Springfield Lakes has a fairly even mixture of White and Blue Collar. It has some fantastic infrastructure that is currently going into place and there obviously great potential. (Agree/Disagree)
3. Agents tell me that there is always a demand for rental properties and that it’s quiet possible to find a tenant prior to settlement – this was the trend for both suburbs.(Agree/Disagree)
4. Springfield Lakes seems to be a suburb with higher income earners than that of Morayfield’s…this was purely based on the people, cars, houses etc that I seen when driving around. (Agree/Disagree)I personally prefer the Morayfield option because its safe (Yes I’m CHICKEN). Provided I can negotiate the right price, I’ve got a happy long term tenant in place and I know for a fact that the suburb is experiencing good CG and is predicted to continue with the steady +ive CG over the next 5 – 9 years.
But, but…but…but, there always has to be a BUT . Springfield Lakes, from what I’ve seen, the University, the Orion Shopping Centre, the TAFE college, the 5 or 6 schools etc…etc seem like a place set to experience a big leap in CG over the next few years. Although the land size is smaller, as long as I can get a tenant into the property I’ll be set. This is also the reason I’m anxious to choose it, as the thought of not being able to tenant it scars the living crap out of me (did I say I was CHICKEN).
Please, Please hit me with your thoughts and suggestions and if I haven’t said it already…I REALLY APPRECIATE YOU GUYS TAKING THE TIME TO RESPOND on this post. Your advice had been great.
Cheers
dedfred
Hi Guys,
I’m yet another newbie looking to make it in the IP market. Can you guys pls let me know when do these User Group meeting take place and does it take place in Sydney and if so when is the next one.
I’ll be really keen to get views from those who have ‘walked the path’ I’m taking on.
I’m looking at QLD for my first IP and boy is it hard. Who ever said IP was easy money…but as the saying goes ‘you’ve gotta work hard to earn ur living’ and reseaching the market is hard work.
Anyway, if someone can provide me with details about these Group sessions it would be most apprecitated.
Cheers [thumbsupanim]
Hi Mate,
Any help an information I can obtain at this period of time is proving to b worthwhile. If u could provide me with the contact details that u’ve mentioned it would be great. [specool]
If u could give me a brief insight on what these contacts attributes are it would be good as well.
Thanks heaps in advance. [thumbsup2]
Hi Nigel,
Not sure if you reply was for my question or Kidders…I’m still to purchase our first IP and which is why I’m doing my homework and asking questions when I can.
From what I’ve read on this forum and another similar place it seems to be common knowledge to do it yourself rather than depend on someone else. Makes sense when u consider the $$$ going into the property.
Anyway, with 2 young kids at home and a buys job time is a luxary when it comes by [strum].
I guess I’ll put my head down and keep browsing the property market and make a trip to Brisbane and c it all for myself before I put my money where my mouth is. [chill]
Just FYI I’ve got a few suburbs in mind along the Morayfield train line. Do you have any tips on any particular suburb that is better than the other in this area. let me know if u do.
Thanks for the feedback. Cheers [thumbsup2]
Hi Guys…I’m in the process of looking for my 1st IP and have come across Ozinvest as well. I have posted a separate topic on this site hoping to get any feedback about these guys. I’ve had only one reply with basic info.
I’m just a bit dubious about this whole 2 tier marketing that I’ve heard about. I’m looking @ the qld market, I’ve never been to brisbane and am using info I got from a residex report that I’ve purchased to choose my prefered suburbs.
Kidders….if ur still in the game can u advise what ur experience has been like with ozinvest. Did u check the valuation of the property u got from them & how did it weigh up to the price u paid. As u must be aware their prices are not neg.
The last thing I wanna do is get it wrong in my first IP and stuff up any more +ive moves for self and family.
Any news good or bad would be appreciated about Oz Invest.
[thumbsupanim]
Thanks for that…the 30K I mentioned was the difference in price between and 1-2 year old property and an H&L package. With OzInvest I’ve found there’s not much difference with their prices with other H&L pkg’s out in the market, in fact they were a bit under in some cases. Your feedback is much appreciated.
Are there any other comments out there that I can assist me with this decision?
Cheers [goatee]
