New to site. Thought this might be a good way to get advise on what to do from here. Have equity in house at the moment that my husband and I would like to use to buy our first investment property. Have decided that Queensland is the way to go. Hoping I could get some input as to where the best areas are to buy at the moment for around the 200K mark. Have read alot and done a little research but your tips/comments/any helpful info would be greatly appreciated.I guess the best way to buy first investment property(and try not to go wrong with it)would be to ask people on this sight who have been there and done that. A little scared but very positive….. a little input can go a long way. Thanks.[biggrin]
Hi Amber,
Welcome to the forum!!!
Firstly, try http://www.realestate.com.au and select up to 200K as your max, then see where and what is on offer. When you find something you like, delve a bit deeper, search the net, pick up the phone and call the REAs, try http://www.domain.com.au or http://www.reports.rpdata.com.au and check out the suburb snapshot / area report to see what population size is like, trends, median price ranges, household occupancy etc. Surf the net, naming the area you are interested in and see what you can find, try local council sites and so on.
You will quickly find, that most investors on here do their homework, and finding the right IP for YOU depends on what you want, where you hope to buy and above all…DOING YOUR OWN HOMEWORK.
It is hard for people here to say buy “here” or “there” because the choice HAS TO BE yours ultimately. Plus it depends on whether you want +CF properties (where you get money in your pocket) above say -CF (or negative geared) properties (where you have to cough up out of your own pocket). Many areas have good CG (capital growth) but also many of these areas are negative geared properties and require you to put in money. You need to establish what is more important to you. By all means, when you have identified a few areas, you can always ASK “hey what do people think of XYZ”???
Good luck,
Jo
Hi Amber
I agree with Jo that you really do need to make your own decision on this, based on your own research.
One thing you may want to do though is have a look on the web at the sites mentioned before and take a couple of Sundays to have a drive through and see what would support your rentals eg. a university in the area etc.
Speak to real estate agents in the areas that intrest you. They will be happy to help any potential customer. Find out how much the average property is renting for in that area based on its size etc.
All the best
Henry
My Apologies
I just read your profile Amber and realised you are in NSW so taking Sunday drives probably isn’t a good option. Maby looking around on the net first and then taking a holiday or something in queensland where you can have a look at the properties.
Otherwise in regards to having a look around the area as to what will support you rentals, perhaps you could look up the properties and then search them up at http://www.whereis.com.au this site will tell you what is near that area, schools etc.
Cheers
Henry
Hi Amber,
Im a newbie to the site also however am situated in Qld and just to reiterate what Jo said – definitely the way to go re net research and then when you think youve found the one or two enquire in the forum re area etc.
Like all states I guess we have certain suburbs with high rental rates and matching high property damage/headaches etc. and also unfortunately sometimes dissapointing property managers that are not worth what they are paid ( yes i have had one or two not so happy experiences )
On the brighter side though half the fun is in looking and researching..
Lots of luck
MHello Amber,
to go against the tide, I would suggest looking at Cairns.[blink]
Cairns has been bubbling along over the last 12 months or so, but I believe there is still substantial room to move in terms of capital growth. A number of indicators suggest the population of Cairns will continue to grow; coupled with a strong tourism focus — it represents an area of interest.
I agree with earlier postings in this thread — do your homework; rely on your own personal judgement rather than the advice you may receive from agents etc. Also don’t rush the process. Take your time, become familiar with property values before signing on the dotted line.
If you want to get a good handle on an area, check out the local council on the web; perhaps speak to the town planner regarding planned infrastructure etc. Order the local paper — the real estate section will provide a great deal of data “on the ground”. You will also need to spend some time physically looking at property in your selected area — don’t rely on photos as they can easily hide problems; at the same time talk to the locals — they may be able to provide some valuable insight.
If you end up purchasing a tenanted property, ask to have a look at income statements for the last 12 months; also ensure you are aware of ongoing costs such as body corporate fees; council rates; sinking fund etc.
Continue asking questions. This Forum is superb in terms of the advice available. The depth of knowledge sometimes just astounds me.
Good luck.[cap]
Regards,
HelenRockhampton looks good to me, and south east qld has higher growth rates than anywhere in Aust, population, economy etc. Take your pick, Qld’s the way to go I reckon. This is obviously just an opinion, so good luck anyway! G7
G7…how interesting you should mention Rockhampton…i was only on the net last night doing some research on Rockhampton and North Rockhampton….yeah its looking good.
P.S: Does anyone know a site thats free where you can look up median house prices and see the average rental return in particular suburbs?? Thanks all for your great replies [cap][cap][cap]Actually the only free report I have found is from – Aussie home loans would you believe will autoreply with postcode data foc.
If you are looking through agents sometimes if they know you are an investor and you ask they do actually send you the info…
Good luck – M
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