Am I better off to buy a unit in Nundah or a house in Ipswich. I am looking for a suburb with good growth as I need equity quick so taht I can roll over to a lower interest rate
If only it was all that simple!!
At the moment there is almost no quick growth areas in fact some are in negative growth mode.I am assuming by quick you are meaning in the short term (eg 12 months)
If you buy well and try and improve the property through redevelopment or capital works you may gain some ground but if you are looking for the quick buck-forget it.
If you are prepared to do the work it is not the area but the actual property that will improve your position financially
markk
Happy Hunting
http://www.kentscollections.comOriginally posted by debtdogg:If you are prepared to do the work it is not the area but the actual property that will improve your position financially
Uhhh… While you can add capital value to the actual property, that won’t help much if: there’s DA approval for a McDonalds to go in next door; you buy in a monoindustry area that closes up shop; the council is development-happy and approves a 30 storey apartment building blocking out your ocean views…
Jewel, only you can do your due diligence and compare expected growth rates/rental returns in these two suburbs. Start by having a look at the infrastructure planned in the area in upcoming years, the population growth/decline, threats and opportunites to pop growth, etc. That will give you some indication of which suburb is best.
Debtdog is absolutely right that you can’t expect instant equity purely through market growth – and property is a long term purchase. You should be thinking about how these suburbs will pan out over the next 10+ years, because in the short term buying/selling expenses will be greater than equity growth.
I’m not looking for a quick buck as I don’t believe in get rich quick schemes put what I am trying to do is to put myself in the best postion where I can go back to a normal loan and stop pay 8.55% on a mortagage. Also my mother inlaw is looking to sell her house to us for $100k undervalue so that we can use the equity to get into a normal loan and she becomes debt free. what do you think of this method
Why are you at 8.55%? Why can’t you just re-finance to a better deal? How is buying in one place or the other going to provide you with more equity?
Maybe if you give us a better idea as to how you sit at the moment the people on this forum will be able to give you some better advice.
markk
Happy Hunting
http://www.kentscollections.comWhat agreat mother inlaw! I’d go that way.
The Brisbane side of Ipswich still seems to be having some gains, but it’s hard to find cashflow +ve there now.
Good Luck
Clay
whichever area offers a bigger pool of the style of property you want to buy.
Better off to put offers in on many properties and get instant capital gain cause you bought well below market.settled on one three weeks ago in Aspley for 210,000 when the average three bedder is listed at $259,000 in that area.
I would buy in Ipswich simply because it’s where the growth is supposed to happen in the future
Have you done your due diligence. Are the numbers working out right.
It really is sweet when everything is in alignment.
You seen to be putting too much emotion into the decision.
Put your business hat on and you will took at the options through different eyes.
Achiever
do you see Brisbane prices decreasing and Ipswich prices on the rise. If that is the case I may be better holding off on buying in Brisbane
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