- andrewjjParticipant@andrewjjJoin Date: 2010Post Count: 2
With a budget of 260 – 300k I am looking at buying my first IP. Initially i was looking at buying in Springfield/Springfield lakes area but i think i may not have enough. I have started to search in other areas close by eg: Redbank and Darra After searching the forums i have found a lot of mixed opinions of these areas. Ultimately my goal is to have this property rented but i will be living there short term.
So my questions are:
Where would you buy in SE Qld with a similar budget and why?
What is my first step to get into the market? i have no knowledge except what i have read of websites.
-Andrewrealestateedu.com.auMember@realestateedu.com.auJoin Date: 2009Post Count: 84
I would suggest you start with 2 one bedders in Southport for better cash flow and easier rental … second hand ground floor …
Philip Sigglekow authorRichard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
Hate to say i couldnt disagree with Philip more.
Springfield / S Lakes is at the end of the Western freeway and the Delphin development was voted the best masterplanned development in 2007. Prices since the start of the development have continued to climb and whilst i dont hold any property in that part of town have financed 101 properties for both investors and owner occupiers alike.
Regretfully idoubt you will get in for the sort of money you are referring to but therefore Forest Lake maybe an alternative.
Financed a deal today in FL and wasnt much different to what you are looking to spend.
Remember if you are looking for it as an investment you may have totally different criteria to if you were intending to reside in the property long term as your own residence.
Personally i would avoid Redbank although Darra has performed extremely well. Again like any suburb there is less desirable areas.
Make sure you structure your loan correctly as you are only going to live in the property short term and then it will become a rental. Is there a reason for this ?
if you have any particular properties in mind i can run off Residex report for you and email to yoi which wil provide some interesting statistical information.andrewjjParticipant@andrewjjJoin Date: 2010Post Count: 2
Thanks for the detailed post Richard,
The reason i was thinking short term is my partner is not ready to buy just yet so over 3 years if i build up enough equity i can use it as a deposit to purchase a second nicer place with my partner. This only works of course if i can make the investment positively geared.
I had a quick search in Forest Lake and there doesn't seem to be anything that fits the budget, but another place that i was given the hot tip on was Coomera. Town houses seem to be in the 250-300k mark and all returning great rent. To far out for me to live in, but as an investment while i rent it seems good. What do you think?
I had a quick run down on the investment loans so i think i have that sorted, it's more about making a decision on where to buy.zimbyMember@zimbyJoin Date: 2009Post Count: 40
I’m in the exact situation as your’s
I’ve been looking around for about 2 months now, A friend has just finished building in Springfield lakes cost him about 380k (the house I personally think is worth around 350k) also they have just started Development behind his property so there is lots of dust/heavy machinery.
There seems to be a flood of houses on the market out that way so if demand dies down there may be deals around.
I struggled to find cashflow Positive properties out that way, and if the loan is in 1 name you may not have much incentive to Negatively gear.
I’ve found a few positive cashflow places in the city, but not sure if these are a good idea yet.
I’m just starting out so please take what I say with a pinch of salt, i’m also hoping for info so would like to keep this thread going!!
DenisdreamerQLDMember@dreamerqldJoin Date: 2010Post Count: 23
I'm looking in the same area – forest lake/springfield lakes – which is better? i'm looking between the 400-500 mark.
MelzimbyMember@zimbyJoin Date: 2009Post Count: 40
Is your primary focus on cashflow or Capital?rudo1phParticipant@rudo1phJoin Date: 2008Post Count: 38
I am also looking at these areas – my primary focus is on capital growth. Has anyone got any further recommendations?
These are the suburbs I am interested in:
If anyone has any advice for me I would be very grateful. I already have 2 IPs close to where I live now, but want a third and an venturing into more unknown territory!
xRichard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
Need to watch the old fire ants in Forest Lake and the termite problems so get yourself a good B & P Inspection and go through with it with a fine tooth comb.
Have lots of clients in both and dont have a preference.
Let us know if you want a Residex report run on any particular property.