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  • Profile photo of saqibsaqib
    Member
    @saqib
    Join Date: 2008
    Post Count: 5

    Hi All,

    I am planning to buy my first property but not sure where should i start from, I can afford a mortgage of $180k and i have $80k in savings to use for the property, so i am looking for proeprty around $250k mark in Qld. Can anyone tell me which areas are good to buy (less property price)and where property prices will go up in the future or atleast stay the same!

    I heard properties in the area of Coomera Gold Coast is going down and i read in different articles that its best to buy property their now .. what you guys recommend ?

    I am just confused i work in brisbane city but wont mind travelling 1hr-2hr to get to work. As having a own property is much better than renting one!

    Please suggest!

    Thanks

    Profile photo of saqibsaqib
    Member
    @saqib
    Join Date: 2008
    Post Count: 5

    Also if not an owner occupied an Investment property will be good as well as long as the rent cover the most of the mortgage repayment!

    Thanks

    Profile photo of BluegrassBluegrass
    Participant
    @bluegrass
    Join Date: 2009
    Post Count: 73
    saqib wrote:
    Hi All,

    I am planning to buy my first property but not sure where should i start from, I can afford a mortgage of $180k and i have $80k in savings to use for the property, so i am looking for proeprty around $250k mark in Qld. Can anyone tell me which areas are good to buy (less property price)and where property prices will go up in the future or atleast stay the same!

    I heard properties in the area of Coomera Gold Coast is going down and i read in different articles that its best to buy property their now .. what you guys recommend ?

    I am just confused i work in brisbane city but wont mind travelling 1hr-2hr to get to work. As having a own property is much better than renting one!

    Please suggest!

    Thanks

    Hello saqib
    Whilst you indicate that you believe owning is better than renting, there are many that would no agree with you.
    I have a number of clients (that I have built homes for) and they are still renting.
    The reasoning is they can live where they want and the investment property can be where timing and growth area or about to be.
    Coomera on the east side of the highway is one of the best opportunities in SEQLD at the moment.
    Have a look at http://www.raspinvestment.com.au in reference any questions you have on Investment Property.
    If you email me I can do a Property Investment Analysis report for you which will indicate you will be able to buy more property for your dollar in the investment field opposed to owner occupier.
    Bluegrass

    Profile photo of keikokeiko
    Participant
    @keiko
    Join Date: 2008
    Post Count: 513

    Yes Coomera is a good place to buy, I beleive you will see good capital gains in the future

    Profile photo of Andrew_AAndrew_A
    Participant
    @andrew_a
    Join Date: 2003
    Post Count: 392

    Hi Saqib,

    Best advice I can think for you at the moment is to go seeking knowledge rather than asking for specific directions, you have many choices.

    Beware of marketing companies that take money from developers for selling their property whilst dressed up as buyer helpers.

    Also you are talking a mix of lifestyle (you will live there) and investing decisions here, so nobody but yourself will be able to answer the really important questions about what might be good to buy, where and when.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hi Saqib

    Whilst not directly related to the question, the fact that your borrowing capacity is limited to $180k suggests (if you’re a PAYG earner) that things are a little tight in terms of income. For that reason, I’d carefully look at how much you’re willing to put into the deal – $80k is a lot of savings, perhaps putting up a smaller deposit and retaining some in an offset for emergencies will help.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Michael 888Michael 888
    Participant
    @michael-888
    Join Date: 2005
    Post Count: 260
    keiko wrote:
    Yes Coomera is a good place to buy, I beleive you will see good capital gains in the future

    Hi keiko,

    do you have any data to back up that assertion. Coomera……………….  Boomera has been promoted as the next big thing. I have yet to see Westfield commit to that town centre. If beach side Gold Coast is struggling, what elements will make the family suburbs have good capital gains. I have just moved to the Gold Coast for lifestyle from Melbourne, however have been familiar with this area for quite some time. I am a (waiting and looking) investor however in this market I would stick to Brisbane proper………….BTW I have investment property on the coast however would not buy there now or for quite some time………..keen to hear your thoughts keiko on what will make Coomera become Boomera. IMHO gains here will take a long, long time.

    Profile photo of BluegrassBluegrass
    Participant
    @bluegrass
    Join Date: 2009
    Post Count: 73

    Hi Michael
    I have yet to see Westfield commit to that town centre! Your quote.
    Michael you must have missed all these articles

    http://www.coomerainvestor.com.au/commercial/westfield-saves-up-to-94m-on-coomera-town-centre-infrastructure-costs/
    Headline from the site: “Westfield Saves Up To $94m on Coomera Town Centre Infrastructure Costs”

    http://www.goldcoast.com.au/article/2011/03/16/299685_gold-coast-business.html
    Open par. from the article: “WESTFIELD has emerged as a big winner in the state government’s proposed overhaul of infrastructure charges, potentially cutting the cost of the Coomera Town Centre by as much as $94 million.”

    http://www.skyscrapercity.com/archive/index.php/t-795274.html
    Opening par from the article: “AFTER more than a decade of planning and controversy, the billion-dollar Coomera Town Centre has been given the green light, with the State Government signing off on the Gold Coast City Council master plan.

    The purpose-built retail, residential and commercial hub will have the Coomera rail station at its centre and is expected to eventually create 20,000 jobs and 10,500 new homes over the next 15 years.”

    Coomera or Boomera as you call it is happening.
    The new Tafe college ‘Government funded is completed and open, the roads have been widened and the land is being developed.

    I hope this allays your fears that Coomera is not happening.
    If not do the web research yourself, there are pages of it.

    P.S. Here’s another
    THE Coomera Town Centre’s massive retail heart could be open by 2013.

    Westfield, the key player in the long-awaited $1 billion precinct, will lodge a development application for its shopping centre in the second half of 2011.

    Westfield spokeswoman Julia Clarke said the application would be lodged ‘some time after the middle of next year’, but she did not want to speculate on when construction would start despite Myer stating previously that it could be open in 2013.

    Profile photo of Michael 888Michael 888
    Participant
    @michael-888
    Join Date: 2005
    Post Count: 260

    Thx for that BG. I had read those articles……..
     
    This Westfield development has been promoted (spruiked) since 2004. Prices have since softened in the new house and land stock there. I have been following it sonce 2006/2007 and fortunately I didn't buy. Even within 1 km of the train, which I must admit is a unique piece of infrastructure to be able to walk to a train station on the Gold Coat. Not a common thing.
     
    I understand that projects and development of this nature take time, however as a good place to buy for future capital growth?……………………….how far into the future? Whatever is purchased there will be a negative gearing play…….how long will it take for rents to rise and demand to provide growth?………………….there is no housing shortage on the Gold Coast anywhere.

    I was addressing keiko's comment. My opinion is that Brisbane will ostensibly outperform the Gold Coast by a long shot when it turns to the upside. I don't trust councils and developers to deliver when/where they say………………….this thing has been promised for a lon time. This will likely eventuate and possibly GFC and other leverage issues with Westfield may have deferred this project from starting. My take is (like buying a rising share/stock)…..wait until this thing has started before committing funds there for IP's. It's not as if the market is booming there or anywhere near there ………………..yet.  Merely my 0.02.

    I do however agree with your notion Bluegrass about renting versus ownership. Saqib,  It is generally (mostly) cheaper to rent where you wish to live/reside than to actually buy there and furnish mortgage and other non-deductible costs. Funds may then be directed toward investment assets where debt servicing is tax deductible.

    There is one aspect of owning though rather than renting and it does not involve financial criteria, but rather the intangible feel good comfort of owning. This cannot be discounted and will be different for every person. The great aussie dream is not dead just yet.
     
    Saqib, step back and establish some goals as to what you want from property. Be very careful from paying too much for brand new housing to entities who will benefit on many and varied levels from selling you their stock. Look for amenity and where you (or you tenants) wish to live and that will have greatest demand. Keep reading through this forum and search the sub-forums then narrow down you selection to a few suburbs. Research further and if you are not confident, engage a buyers agent/advocate. I haven't had the pleasure of meeting Andrew in person yet, however have read enough of his posts here and moreso on another forum…..IMO you could do much worse than engaging Andrew Allen to assist you should you feel the need.

    Good luck.

    Profile photo of lifestylezlifestylez
    Participant
    @lifestylez
    Join Date: 2011
    Post Count: 61

    Hi Saqib,

    Have you considered Logan which is further north of Coomera?  With your budget of $250k, you can still buy a house in some parts of Logan.

    I sold my 3 BR, 2 BTH high-set house last year for $292,000 which was in Slacks Creek.  The house was on 670m2 of land and in a quiet street, I think it was renting for $310/week at the time I sold it. 

    I had purchased the property in 2003 for $185,000 so I made a nice 57% in 6 years.

    That house may be worth less now, considering the market, so you may be able to buy a full house for your budget, but definately you could buy a good apartment or townhouse with that money in that area.

    Other areas nearby such as Woodridge and Kingston are in that price range as well.  These areas were traditionally run-down and higher crime rates but they have become much better in recent years (I lived there and had no problems).  They are surrounded by nicer suburbs too such as Underwood, Springwood and Loganlea which have significantly higher values.

    The advantage of Logan too is that it is only 30km from Brisbane CBD and if you want rental demand, it's better to be close to the main source of jobs (Brisbane).  Anyway, hope this helps!

    Darren.

    Profile photo of keikokeiko
    Participant
    @keiko
    Join Date: 2008
    Post Count: 513
    Michael 888 wrote:
    keiko wrote:
    Yes Coomera is a good place to buy, I beleive you will see good capital gains in the future

    Hi keiko,

    do you have any data to back up that assertion. Coomera……………….  Boomera has been promoted as the next big thing. I have yet to see Westfield commit to that town centre. If beach side Gold Coast is struggling, what elements will make the family suburbs have good capital gains. I have just moved to the Gold Coast for lifestyle from Melbourne, however have been familiar with this area for quite some time. I am a (waiting and looking) investor however in this market I would stick to Brisbane proper………….BTW I have investment property on the coast however would not buy there now or for quite some time………..keen to hear your thoughts keiko on what will make Coomera become Boomera. IMHO gains here will take a long, long time.

    Hi Michael,

    I believe there is some good buys in the area, I have seen 3 and 4 bedroom homes that are only 18 months 2 years old sell for as little as $300,000, there is not many places around that have near new houses that have sold in the low $300's, sure you will not see capital gains tomorrow but in the future you will see CG and when Westfield end up building there mall, then the area will grow very quickly.

    Profile photo of Deal MakerDeal Maker
    Participant
    @deal-maker
    Join Date: 2011
    Post Count: 33

    Hi Saqib,

    As some people have posted on this thread already, rather than asking for the best suburb to invest in. In my experience, it might be prudent to understand and educate yourself on what are the key success factors to consider when selecting an appropriate investment property. Therefore by doing this you can compare each suburb and property to your list of what makes a successful investment.

    However, based on initial question I would seriously consider the Logan area with suburbs like Woodridge, Kingston, Logan Central, Crestmead, Marsden as they will be in line with your investment budget. In the Kingston, Logan Central, Woodridge area is you can pick up a three-bedroom house the sub $250,000 and will rent out from anywhere between $290-$320 depending on what the house you buy. The rent returns compared to other rentals that we own in different parts of Brisbane are really good.

    From my experience I would select a brick home (Housing commission homes are very well built as I had a few in the quarterly the least amount of grief) was some sort car accommodation more likely a carport as they seem to have the least amount of maintenance issues.

    The only other household consider is what we call in Queensland a high set home which is a two-storey home with typically a double lock-up garage that can be built on underneath or already is. I said houses or those not as good brick homes in my opinion and experience have high perceived value to renters due to the doubling of the floor space. Just be careful with high set that are built on underneath that had a
    barrier treatment due to potential to termite issues.

    I hope this helps … Sherry Ortiz

    Deal Maker | Great Property Deals
    http://www.greatpropertydeals.com.au
    Email Me | Phone Me

    Your Private Off Market Property Acquisition Specialist - Forget Buying Through Real Estate Agents

    Profile photo of Henry AdamsHenry Adams
    Member
    @henry-adams
    Join Date: 2011
    Post Count: 105

    Hi,

    When you have a look at this report I wonder why Coomera is still going down: http://www.investsmart.com.au/property-research/QLD/4209/Coomera.asp

    I’ve been recommended by the team at JDL strategies to buy 2 bedroom Unit in Coomera for $435k in this suburbs for the reason of best for capital growth eventhough the Capital Growth is going down.

    Profile photo of itsandrewitsandrew
    Participant
    @itsandrew
    Join Date: 2007
    Post Count: 294

    It's interesting too Henry that the median price for units is only 339k. (Domain.com.au says 310k).  Big discrepency to 435k.  There would need to be good reasons that the price being asked is worth it.  Check out domains info here http://apm.domain.com.au/Research/?AddressLine=Coomera&LocationType=Suburb&State=QLD&SuburbId=8804  Very few unit sales in the previous 12 months as well – about 2.5 per month average.

    Andrew

    itsandrew

    Go as far as you can see and you will see further.

    Profile photo of Andrew_AAndrew_A
    Participant
    @andrew_a
    Join Date: 2003
    Post Count: 392
    saqib wrote:
    Hi All,

    I am planning to buy my first property but not sure where should i start from, I can afford a mortgage of $180k and i have $80k in savings to use for the property, so i am looking for proeprty around $250k mark in Qld. Can anyone tell me which areas are good to buy (less property price)and where property prices will go up in the future or atleast stay the same!

    I heard properties in the area of Coomera Gold Coast is going down and i read in different articles that its best to buy property their now .. what you guys recommend ?

    I am just confused i work in brisbane city but wont mind travelling 1hr-2hr to get to work. As having a own property is much better than renting one!

    Please suggest!

    Thanks

    Hi Saqib,

    Just following up and seeing what action you took?

    Hope you did well!
    Andrew

    Profile photo of Henry AdamsHenry Adams
    Member
    @henry-adams
    Join Date: 2011
    Post Count: 105
    itsandrew wrote:
    It's interesting too Henry that the median price for units is only 339k. (Domain.com.au says 310k).  Big discrepency to 435k.  There would need to be good reasons that the price being asked is worth it.  Check out domains info here http://apm.domain.com.au/Research/?AddressLine=Coomera&LocationType=Suburb&State=QLD&SuburbId=8804  Very few unit sales in the previous 12 months as well – about 2.5 per month average.

    Andrew

    Yeah I know, that is why I just wondering if anyone here think that Coomera will be a great location to choose as now Brisbane QLD property price is falling down according to the SPI magazine.

    Profile photo of SiteManagerSiteManager
    Participant
    @sitemanager
    Join Date: 2015
    Post Count: 56

    @saqib did you end up buying in COOMERA ?

    Any comments or sharing to assist me in investing in this area or toher area would be graetly appreciated.

    SiteManager

    Investing for a better future

    Profile photo of SiteManagerSiteManager
    Participant
    @sitemanager
    Join Date: 2015
    Post Count: 56

    Thx for that BG. I had read those articles…….. This Westfield development has been promoted (spruiked) since 2004. Prices have since softened in the new house and land stock there. I have been following it sonce 2006/2007 and fortunately I didn’t buy. Even within 1 km of the train, which I must admit is a unique piece of infrastructure to be able to walk to a train station on the Gold Coat. Not a common thing. I understand that projects and development of this nature take time, however as a good place to buy for future capital growth?……………………….how far into the future? Whatever is purchased there will be a negative gearing play…….how long will it take for rents to rise and demand to provide growth?………………….there is no housing shortage on the Gold Coast anywhere.
    I was addressing keiko’s comment. My opinion is that Brisbane will ostensibly outperform the Gold Coast by a long shot when it turns to the upside. I don’t trust councils and developers to deliver when/where they say………………….this thing has been promised for a lon time. This will likely eventuate and possibly GFC and other leverage issues with Westfield may have deferred this project from starting. My take is (like buying a rising share/stock)…..wait until this thing has started before committing funds there for IP’s. It’s not as if the market is booming there or anywhere near there ………………..yet. Merely my 0.02.
    I do however agree with your notion Bluegrass about renting versus ownership. Saqib, It is generally (mostly) cheaper to rent where you wish to live/reside than to actually buy there and furnish mortgage and other non-deductible costs. Funds may then be directed toward investment assets where debt servicing is tax deductible.
    There is one aspect of owning though rather than renting and it does not involve financial criteria, but rather the intangible feel good comfort of owning. This cannot be discounted and will be different for every person. The great aussie dream is not dead just yet. Saqib, step back and establish some goals as to what you want from property. Be very careful from paying too much for brand new housing to entities who will benefit on many and varied levels from selling you their stock. Look for amenity and where you (or you tenants) wish to live and that will have greatest demand. Keep reading through this forum and search the sub-forums then narrow down you selection to a few suburbs. Research further and if you are not confident, engage a buyers agent/advocate. I haven’t had the pleasure of meeting Andrew in person yet, however have read enough of his posts here and moreso on another forum…..IMO you could do much worse than engaging Andrew Allen to assist you should you feel the need.
    Good luck.

    @michael-888, Finally the mall has been approved, so it is should be BOOMERA now ;-)

    See: http://www.coronis.com.au/blog/a-decade-of-planning-sees-coomera-flourish

    SiteManager

    Investing for a better future

    Profile photo of SiteManagerSiteManager
    Participant
    @sitemanager
    Join Date: 2015
    Post Count: 56

    and now the Disneyland will be built in COOMERA area: http://www.news.com.au/travel/travel-ideas/family/new-billiondollar-theme-park-to-rival-dreamworld-to-be-built-by-chinese-developers/news-story/ec83e943b9fc3aae9c50d80689cc5850

    This area will be booming soon I guess ?

    Can anyone please clarify if this is correct or confirmed.

    SiteManager

    Investing for a better future

    Profile photo of OriginalsinnerOriginalsinner
    Participant
    @originalsinner
    Join Date: 2005
    Post Count: 79
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