All Topics / Help Needed! / Investing In Mango Hill / North Lakes

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  • Profile photo of flex your headflex your head
    Join Date: 2014
    Post Count: 3

    Gday All,
    Newbee here , just wondering if anyone else has bought an IP around these locations?
    Like everyone Im after something that will at least pay for itself if I put 10% down and get some good CG.
    I have pulled a line of credit ( 77K ) from one of my other IP’s.
    I live in WA , but have been looking at QLD for my next purchase.
    Any help would be appreciated.
    Thanks , Mark

    Profile photo of Richard TaylorRichard Taylor
    Join Date: 2003
    Post Count: 12,024

    Mark all of my Ip’s are closer into the Inner City suburbs but i have financed 101 deals up in NL / MH.

    Stock getting quite tightly held now and some interesting new developments when it comes to retail and business activity up that part of town.

    All in i like the area and valuations holding up well.


    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of flex your headflex your head
    Join Date: 2014
    Post Count: 3

    Thanks for the reply Richard , prices seem Ok . Can get a new build for 460K and get a rent return of around 475 p/w.
    I have one apartment in the south Bank location in town , but would like to pick up something else.
    I have been looking at redcliffe also , but all strata fees in the beach apartments is way to high.
    Any other locations woth a look ?

    Thx , Mark

    Profile photo of Shiny_Suit_ManShiny_Suit_Man
    Join Date: 2012
    Post Count: 54

    Hi Flex, i actually live in that area and there are huge amounts of houses in there that are rental properties. I’ve been watching the property there and while there doesn’t seem to be huge vacancy periods (houses for rent gets picked up quite quickly). However there is one part of the suburb which just sold for a record price 1.2+ million. Consequently the properties right next door have all been listed for sale so I’m assuming that has caused a bit of a gain in the area.
    For the rental yield available i can’t justify buying there myself, i think there are better opportunities elsewhere. I’ll be in the market later this year for my next IP. Just out of curiosity, where did you get your figures from? I haven’t seen too many houses in NL that would fetch 475 a week for 460k?
    Stay away from non local real estates/property managers. I had some really bad experience with our last place and the company was from down the gold coast. Rude, unprofessional and incompetent, if they were managing my property i would be devastated not to mention they market the properties poorly. There are plenty of local real estates to use and they seem to be much more pleasant to deal with and have BOTH the landlord and tenants best interest at heart.
    The yards/blocks are very small in North Lakes in particular, and depending on where the blocks are located they are either noisy because of the major roads for the suburb backing onto them, or also have very little air flow so the sun tends to heat up the properties immensely. Having said that, the houses directly across the road from where we were had great air flow and always had a nice breeze rolling through them, so i would take that into account when looking in that area. I recently moved into a two storey place which has provided us with a bigger yard and much more ventilation which has made for much more comfortable living (for us anyway).
    If you can get a good sized block/yard with a 4 bedroom house, 2 car garage as you can’t park in the narrow streets without upsetting the post/council, you will be laughing. The problem with the small blocks is many houses have bedroom/living areas sacrificed to make room for one or the other.
    It is a great family orientated area with schools, parks, child care, shopping centres and now Costco and Bunnings/Masters have also just opened up so they have everything a person needs to live there. I consider it to be pretty central to everything around us too, i need access to the airport and city on a regular basis which i don’t consider too far away. I think it has potential to be a suburb in high demand in years to come so i will definitely be keeping my eye on it for my own future investments.

    Good Luck.

    Profile photo of flex your headflex your head
    Join Date: 2014
    Post Count: 3

    ^^^ Thanx Shiny for the info.
    I have started turning my attention now to more rural/costal locations in QLD.
    Been looking into Cairns / Townsville etc.
    See how we go……

Viewing 5 posts - 1 through 5 (of 5 total)

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