- oncebittentwiceshyParticipant@lambchop23Join Date: 2014Post Count: 12
New to the forum,
Current media have said that Melbourne and Brisbane are the next to “Boom”. i would like to know your thoughts! Could this be the case for Rural Qld,I currently have IP in QLD 80ks east of Toowoomba which was purchased less than a year ago, on the prospects and advice of our Financial Adviser and Property Specialist. Development and Infrastructure was to commence this year with Coal Seam Gas and other developments,nothing has began.Im becoming a little nervous as to whether to hang on to the property or sell at a loss, the current applications for tenancy is very low. Your thoughts and suggestions would be appreciated.
Oncebitten[email protected]Participant@spartantomJoin Date: 2015Post Count: 18
The general consensus from those in the know? Steer clear of rural.
Should you hang onto the property and wait for it to be in the black or sell now at a loss? Only you can decide that, but you’ve held the property for less than a year so unless you were in this to flip the property that’s a very quick turn around.
Can you afford current payments? If there are no tenants are you able to service the debt? If the infrastructure doesn’t go ahead how long until it does or something else happens? If the Coal Seam Gas industry doesn’t take off is there something else to substitute it? Are you better off cutting your losses now so that you can move onto another more lucrative deal?
There are lots, lots more questions to ask. It seems like you need to perform some due diligence on the area’s prospects over the next few years, determine what your goals are and narrow down your options about what you can do with your current property.
It’s important to remember though don’t make any emotional rash or hasty decisions. People who are in a rush rarely make money.Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
There is no need to go Rural Qld to get a property with good long term growth prospects and healthy rental returns.
We believe there are a number of suburbs in and around the Brisbane / Ipswich area which provide a low cost entry into the Qld market.
Yours in Finance
0-40 Properties in a decade. Email me for a copy of my API interview.