$350k. Within 10km of Brisbane CBD. Suggestions? (First IP)

[Richard Feynman]

I'm looking for suggestions of areas within 10km of the Brisbane CBD to consider for my first IP purchase.

Strategy:
Buy and hold property with good CG prospects

Budget:
$350k (can stretch a bit further if necessary)

More:
- I can prop up a negatively geared IP to the tune of $5k a year
- No objections to something cashflow neutral or positive if CG prospects are there
- Big blocks with future redevelopment/subdivision potential a bonus – especially given Brisbane's City Plan 2012.
- Areas incl. Mt Gravatt and Mooroka are presently under my consideration
- Open to all suggestions and input
- My PPOR (worth $350k+ w/$245k owing) is likely to see steady growth of 6%+ over the next couple of years at least.

I welcome and encourage input from all, whether you own IPs within the 10km radius, are looking, or simply have relevant knowledge.

Cheers in advance!

All figures conservative. I'm also considering Western Sydney – something for another topic

 

[Bigtone]

apartment in coorparoo

 

[jenni_nextplace]

Yeah coorparoo is a good spot and in your price range.

I found a unit in Fortitude valley for $255k and one in new farm for $269k, in your price range. I used nextplace.com.au property search website, you can draw a search area which displays all the properties for sale within it. Might help see whats available without having to look suburb by suburb.

 

[Tim86]

Public trustee auction, you might get it for $350 000 if you're lucky: http://www.realestate.com.au/property-house-qld-salisbury-114252887

Requires a reno, or you can knock it down, spend $50 000 to split the block, and then have two blocks worth $290k ea.

 

[strongy1986]

Public trustee auction, you might get it for $350 000 if you're lucky: http://www.realestate.com.au/property-house-qld-salisbury-114252887

Requires a reno, or you can knock it down, spend $50 000 to split the block, and then have two blocks worth $290k ea.

I thought minimum was 405
So 810 is required
Unless it has some perculiar zoning

 

[spludgey]

I thought minimum was 405
So 810 is required
Unless it has some perculiar zoning

A surveyor can find 1m2 somewhere!

 

[ZachAnSel]

Coorparoo, Kedron, Chermside is my pick on North ignoring 10km..

And yes, love Mt. Gravatt and Logan on south

 

[Richard Feynman]

Thanks a bunch for the input so far everyone. Greatly appreciated. I'm looking forward to arriving home and doing some serious digging.

As always, additional input is very welcome from anyone.

I'm sure I'll be back soon with some questions.

 

[eggnog]

House within 10km brizzy cbd for under $350k will be nigh on impossible. For that price might have to look further out or maybe townhouse or units if you are dead keen on being within 10km

 

[Richard Feynman]

House within 10km brizzy cbd for under $350k will be nigh on impossible. For that price might have to look further out or maybe townhouse or units if you are dead keen on being within 10km

I'm open to all dwelling types – house/townhouse/apartment etc. As mentioned, I can stretch the budget a bit further if needed. I will also consider a bit further out if it looks like a strong option but have really narrowed it down to the 10km radius.

From what I've looked at, there are still houses to be found for that price within 10km though..just not the most opulent of places.

 

[Icarus]

House within 10km brizzy cbd for under $350k will be nigh on impossible. For that price might have to look further out or maybe townhouse or units if you are dead keen on being within 10km

Not impossible, was going to say a little difficult, but it wasn't really!

Check out 27 Gilston St, Keperra 4054 List price $369k. 2b/1b 779m2. Right on 10ks to CBD. Looking at RP Data, similar sales in the area are going for around the $340k mark.

Been really looking into Keperra over the last couple of days, seems to be pretty good value. Some rougher areas, but bit of development going on and I don't think that Bunnings would look to locate their biggest shop in QLD in the suburb if they didn't think it was going ahead.

Might have to drop into a few open homes tomorrow I think.

 

[Richard Feynman]

Nice find Icarus. Let me know how you go on the weekend too!

An update: Still looking around the place... plenty of intriguing options but naturally, I'm not on the ground so some local knowledge will be invaluable as I continue the search.

I actually looked a bit further afield and have found a place (in the the top 20 most populated regions of QLD) currently returning almost 12% off a ~$250k sale price (it has a resi tenant plus two local businesses in there.

Probably too much risk and too little CG potential for my goals at this stage, but the cashflow would be nice. Especially if the price can be knocked down.

 

[Zipper]

If you don't want it, I'd been keen to take a look if you're willing to share?

 

[Decimator4000]

Keperra and Ferny Hills/Grove. Great transport corridors, namely the train line which just got an upgrade. Good luck everyone.

 

[Waldo]

I actually looked a bit further afield and have found a place (in the the top 20 most populated regions of QLD) currently returning almost 12% off a ~$250k sale price (it has a resi tenant plus two local businesses in there.

Remembering that banks generally strongly dislike mixed residential/commercial.

 

[Andrew_A]

I thought minimum was 405
So 810 is required
Unless it has some perculiar zoning

It's a metric issue, the idea was that the minimum would be 16 perches, so it's something slightly less than 405m

https://en.wikipedia.org/wiki/Perch_(unit)

 

[Richard Feynman]

Remembering that banks generally strongly dislike mixed residential/commercial.

Something that crossed the mind, also.

Curious. The resi tenant alone is returning ~5% so what would the chances be of negotiating a resi loan?

 

[Richard Feynman]

It's a metric issue, the idea was that the minimum would be 16 perches, so it's something slightly less than 405m

https://en.wikipedia.org/wiki/Perch_(unit)

That would make it.. 404.64, meaning you'd want 809.28+ (if my running-on-3-hrs-sleep-brain calculated that accurately).

 

[marks]

Here is an old spreadsheet I did with distances from the CBD. I did some colour codes to see banding.

Rocklea is on the 10k fringe. About $250-$300k would find value. Anything less than $250k check the floodmaps. (on the BCC website).
Slated for CG but will have the flood hangover for a few years yet. Check insurance quotes as part of your DD.
Big bunnings and industrial area but low vacancy rates and close to good train and bus services.
Cheaper than Moorooka and Salisbury and I think that both (esp Moorooka) have priced out many buyers (PPOR & IP) who might consider Rocklea now.

Cheers

 

[Richard Feynman]

Thanks for the input and sharing the fantastic tool mate! Awesome.