Anybody purchasing in Victoria Park WA or Cairns Qld

[chadr]

Hi all
First time posting
Was interested in peoples thoughts on units in either suburb.
Considering a 1 or 2 bedder in Vic park WA with permanent rent or a studio/ 1 bedder unit in Cairns with short term rentals.
Does anybody own something similar and if so how is it going.
Are there current lenders loaning on less than 50 sqs ??
Cheers

 

[Brady]

<50sqm harder to source finance, which make market limited therefor growth struggles. IMO not a good investment.

 

[MTR]

<50sqm harder to source finance, which make market limited therefor growth struggles. IMO not a good investment.

I agree with you Brady, I think we know someone on SS from Perth who has struggled to sell her unit which is under 50 SQM not a good long term investment IMO

 

[pinkboy]

Insurance and BC are killers in Cairns. DYOR diligently.

pinkboy

 

[D.T.]

I'm curious what draws you to Vic Park and Cairns, they're nothing at all alike.

I like Vic Park as an area, amazing access to the city and everything you'd need, but far enough away at the same time. I wouldnt be seeking <50sqm units out there or anywhere though. You'd be best to either get a house to renovate or a 2 or 3 bed villa/townhouse to rent out, depending on your budget / strategy.

 

[chadr]

Thanks all for feedback.
I feel you may all be right.
<50 sq appears to be difficult to finance.
Yes i'm learning on the run regards Cairns BC fees. There outrageous.
DT yes they are both very different but feel both suburbs may present good growth in near future.

 

[Kinnon Bell]

Under 50sqm is tough - some lenders do it, but it has to be a strong deal and usually out of LMI territory, particularly for Cairns. Not impossible, but I think there's better investment prospects out there than short term rentals regardless of being able to finance or not.

Cairns is on the up and getting a lot of attention lately which is worth taking note of. Some suburbs doing better than others and some doing better than most of QLD. There's a dedicated Cairns thread on SS that's a good read and has some good links.

If you need some eyes and ears on the ground, let me know - happy to help.

 

[Singo]

I like Vic Park as an area, amazing access to the city and everything you'd need, but far enough away at the same time. I wouldnt be seeking <50sqm units out there or anywhere though. You'd be best to either get a house to renovate or a 2 or 3 bed villa/townhouse to rent out, depending on your budget / strategy.

Yes, a 3 bed villa/townhouse would be a good investment in Vic Park. Good demand for rental properties.