Best places to buy in Brisbane or Melbourne?
- Thread starter cshergold
- Start date
Hi
Hi,
If you are from Melbourne and not to familiar with the Brisbane area, best bet is to appoint a buyers agent.
It will save you time, may help you purchase a property in a right area that suits your needs and to be honest some times be time we do the research our selves and make a decision we have already missed the boat on a good buy.
Hi,
If you are from Melbourne and not to familiar with the Brisbane area, best bet is to appoint a buyers agent.
It will save you time, may help you purchase a property in a right area that suits your needs and to be honest some times be time we do the research our selves and make a decision we have already missed the boat on a good buy.
Hi R377,
I used to live in Perth and started investing in the Brisbane property market regularly back from 2003 onwards.
I do my Macro due diligence from home via the internet etc then I book airfares, accommodation and car hire. I usually fly over for period anywhere from 7-10 days to conduct my micro due diligence.
In that time I get out & about in my chosen suburbs identified from my Macro DD and then inspect everything that meets my purchasing criteria at the Micro DD level.
If I see a property that exceptional I will put in an offer there and then, otherwise I will bring all my micro inspection notes & photo's/video back home, then over the following week or so pick the best of the crop and make an offer remotely.
The offer/contract process I conduct by phone, fax, email & registered express post. Once an offer is accepted a signed contract copy is forwarded to my mortgage broker to get the loans process under way. We have a number of brokers we use. Last purchase we used our broker in Perth but on other occasions we have used our Brisbane based broker. Geographically it doesn't really matter where your broker is based. I have no loyalty to any one lender - preferring to spread lenders.
I also immediately forward a copy of the signed contract to our Solicitor to start their side of the conveyancing process. We always use a Solicitor / Conveyancer that is located locally the state the property purchase is in because they are familiar with the settlement process system for that locality.
I then organise the relevent contractors / agencies required in relation to fulfilling our contract conditions / requirements , such as independent valuers, building inspections, pest inspections etc etc. Once these requirements have been met satisfactory to myself I then notify my solicitor of such and the solicitor liases with my mortgage broker to take the contract through to settlement.
Over the years we have found the whole process to run fairly smoothly. With each subsequent purchase you learn from the previous ones so you can fine tune the way you do things along the way. This kind of stuff you dont learn form text books. Its hands on practical experience where the nuts & bolts learning is really acquired.
The biggest obstacle that needs to be conquered in your own thinking. Basically its the having the courage to over come the fear of stepping out of your comfort zone to things that are all new and foreign to you. Are you doing things right, what do you need to do next and the fear of losing are all thoughts you will have to move through to succeed.
At the end of the day once you have moved through these barriers that stop the majority of people you will think to yourself that it wasnt as bad as you thought it was going to be. Chances are you will be revved up wanting to do it all again - I know I was.
I hope this helps.
PS , feel free to msg me on Skype if you want to know any finer details.
Yeah nice Rick
Getting a few people contact me asking what a Satellite CBD is.......
Those are high employment area's with main arterial roads in/out of the suburb, with public transport hubs, major shopping precincts, good educational, medical & recreational facilities..
All the things people want to be located close by to and/or within easy commute. This helps bolsters the demand side of the supply/demand equation which in turn puts upward pressure on asking prices.
I hope this helps.
BN satellite CBDs IMO Mt Gravatt and surrounds on the south side. Chermside and surrounds northside. Also suburbs surrounding the airport which is a large employment node and is undergoing a large expansion with a new parallel rwy opening in several years.
Using Rick's description you could also include areas like Indooroopilly,Cannon Hill/Carindale or Sunnybank/ Sunnybank Hills etc
Using Rick's description you could also include areas like Indooroopilly,Cannon Hill/Carindale or Sunnybank/ Sunnybank Hills etc
Pretty much everything he stated is good.
Personally my three favourites, in order, are:
1) Sunnybank / Mt Gravatt tied for #1, I love them both
2) Carindale
To the list hugh mentions above I also like Upper Mt Gravatt, Calamvale, and bayside Cleveland.
Regarding these Satellite CBD's: is there a preference towards houses or apartments?
Or could both make good investments?
Cheers,
Taku
We have followed almost the exact same process Rixter mentioned except that we did Saturdays for a 3 month period. From Sydney we would plan all our inspections during the week before, then fly up Sat morning, and fly back that night. Very cheap no accommodation needed.
QLD Real estate agents don't do Sundays normally anyway, so Sat is all that's needed.
For the $400k price range I would consider townhouses in Wynnum area. We looked at several 3br townhouses between $400k-$500k asking price, although we ended up spending a bit more and buying a house in Manly instead.
If considering the other areas mentioned that are near the river - remember to check out the council interactive mapping overlays and check if each property is in a flood area. Some areas that are great investments are also high flood risk.
QLD Real estate agents don't do Sundays normally anyway, so Sat is all that's needed.
For the $400k price range I would consider townhouses in Wynnum area. We looked at several 3br townhouses between $400k-$500k asking price, although we ended up spending a bit more and buying a house in Manly instead.
If considering the other areas mentioned that are near the river - remember to check out the council interactive mapping overlays and check if each property is in a flood area. Some areas that are great investments are also high flood risk.
Villas and Townhouses. Apartments dont meet my purchasing criteria.
Houses cost more to get into the same area and are lower yield. Also less non cash depreciation deductions in relation to purchase price. This also reduces your cash flow.
But if you have an investment strategy that includes houses the same fundamentals will apply so would produce CG.
Rick,
I see the benefits going for villas and townhouses for getting the location. But are the extra fees a concern to you? Or things that you look for or avoid in particular? I Havent looked much into the fees like strata etc so very green in that department. Is it a case of strata properties attracting better yields but the additonal costs go to covering those fees?
I see the benefits going for villas and townhouses for getting the location. But are the extra fees a concern to you? Or things that you look for or avoid in particular? I Havent looked much into the fees like strata etc so very green in that department. Is it a case of strata properties attracting better yields but the additonal costs go to covering those fees?
Same as any other IP you do DD on......inspect the property and do the numbers.
If it's fits your purchasing criteria and the numbers work, make an offer. If it doesnt fit, move on.
Ive found good buys that have double & tripled in value with none my own money in the deal.
You just have to know what you're looking for - thats what a purchasing criteria is used for.
If you dont know specifically what you are looking for then all property appears the same.
Thus peoples frustration/fear/procastination of what & where to buy - the biggest trap for new and some not so new players.
I hope this helps.
