Brisbane purchase feel through B&P - 450k where to spend now???

T

tazy400

Hi Everyone, I recently bought (at least though I had) a 3 bed in stafford heights, after the B&P it turned out there was $16,000 worth of repairs (roof, termites & plumbing) required on top of an already average price of 457k, the sellers after receiving all the quotes i had organised and extending the B&P period have now decided they won't budge on the price so I have terminated - very bizarre given it's untenanted and they have wasted mine and their time, anyway. :confused:

I am now deciding if I continue to look in the same area around stafford heights, north brisbane or if there are other places in brisbane or other states where i will get more bang for my buck and quicker capital growth, also better rental yields wouldn't hurt either but the CG is what i really need to continue investing.

Any ideas? Not sure if I've just been disheartened by whats been a bit of a saga and should continue looking in the same area or take advantage of what may be an opportunity to start looking a bit further afield.

Any advise would be greatly appreciated as always! :)
 
Also watch out for asbestos in Stafford, SH - I was interested in a property there, full of azzie.

At least you could pull out, but don't be discouraged, not all houses will come back with bad building reports. Onwards and upwards!
 
thanks Tulamalula, it is a bit disheartening, you do get a bit emotionally involved when you're a newbie I guess. On the plus side it is another opportunity to get an even better deal and possibly look further afield if that will reap better returns CG.
 
Just wanted to know in BNE what you lose when you walk away after this?

So you paid a small deposit, building and pest inspection, possibly initial conveyance fee.

What other expenses you incurred for this purchase and what you got refunded?
 
RetireRich101 said:
Just wanted to know in BNE what you lose when you walk away after this?

So you paid a small deposit, building and pest inspection, possibly initial conveyance fee.

What other expenses you incurred for this purchase and what you got refunded?
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My understanding is he wouldn't have lost anything to the vendor if he had a building/pest inspection clause in the contract (one of the standard clauses that you can select in a QLD contract).

If he had pulled out during his cooling off period it would have been 0.25% of the purchase price. Other than that it would have just been the conveyancing/inspection fees ect I imagine.
 
Roachy said:
You want to be on the northside. Too much unemployment to the south.
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What are your figures/source? That sounds like rubbish to me. I work in the city, a lot of people do. I fail to see why being 10 mins from the cbd on the southside is worse than being 10 mins from the cbd on the northside. Unless you're equating suburbs like Salisbury, Annerley, Moorooka, etc... to the likes of Inala and Woodridge.
 
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Tim86 said:
What are your figures/source? That sounds like rubbish to me. I work in the city, a lot of people do. I fail to see why being 10 mins from the cbd on the southside is worse than being 10 mins from the cbd on the northside. Unless you're equating suburbs like Salisbury, Annerley, Moorooka, etc... to the likes of Inala and Woodridge.
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Hi Tim86, I agree with you, all my IPs are in the southside. They are all getting extremely good rent vis-a-vis cost.. I prefer the southside as it has good transport links, different expressways that get you to the city, Ipswich and Gold Coast relatively quickly.

Salisbury is a very popular and sought after suburb to buy, close to Griffith Uni, close to the city. Anything that comes up gets snapped up quickly, esp if it has a reasonable land compenent. You are also assured of definite rent as long as the place is not falling to pieces!

Annerley, Moorooka even more sought after!
 
Those hotspots of Inala, Richlands, Acacia Ridge are hardly representative of south Brisbane.. what's surprising is 82.9% of Inala is employed :p
 
Hey everyone, thanks for the replies. In answer to your questions I luckily haven't lost out on too much, not even the 0.25% apparently the law is different in NSW compared to QLD. I paid $165 to my solicitor for terminating, $500 for the B&P, a few weeks of my time and the rest I should get back in the next week. 700 bucks for what was a very good learning experience and avoiding what would have been a very bad purchase was well worthwhile.

To the person that said he, I am actually a chick. :p

I am going to look around Oxley, Moorooka, Salisbury, Tarragindi on the south side and Stafford, Stafford Heights, Everton Park, Mitchelton and Kedron on the north side. Hopefully I can pick up a bargain for under 450k before the market starts to really pick up.

Ps. this is one on the market around the 470 mark on Chuter St, be warned, the seller won't move on price despite the 16k of major defects... good luck to them
 
Tim86 said:
lol I've never seen a flood map that drastic. They've got medium risk continuing 100m up hill from one single block which has a 1 in 100 year flood zone. I think that map is full of it.
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I think that map is pretty accurate. From the area I know (inner - southside) All those areas marked medium went under in the 2011 floods. Although some of the creeks flood at different times (not 2011).
 
ashes said:
I think that map is pretty accurate. From the area I know (inner - southside) All those areas marked medium went under in the 2011 floods. Although some of the creeks flood at different times (not 2011).
Click to expand...

Here is the BCC floodwise property report for 9 Edna St Salisbury which someone said was medium risk of flooding according to the flood map. Note that there is absolutely no risk of flooding despite what the map says. As far as how accurate the map is, it shows half of Salisbury under water with flooding, when the reality is none of it floods, at least not in the past 5 years that I've been there.

Report Reference
2887576
22/01/2014 12:03:59


THIS REPORT IS FOR BUILDING AND DEVELOPMENT PURPOSES ONLY.

The FloodWise Property Report is a free report to inform Brisbane residents and professionals about flood risks for a specified lot or property to plan and build in accordance with Council requirements.

To find out more about how the contents of this report may affect your ability to build or renovate, as well as Council advice on how to protect your property and family by being FloodWise, visit www.brisbane.qld.gov.au, a Customer Service Centre or call (07) 3403 8888.



PROPERTY DETAILS:


Address: 9 EDNA ST SALISBURY QLD 4107

Lot Details: L.48/RP.115394




This property has no flood levels or flags for building or development purposes

Flood level information is currently not available for this property for building or development purposes, however you may be in a low or very low flood risk area in the flood awareness maps.

For professional advice or a detailed assessment of a property contact a Registered Professional Engineer of Queensland.

For general information about your flood risk and how to prepare your home or business for potential flooding visit www.brisbane.qld.gov.au/beprepared.

Technical Summary

Use this summary to supply information about this property to surveyors, builders, certifiers, architects, and engineers who may request this FloodWise Property Report. This summary has been designed to be easily read if scanned or faxed.



Property Details
Address: 9 EDNA ST SALISBURY QLD 4107

Lot Details: L.48/RP.115394
 
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