Buying a portfolio on the Sunshine coast?

[murrayo]

Interesting points guys & Thanks, lots to consider !!

I can't stop thinking that my money in the term deposit is being eroded........IR falling........

So your advice is to buy 1 IP outright or none at all ?

 

[Spectre]

Murrayo

IMO do what you think is right for you as you'll decide what your right risk profile is

 

[Bluegoose]

Murrayo,

Mate, I think your plan is ok but perhaps a little aggressive for someone who isnt that farmiliar with the local areas.

Personally I think it is a fantastic time to buy and there will be a little boom in property in the short to medium term - not sure if it will be in 1 or 2 or 3 years time but I am sure values will increase around 30% in a 2 year period when the market turns.

I am a believer in Brisbane - your idea of close to CBD is sound. Also check out the bayside suburbs such as Wynnum and Lota. These areas will go very well (they always have and they will continue to) and I have property there myself. SC is alright I think but just watch the infrastructure side of things (roads, hospitals etc) as this could minimise growth in certain areas. Go for suburbs close to trains, shops, schools, beach if possible? and you will do well.

The most important thing is that you take some action. It sounds like your gut is telling you there are great deals and now is a good opportunity. My gut tells me the same and I will be buying my 4th, 5th and hopefully 6th property early in 2009. Good luck.

 

[aussierogue]

I agree with Luketal - depends on your risk profile. But IMO looking at your numbers I would be more conservative. Buying a prorpty outright is a great idea if you want to ensure erosion of your buck. Also it will insure against the bank taking any savings you might have should the worst scenario actually happen after the 3 year bank guarantee finishes.

Bluegoose - i admire your optimism? Your post sounds a little to good to be true imo.

Sometime the best course of action is to do nothing.

Btw - we were just in Noosa and drove the coastal road back to Brisbane. Saw lots of huge developement (Australand etc) and they were like ghost towns. Massive houses - half full with no people around. The one exception was Malloolabah. Was quite impressed at the action there.

 

[murrayo]

Murrayo,

Mate, I think your plan is ok but perhaps a little aggressive for someone who isnt that farmiliar with the local areas.

Personally I think it is a fantastic time to buy and there will be a little boom in property in the short to medium term - not sure if it will be in 1 or 2 or 3 years time but I am sure values will increase around 30% in a 2 year period when the market turns.

I am a believer in Brisbane - your idea of close to CBD is sound. Also check out the bayside suburbs such as Wynnum and Lota. These areas will go very well (they always have and they will continue to) and I have property there myself. SC is alright I think but just watch the infrastructure side of things (roads, hospitals etc) as this could minimise growth in certain areas. Go for suburbs close to trains, shops, schools, beach if possible? and you will do well.

The most important thing is that you take some action. It sounds like your gut is telling you there are great deals and now is a good opportunity. My gut tells me the same and I will be buying my 4th, 5th and hopefully 6th property early in 2009. Good luck.

Interesting to read back over posts that are a few months old & how my view/opinions change !

Still looking around, But with a good few mortgagee auctions surfacing & sentiment getting even more negetive, I think I will hold off for a bit. I think that there will be further % drops in house prices on the coast & good opportunties for cash buyers who are patient.

All these gov stimulus packages/IR cuts make me nervous! I am no Economist, but the 'artificial revival' idea leads me to beleive we (Australia) are in a lot more trouble than we realise & the worst is yet to come....

UK & ireland had all of these stimulus packages a couple of yrs ago & its on its Knees there now ! - lots of scary anecdotal stories from friends & family there....


But saying that, what a lovely day & what an amazing country ! Glad I'm here !