Deception Bay???
- Thread starter Brad81
- Start date
For investment or ppor?
What is the property worth and what are you paying? (make sure its not over, at the very least market value, and preferably below market value)
Does the property offer any options to increase its value over the cost of purchase and work involved?
Does the rental income from the property cover most/all/more than enough of the total cost of ownership?
I've just secured an IP in Deception Bay. Still waiting to settle. Mine was an owner-occupier that was renoed in the last few years. Valuation came in right on what I offered ( I was countering an offer that had been rejected by $2k ). The offer was $20k below the asking price.
My suggestion is to avoid anything in the far extremities of the suburb that are a bit isolated. Try and get close to shops, schools, transport or other conveniences. I focused on the areas close to the main road with a preference for the pockets close to the water.
Also make sure you do a flood check. Some properties are more flood-prone that others. A large number of properties were badly damaged in the recent downpour - this flooding was apparently caused by sandbagging to protect works for the new rail line.
There was a significant amount of investor activity in the general area including Kippa-Ring and Rothwell. So there was competition - usually other buyers circling when placing offers.
Properties would go 'under offer' fairly quickly and it would take a while for this to be reflected in the online listings ( agents generally wait for the contract to go unconditional ).
I'm hoping to achieve a yield around 5.6%.
My suggestion is to avoid anything in the far extremities of the suburb that are a bit isolated. Try and get close to shops, schools, transport or other conveniences. I focused on the areas close to the main road with a preference for the pockets close to the water.
Also make sure you do a flood check. Some properties are more flood-prone that others. A large number of properties were badly damaged in the recent downpour - this flooding was apparently caused by sandbagging to protect works for the new rail line.
There was a significant amount of investor activity in the general area including Kippa-Ring and Rothwell. So there was competition - usually other buyers circling when placing offers.
Properties would go 'under offer' fairly quickly and it would take a while for this to be reflected in the online listings ( agents generally wait for the contract to go unconditional ).
I'm hoping to achieve a yield around 5.6%.
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Hey Brad, I see you're in Nowra, which has picked up in the last couple of years.
There might be better buying right in your backyard if you're not familiar with the Deception Bay market.
And: http://somersoft.com/forums/showthread.php?t=107326&highlight=deception
There might be better buying right in your backyard if you're not familiar with the Deception Bay market.
And: http://somersoft.com/forums/showthread.php?t=107326&highlight=deception
The are DAs for some unit blocks on the waterfront. Many of the housing commission homes were sold to owner occupiers years ago. The current owners of my property have been in it since the 90's. Yes a few messy properties around but that will change over time.
The rail line will hopefully improve the popularity of the area.
we just secured a 4br house in D Bay for what i would say was a steal returning upwards of 7%... Numbers stacked up for us... Yes their are areas to shy away from but hey look at Mount Druitt in Sydney(yes i know Sydney is a different beast).. If your Strategy is buy and hold i say go for it but its a really competitive market atm. i recall an agent saying to me ''you investors have pretty much bought the whole market in D Bay'' didnt stop us.....
7% in D bay . That's a good return . Straight rental or 2 rentals ?
Care to share ?
Almost every where we've bought , local agents have been surprised by the interest of interstate investors . It's a recurring story that we ignore .
Cliff
