Gosford, Melbourne or Brisbane?

[luckyone]

So I'm thinking of buying another investment property. I'm thinking of either Melbourne, Gosford (or surrounds) or Brisbane. They're all areas hubby and I are thinking of moving to (so over Canberra!) so it seems like it could be good to invest in one of these places seeing as we might move there in the future.

So which would you recommend? And who are the good buyers agents for the relevant areas?

 

[Rolf Latham]

depends a lot on the budget

300 k will get u something okish on the skirts or brissie, something very tired in Woy Woy, and not a great place in melb

I expect you will need to refine a few parameters to get a decent outcome

ta
rolf

 

[Propertunity]

So I'm thinking of buying another investment property. I'm thinking of either Melbourne, Gosford (or surrounds) or Brisbane.

It would help if you mentioned your budget, as Rolf said. I suspect for $300K you won't even get something very tired in WoyWoy (unless it is a unit....and even then) these days.

 

[Jamie M]

BA's - you've got Andrew Allen up in Bris, Propertunity in central coast and quite a few in Melb (Jac M, James GG, etc)

Cheers

Jamie

 

[luckyone]

depends a lot on the budget

300 k will get u something okish on the skirts or brissie, something very tired in Woy Woy, and not a great place in melb

I expect you will need to refine a few parameters to get a decent outcome

ta
rolf

Sorry, I should have specified. I'd be looking at up to $550K for purchase price. I have enough for the deposit + stamp duty.

 

[Jake Milne]

$550k is a 1970's 2BR apartment in a Blue Chip suburb in Melbourne, a Villa unit in the mid-ring suburbs or a house 25km+ out in the East, 15km+ out in the North and 10km+ in the West.

 

[Spades]

$550k is a 1970's 2BR apartment in a Blue Chip suburb in Melbourne, a Villa unit in the mid-ring suburbs or a house 25km+ out in the East, 15km+ out in the North and 10km+ in the West.

BS if the OP cared Look,

Crap 500k+ will take care if ya DD.Why a BA?

Plenty of stock if ya DD.

Cheers Spades.

 

[Spades]

$550k is a 1970's 2BR apartment in a Blue Chip suburb in Melbourne, a Villa unit in the mid-ring suburbs or a house 25km+ out in the East, 15km+ out in the North and 10km+ in the West.

Care to share examples Jake?

Cheers Spades.

 

[Jake Milne]

Spades, as you've said there's plenty of stock. Jump on any of the major sites and search the sold section for any suburb within those distances and price range. There'll be examples to look at and sold prices to gauge.

Luckyone, if you're going to look interstate just be careful as a lot of properties are compromised in one way or another and that's hard for someone based in another state/territory to ascertain.

As Spades has also said, do your due diligence. If you can't afford the time and effort to conduct DD by visiting the areas you're going to purchase in then a BA is worth considering. Otherwise take a holiday and spend a good amount of time getting a feel for the suburb.

Never buy site unseen.

 

[starter]

I buy sight unseen all the time. In fact I still haven't seen the 3 units I bought in western sydney and it doesn't seem to affect their performance at all.

Plenty of research and DD you can do online and by talking to the right people and asking the right questions.

 

[The Y-man]

Sorry, I should have specified. I'd be looking at up to $550K for purchase price. I have enough for the deposit + stamp duty.

Refer: http://somersoft.com/forums/showthread.php?p=1182238



The Y-man

 

[Jake Milne]

I see what you're saying Starter, and yes there are people that buy unseen because the numbers work and research stacks up. I'm not against judging a property purely based on the numbers and appreciate that others are comfortable buying on that basis.

Personally, I have had learned from experiences of several unlucky people who've bought unseen and didn't realise what they had got themselves into.

Also, I know from first hand experience that many properties look nothing like they're portrayed through pictures and descriptions.

Call me conservative, but I'd like to know what my hundreds of thousands of dollars are actually being spent on. Same goes for cars, I'd never buy without a test drive.

 

[MTR]

Sorry, I should have specified. I'd be looking at up to $550K for purchase price. I have enough for the deposit + stamp duty.

I would look closely at all of these markets and establish which one has more upside, in other words is there any particular area which is currently rising??
Start researching on SS, there are plenty of posts on all these areas, timing is the best option.

 

[luckyone]

Thanks guys.

In answer to your question Spades, the reason I'm thinking about using a buyer's agent is because they're on the ground there all the time. Yes I can go there for a week or so, but they really know the market that they focus on. Also, I haven't exactly been great with getting capital gains on the places I've picked so far. I'm hoping that a professional can do a better job for me and get me a bit closer to retiring.

 

[china]

Gosford units have moved up about 20% in the past 18 months. I don't know whether they still represent good buys. However, the tax office is about to close all their regional offices and relocate 600 guys to the area. This must surely be a good thing.

 

[luckyone]

Gosford units have moved up about 20% in the past 18 months. I don't know whether they still represent good buys. However, the tax office is about to close all their regional offices and relocate 600 guys to the area. This must surely be a good thing.

Yes, that's one of the things that has attracted me to Gosford as an investment.

 

[LoneWolf]

Yes, that's one of the things that has attracted me to Gosford as an investment.

Looks like you have done you own DD, if the budget allows, go for it, if you are seeking re-assurance from here, I see that you would already achieved that

Good luck~

 

[luckyone]

Thanks LoneWolf. I just want to ensure I do buy in the right location this time. My last three investments haven't returned too much in terms of capital gains. Their rent has gone up each year, but that's not going to get me to retirement anytime soon!

 

[LoneWolf]

Thanks LoneWolf. I just want to ensure I do buy in the right location this time. My last three investments haven't returned too much in terms of capital gains. Their rent has gone up each year, but that's not going to get me to retirement anytime soon!

It's abit like that these days with current market, unless you are happy to take higher risk. On the other hand, if your strategy is to simply hold and wait, then, I guess you would really need to know the market well to achieve outstanding results.
Otherwise, most will be pretty average I would say