Has anyone heard of Richlands in Brisbane and/or Craigieburn in Melbourne

Hello, I am an absolute newbie at buying investment properties and am looking to buy my first one. I live in Perth, where market is flat, but there is an older property I'm looking at - one is around 12 years old, the other around 10. The Investors Club has recommended interstate - Craigieburn or Richlands. Does anyone here know anything about these two suburbs? Would they be good to invest in and which between the two would you say is better? Thank you so much fellow forumers!
 
Hello godette

You already have a thread running on the subject of Craigieburn http://www.somersoft.com/forums/showthread.php?t=72023


With regards to Richlands, yes, I have a customer bought Off The Plan there last year - not yet completed or settled so no performance history as yet.

Quite a lot of development going on, again, use www.nearmap.com - you can see pictorial history of the buildings being constructed, the new shopping centre etc

However, too soon to say whether Richlands, or Craigieburn, or any of the Growth Corridors will be bonanzas. If you are buying 'Off The Plan' this requirs a greater leap of faith than buying an established property in an established area

Cheers
Kristine
 
Hmm. The invesors club... I know far too much about them.. I would do my own due diligence on up coming areas.... Richlands is heading out in the western suburbs of Brisbane heading to Ipswich.. Lots of infrastructure has happened there. But does not mean you will get good growth. I have never lived out there but is a blue collar belt - lots of trucks and industry etc.
 
Hello godette

You already have a thread running on the subject of Craigieburn http://www.somersoft.com/forums/showthread.php?t=72023


With regards to Richlands, yes, I have a customer bought Off The Plan there last year - not yet completed or settled so no performance history as yet.

Quite a lot of development going on, again, use www.nearmap.com - you can see pictorial history of the buildings being constructed, the new shopping centre etc

However, too soon to say whether Richlands, or Craigieburn, or any of the Growth Corridors will be bonanzas. If you are buying 'Off The Plan' this requirs a greater leap of faith than buying an established property in an established area

Cheers
Kristine
Hello Kristine

Thank you for your reply. Hmmm. It's so hard to know what to look for when buying in new areas. The property is being offered through the investors club. Any thoughts on their track record and research? Thank you. Thanks for the link to nearmap.
 
Hello Kristine

Thank you for your reply. Hmmm. It's so hard to know what to look for when buying in new areas. The property is being offered through the investors club. Any thoughts on their track record and research? Thank you. Thanks for the link to nearmap.

I used to work for them and then got out as I did not believe in what they were doing. They simply flog the properties they can get their hands on and disguise themselves as a 'club.' For every property they sell, 12k goes to the investors club. It used to be 4k to the support member, 4k to the branch manager and 4k to the club. The developer simply factors the 12k into the price of the property. They are at the mercy of where the developers are building and have no choice but to follow them.

Are they still preaching the 7 yr retirement plan - living on equity? One of their own finance guys that used to preach at all the meetings told my friend one day that the 7 yr retirement plan does not work.
 
I used to work for them and then got out as I did not believe in what they were doing. They simply flog the properties they can get their hands on and disguise themselves as a 'club.' For every property they sell, 12k goes to the investors club. It used to be 4k to the support member, 4k to the branch manager and 4k to the club. The developer simply factors the 12k into the price of the property. They are at the mercy of where the developers are building and have no choice but to follow them.

Are they still preaching the 7 yr retirement plan - living on equity? One of their own finance guys that used to preach at all the meetings told my friend one day that the 7 yr retirement plan does not work.
It's so hard to know what to do. I'm seriously thinking of taking the advice of some posters in this forum and engaging a buyers' agent. The feeling towards them is that at least they are working for the buyer and not the seller.

Investors club: I didn't hear them say anything about a seven year retirement plan, but they do say that property doubles every seven to 10 years and that the way to retire comfortably is to harvest the capital gains from their properties and never ever sell.

There are many opinions about the IC - some have been very positive and some, like yours, have been far less complimentary. I guess the thing to do is to make sure I do my own due diligence.

Thank you for replying to my post. Any other insights or advice you have would be most appreciated.
 
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