Investing in Sandstone Point Qld

[Matt 72]

Hello,

I am looking to diversify my portfolio with a property in Qld, and an area that seems to be performing well based on my reading, with strong future prospects is Sandstone Point.

Most homes that are relatively new are on blocks of approx 450m/2 blocks, homes of 6-10 years are on larger blocks of 600m/2 and above. Agents have told me that 4 bed, 2 bath is the way to go with quite a strong rental yield.

My question is to anyone who is more familiar with the area is whether they believe Sandstone Point would be a good place to invest in the $350K range? This is about all I want to spend on an Interest Only Loan.

Your feedback would be appreciated?

Thanks
Matt

 

[WinstonWolfe]

Great spot with lots of upside as a retiree destination.

Don't know about rental property though.

Caboolture Bribie Island are certainly increasing population centres, but there is not corresponding job opportunities. The area is still lower socioeconomic demographics...just go to Morayfield and Caboolture shopping centres or hang outside the local schools at 3pm on your next visit up.

Many ppl living up that way travel back to Brisbane for work. That's a long commute...and when petrol starts to push, that commute will be hard hit...

If you stay within a few hundred metres of the foreshore, you'll probably be safe....

 

[Matt 72]

Bribie Island Area

Winston,

Thanks For the Feedback.

I will be visiting the area in the near future so I will have a better idea of the surrounding area soon. Can anyone help with areas I possibly should target around the Bribie Island district for rental purposes. I am lead to believe that Bongaree, Banksia Beach are good options with strong infrastructure, schooling etc.

Any feedback r/e these surrounding areas would be appreciated.

Thanks

Matt

 

[Matt 72]

Bribie Island Area? Your Help Please, Please, Please!

As per my question in the previous thread. Can a local Queenslander or Investor give me some ideas of options in the Bribie Island area.

My budget is approx $350K maximum and preferably a 4 bed, 2 bath home that is close to amenities etc.

I am catching a plane soon to look around in the area soon so your help would be appreciated.

Matt

 

[kitdoctor]

Hi everyone,

I thought I might reactivate this thread to see if I can stimulate some further discussion from forum members. Why?

Well Sandstone Point has been identified by Residex as a suburb with 10%+ capital growth potential for houses over the next 5 and 8 years. In fact it's their number one pick in their 2008 top 100 report for Brisbane and QLD Metro areas. I'm no expert on the area. I have been there once, a few years ago when some of the newer areas were just starting to be developed and it struck me as being a nice quiet spot but not well serviced.

1) Does anyone on the forum own an IP in Sandstone Point and how do you feel about your investment? What did you buy and when? How do you think it's performed? Residex estimate about 4% capital growth last year, current median price of $387k and rental yield of 4.76%.

2) Does anyone have any views on the residential property market in Sandstone Point at the moment? e.g. strong/seller's market, subdued/buyer's market. There are 100+ houses currently for sale in the suburb on realestate.com.au and there were about 150 sales in the year to end of October 2008. My view would be the market is subdued.

3) What's the rental demand like from tenants? What experiences have investors had?

4) Does anyone know why the land immediately to the north of the suburb is not developed? Is it a reserve?

5) Does anyone know of any planned improvements to infrastructure/services?

6) Are there any better areas of Sandstone Point to buy in? Where are the nearest schools - Bribie Island? Where's the nearest shopping centre(s)?

7) Would you buy an IP there?

Thanks
Noel