IP - Fortitude Valley Brisbane

[njovan]

Hi Everyone,

Would like some opinions on decision to purchase an off-the-plan apartment in Fortitude Valley Brisbane. (for investment)

The apt is 1 bed + study + carpark (on Alfred Street) next to Brunswick Train Station, costs $207K. Building is the 'V' project, and my apt is on 3rd floor out of 5 floors (total 80 units). Will be completed mid 2004.

I found this place via 'property direct' - pd.com.au. Has anyone had any experience with pd? I am also cautious that the property is not overpriced?

Look forward to your opionions......

 

[agent007]

Hi There,

I know this is not the answer to your question but, this situation makes me remember last year Money Expo during 1 of Rene Rivkin’s speeches. He said something like this:

One should not buy shares that are looking for people. That one should look for the shares that are somehow hidden. Those are the good ones since they will make you reach.

I think that the same principle applies to IP. If you do research, you will find out that the property investment market around main cities is full of studios, 1 & 2 bed properties. Thus, if one is there just for TAX relief then, so be it. However, real capital growth isn’t there.

Regards,
James.

 

[Elizabeth L]

Hi njovan
There are some high-rise apartments being constructed down the road at the bottom of Bowen Hills. I think it's a great area because of the proximity to the CBD, but there seems to be a lot of buildings underway. Will there be the people around to rent all these apartments? Also, there is New Farm down the road which has a very high proportion of units and apartments.
Might be worth getting some reports from Residex or another company before putting your money on the table!
Cheers
ElizabethL