Is now the time to buy Cheapies in Queensland ?

[amokk20us]

Greetings all,

This is my first post here, so I will try and not make a fool out of myself. (yet)

Just recently I came accross a property for sale around the springwood, darra area, its a 3 year old. 3 bedroom 2 bathroom house. for under 200k I am seriousely considering purchasing it and using my FHBG , staying by myself for the first 6 months then renting out a room after that. after the CG 12 months I may think about rent it out completely and move on to another property.

Does anyone have IP's in that area and what sort of rent returns would I bee looking at around the Darra / springwood area?

Thanks for helping out the new kid.
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[abcdiamond]

Greetings all,

This is my first post here, so I will try and not make a fool out of myself. (yet)

Just recently I came accross a property for sale around the springwood, darra area, its a 3 year old. 3 bedroom 2 bathroom house. for under 200k I am seriousely considering purchasing it and using my FHBG , staying by myself for the first 6 months then renting out a room after that. after the CG 12 months I may think about rent it out completely and move on to another property.

Does anyone have IP's in that area and what sort of rent returns would I bee looking at around the Darra / springwood area?

Thanks for helping out the new kid.
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Have you looked at Real estate.com for rentals, to see what sort of rents people are asking ?

 

[Sunstone]

Dear Amokk20us,

Another accurate starting point for rental rates is using the RTA bond info:

http://www.somersoft.com/forums/showthread.php?t=15553

Cheers,

Sunstone.

 

[HHH]

Greetings all,

This is my first post here, so I will try and not make a fool out of myself. (yet)

Just recently I came accross a property for sale around the springwood, darra area, its a 3 year old. 3 bedroom 2 bathroom house. for under 200k I am seriousely considering purchasing it and using my FHBG , staying by myself for the first 6 months then renting out a room after that. after the CG 12 months I may think about rent it out completely and move on to another property.

Does anyone have IP's in that area and what sort of rent returns would I bee looking at around the Darra / springwood area?

Thanks for helping out the new kid.
------------------------------------

Hi There!

"Darra/Springwood" is a little vague as they are not actually next door to each other. I don't really want to comment until I have a more clear idea of where it is. I live in Springwood and you would have buckleys buying a new home for under 200K around me. You would have more of a chance closer to Darra.

 

[amokk20us]

Thanks for the replies The property was in Darra , but was sold on the weekend.

 

[kph]

Other investments with better yields..

Hi Thommo,
Any examples of alternative investments with better than 5% yields ??

Cheers, KPH

 

[Jacque]

After just getting back from a trip to Brissy recently, I found it interesting to note that locals (family and friends) have noticed an actual drop in prices around certain areas. A friend who lives in Springwood and who is an investor herself (has 3 houses in local area) commented on how much longer houses are hanging around and that some vendors have dropped prices eg: one from 320K to 290K.

Another family member made the comment that even Woodridge (supposedly one of the "worst" suburbs in Logan area- viewed much as Mt Druitt is here and I don't mean any offence to anyone who lives in these areas) now has houses well exceeding the 250 mark. She shakes her head in amazement and wonders how anyone can buy there for investment.

My view is to carefully choose the area, before jumping in and buying simply because its seen as cheap. Locals know only too well the "reputation" of a suburb, and just like all capital cities, there are those they'd stay away from given first choice. Quality of tenant is also a huge consideration.