More Brisbane advice please

[Beanie Girl]

Sea levels rising at Redcliffe? Come on, most of its land is on top of the cliffs. Like with everything, drive by to see for yourselves the elevation (If you cant read a contour map)

Just avoid the properties in Clontarf that are adjacent to the large concrete drain.

Angel, I hear what you're saying. Just that I also regularly refer to the Coastal Hazard Map - Erosion prone area and Coastal Hazard map - Storm Tide Inundation (projected climate change impacts to 2100) developed by the Queensland Government, Department of Environment and Heritage Protection.

http://www.ehp.qld.gov.au/coastal/management/maps/pdf/9543-432_redcliffe.pdf

OP listed a property in Scarborough he wanted to put an offer on.

According to the 2nd map in the Redcliffe file above, 1/4 -1/2 of Scarborough will be affected by Medium hazard and High hazard storm tide inundation in the future. The modelling is based on combined effect of climate change (e.g. sea level rises etc), erosion and tidal inundation.

 

[Angel]

Sure, that map is just showing common sense anyway. As you can see there are only a couple of streets on the western end of the area that will be affected. The other areas to be affected are the airport and all the swampland that we all know about and no-one builds on anyway. A small part of Scarborough is flat and coastal, the majority is very high up. We joke that one day that western swamp will be inundated and our North Lakes home will be coastal and the Scarborough one will be on an island. All good.

We figure that people know what they are buying when they buy in a canal estate. You can see that these blocks are well built up anyway above the high tide mark. All the gentrification going on is up high

 

[Gargamel]

You welome, Jerrybee. Took me a while to find this out, haha!

The Draft Logan Planning Scheme seems to positively welcome dual occupancy, dual occupancy (dual key) and granny flats to accommodate increasing population.

Interesting. So when does the draft review period end?

 

[Beanie Girl]

Interesting. So when does the draft review period end?

Hi Gargamel, written submissions and comments are up to 30 April 2014 5pm.
Then Logan is aiming atm to implement the scheme beginning July but the date might be pushed back to later in the year depending on the type of issues needing to be resolved. But at the moment they're aiming for beginning July. Had a conversation with a planner.

Hope this helps

 

[Beanie Girl]

We joke that one day that western swamp will be inundated and our North Lakes home will be coastal and the Scarborough one will be on an island. All good.

You will have valuable waterfront front views that will be sought after by many but few can afford then!

 

[Gargamel]

Hi Gargamel, written submissions and comments are up to 30 April 2014 5pm.
Then Logan is aiming atm to implement the scheme beginning July but the date might be pushed back to later in the year depending on the type of issues needing to be resolved. But at the moment they're aiming for beginning July. Had a conversation with a planner.

Hope this helps

Awesome, much appreciated

 

[chindonly]

Sure, that map is just showing common sense anyway. As you can see there are only a couple of streets on the western end of the area that will be affected.

Angel - go down to the second map at the end of the document.

There is much more that may be affected.

I grew up in Redcliffe, and am surprised by the scope of possible inundation.

 

[Angel]

Angel - go down to the second map at the end of the document.

There is much more that may be affected.

I grew up in Redcliffe, and am surprised by the scope of possible inundation.

Thanks Mate.

I just blew up the map a lot. I see now the light blue bits, which are all streets that anyone driving along them should be able to work out for themselves would flood in a summer cyclone. So still no surprises for me. Sometimes a property is cheap for a reason - in the path of floods or bushfires. I still believe that common sense should prevail and I only buy land up a hill for a reason.

 

[Jenko]

Ended up making an offer on a place in Scarborough yesterday, for any of you that know the area "east of Oxley" little fibro shack with lots of potential. Fingers crossed.

 

[Angel]

Ended up making an offer on a place in Scarborough yesterday, for any of you that know the area "east of Oxley" little fibro shack with lots of potential. Fingers crossed.

Congratulations Jenko.

 

[Jenko]

Thanks Angel. Offer excepted yesterday afternoon. Property ended up at $325k getting $350 per week which is the best return we found in that area. Only a couple of hundred meters from the water, we can see the ocean from the road outside the property. The plan is to buy and hold then one day remove the dwelling and build a two story house on the block then either sell or keep renting it. Already there is a lot of older houses in the area that are getting removed or transformed with extensions into beautiful beach style homes. Which will help lift the value of the surrounding properties. I think when the train line from the CBD gets out that way in a couple of years, there will be heaps of people wanting to move out to the beachside suburb.

 

[Angel]

Excellent!

yeah, we would have done better buying a real house with land around it , no matter how basic, rather than a nice townhouse. You wont have any problem getting tenants in a downturn.

 

[stumpie]

Thanks Angel. Offer excepted yesterday afternoon. Property ended up at $325k getting $350 per week which is the best return we found in that area.

well done jenko. could i ask what is the name of the street?

 

[Jenko]

33 James st

 

[stumpie]

33 James st

Jenko

wondering if you had the opportunity to drive around sandgate and brighton and offer any comments about these 2 suburbs in comparison to scarborough.

 

[Beanie Girl]

33 James st

Congratulations Jenko. Don't forget to insure your property now that you have an offer on it, is it an unconditional offer? I recommend inquiring insurance with Suncorp or Westpac. They cover events of all nature including flood, I believe. I have inquired with Youi before and they do not cover flood, storm surge or tidal surges.

If the house is currently made of fibro, inquire with the insurer what they will replace it with, e.g. blueboard or what other material

What you want to ask of an insurer is if they cover the following:

flood
storm surges
tidal surges
cyclone
hail
lightning
storm
tsunami
explosion
fire

 

[Feradd]

Only if you have time, check these out in Woodridge:

18 Stuart Street Woodridge - 3 beds upstairs, 2 rooms downstairs, 2 kitchens, 2 bathrooms, look like separate entrances, great views, nicely renovated from pictures - I'm drooling over this myself, 18 is a very lucky number, if the Chinese buy into this area, they're already in huge numbers across Compton Rd in Stretton and Sunnybank surrounds.....
http://www.realestate.com.au/property-house-qld-woodridge-116023591

4 beds upstairs, 2 rooms downstairs, legal height, 2 bathrooms, separate entrances, great views, huge patio, double garage
http://www.realestate.com.au/property-house-qld-woodridge-115416259

4 beds brick house. Huge land! 1265sqm, subdivide, plonk another house down. If new draft logan plan is approved, it'll be dual occupancy land, might not even have to pay subdivision fees to plonk a house, check with logan planner
http://www.realestate.com.au/property-house-qld-woodridge-115979271

Split-level house. Each half looks self-contained. One half - 3 beds upstairs, 1 bath, kitchen, living, garage. 2nd half - 1 bed, living area, kitchen, bath and deck. oh yeah, under draft logan plan, zoned low-medium density residential but TOWNHOUSE precinct. 607m. So can plonk another separate house down as long as built-up is not more than 60% and side/front setbacks are a certain distance. Checked with planner in a conversation.
http://www.realestate.com.au/property-house-qld-woodridge-116053291

Hi Beanie Girl,

What do you think the rent potential would be with the houses which have separate kitchens and bedrooms on each level. Would there be a market for renting each level separately? I would imagine if there was a market for this you would need to have each level with it's own entrance and block the internal staircase between the two levels.

 

[Beanie Girl]

Hi Beanie Girl,

What do you think the rent potential would be with the houses which have separate kitchens and bedrooms on each level. Would there be a market for renting each level separately? I would imagine if there was a market for this you would need to have each level with it's own entrance and block the internal staircase between the two levels.

I'll do better than hazard a guess about rent potential, Ferrad, I'll give you my own real life IP examples. I bought an IP last year in Woodridge for 320K. Did a bit of cosmetic reno, paint, replaced vanity etc. 5 bedrooms, 2 baths, 2 kitchens, 2 living etc. On a Thurs, the pictures were put up and the property advertised; by Monday, the property was rented out for $550. In a few months time, I'll be increasing the rent a little as it is a 6 month lease initially.

I didn't even have to rent it out separately. The people that took the house are 3 friends with good paying permanent jobs, each of them on a base salary of 65K and with overtime, they earn 90K each. One of them has a partner with a baby, she has her own income. They divvied the house amongst themselves, made their own arrangements who lives in which part.

I have another house in Logan, bought 3+ years ago for 325K, renting for $450 per week. This house has separate entrances for upstairs and downstairs but I didn't have to rent it out separately. The group is a combination of family and relatives, 3 working adults, 1 50+ lady on a disability pension and 2 children.

If I was a greedy SOB, I could toss this group out and get $530 easy per week for this house but I won't do that. They've paid their rent on time every week, and on a few occasions in advance. When they first started their lease, in addition to paying their one month bond, they paid me 2 weeks of advance rent.

If the draft Logan plan comes into effect in July or later this year, dual occupancy (dual key) - separate groups of people renting the same house - will be permissible. Existing use rights will also be retained. This means, if the house already has permission for dual occupancy (dual key) or a granny flat, the house will retain those permissions for such usage.

If I already can achieve good rents without having to rent the house out separately, you can imagine what excellent rent it can achieve with renting each part separately. As long as the house is in good nick, bit spacious, not cramped, hopefully with a patio or deck and in a reasonably good location, you can achieve good rent with a highset or split-level house.

 

[Jenko]

Jenko

wondering if you had the opportunity to drive around sandgate and brighton and offer any comments about these 2 suburbs in comparison to scarborough.

Yes I did have a look at Sandgate and Brighton, I thought they were a little expensive already and I'm thinking Redcliffe's area will do some catch up in the near future.

 

[DerekEdgar]

Brisbane cbd - genuine discounted cashflow properties

Hi Jenko,
I develop apartments and sometimes use partners for initial stages.
Currently have 6 projects on hand - total 90 units from NSW to Gladstone.

In a few months , I will start 30 in Lutwyche - 5km from Bris CBD.
They are 2-3br city view/ next to shopping centre/top quality and going to be around 480-550K.

from this project, I can give 1 or 2 away at 60% value.
ie 288K for a 2br/2bath unit - should rent for $450+/wk.

Let me know if interested
cheers.

With a budget of $500k plus legals. My idea was to buy two cheaper investment properties (houses) originally my plan was purchasing one in Brisbane and then the other in Cairns. Areas in Brissy I was looking at are Redcliffe, Bald hills, suburbs in Logan and suburbs in Ipswich. I have now reconsidered purchasing in Cairns manly because of the expensive insurance and rates will eat up any positive return. So now I am looking at possibly two properties in Brisbane. Buying two properties for $500k I'm scrapping the bottom of the barrel and I could slightly increase the $500k by dipping into my PPOR LOC to increase the deposit maybe up to $550- $600k but I would prefer to leave the money in my LOC. The idea behind buying two lower priced properties is to spread the risk by buying in two different areas and I think a better chance of a positive geared properties. I'm just not sure if I would be better off spending up to $500k on one property buying a better quality property in one of those suburbs or maybe closer to the city would be a better opportunity for growth or would two cheaper properties have as much chance of growth?. Any words of wisdom?