Need your opinion on this property please!

P

PHP

Hi Guys,

A friend if mine is considering purchasing this property.
I have no clue what the area is like (Inala QLD). and doing a quick search on the forum doesn't give me much info about the place.
Can you please let me know what your thoughts are on the property? Reasonable sale price? Residex report has the address down as a vacant land still. Built two years ago.

http://www.realestate.com.au/property-house-qld-inala-118062415

Appreciate any comments!

Thanks!
 
I second what the post above says. For me its a bit too far from the cbd, but if the budget is the issue then have to make do.
 
What's the strategy here? buy and hold?
Inala has a lot of Vietnamese immigrants and lower social economic people. (ps one doesn't not imply the other) Plus crime.
Saying that long term, the suburb is trending up due to its proximity to the city and currently IMO undervalued. but we are talking 10+ yr time.

My strategy would be to pick up something a bit run down for 300k and perhaps rent out at 320 pw.

I wouldn't buy near new in Inala.
 
Buy and Hold for this one.
Will be his first IP purchase and would like to accumulate more properties from the first buy. Which site can I check to determine the growth percentage of the area?
 
With that land size it is an absolute bargain ! :)




General Features
Property Type:House
Bedrooms:4
Bathrooms:2
Land Size:607.00ha (1,499.93 acres) (approx)
Indoor Features
Ensuite:1
Alarm System
Air Conditioning


Outdoor Features
Garage Spaces:2
Other Features
Land area: Land Area Ha: 607
Property condition: Excellent Property Type: House



Floorplans & Interactive Tours
 
My observations:
*way above median for area, even 4 bedders - as per stats on RE.com
*although some new property nearby and next door it is still out of character for area - you would be buying the opposite to the worst house in the street (overcapitalised for area).
*car park and some type of complex across the road.
*As mentioned above I would choose something closer to the median where people would be more willing to fork out money to live in the area. But there are newer parts of less desirable areas where these sort of houses are found such as Marsden as I observed recently, and there are buyers for them. But when the area takes a dive as less desirable suburbs often take a bigger hit, 15% fall from $475k is more than a 15% hit from $300k :(
 
Price looks a bit high.. just checked other sales.

Get pricefinder or rp data and see for yourself, hopefully your friend is considering more than one property or the agent will eat him alive during negotiation.

You can get 3 months free pricefinder if you subscribe to API: http://apimagazine.com.au/subscribe/subscribe-to-api

Worth checking every property considering, even though it's an automated tool, valuers sometimes use automated tools as well :eek:
 
Thank you everyone for the comments and advices.
He is considering other properties in Inala, but his family "fell in love" with this house.
They plan to convert this IP to their PPOR.

I keep telling him to make up his mind, he can't mix investing and personal stuff. Don't get family involve to even though they have all the good intentions for him, they don't back whatever it is they are saying with numbers and figures. Just plain emotion.
 
Just want to update you guys on the progress.
My friend offered $450,000 for the property. Vendor agreed on the price and is now organising final documents for finance.

Thanks for the comments! ;D
 
PHP said:
Just want to update you guys on the progress.
My friend offered $450,000 for the property. Vendor agreed on the price and is now organising final documents for finance.

Thanks for the comments! ;D
Click to expand...

Just for a matter of interest was $450k the first offer?
 
Jenko said:
Just for a matter of interest was $450k the first offer?
Click to expand...

Hi Jenko,

Yes. $450,000 was the initial offer, then the vendor said they will give it away for $465. Friend stayed firm on the initial offer, they came back and said done deal.
Could've done better in my opinion though, its just emotion being involved with the purchase that sorta killed the negotiation. They are now planning to make this IP their PPOR after settlement. What are the steps involved in this process? Is it just a change in loan type? (Ip loan to PPOR loan)
 
PHP said:
Hi Jenko,

Yes. $450,000 was the initial offer, then the vendor said they will give it away for $465. Friend stayed firm on the initial offer, they came back and said done deal.
Could've done better in my opinion though, its just emotion being involved with the purchase that sorta killed the negotiation. They are now planning to make this IP their PPOR after settlement. What are the steps involved in this process? Is it just a change in loan type? (Ip loan to PPOR loan)
Click to expand...

May of got it for a bit less but still not too bad. Maybe one of the accountants or brokers can help with changing from a IP to PPOR, shouldn't be to much involved.
 
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