Next Property?

From: John Giarrusso


Hi everyone my name is John Giarrusso and I'm new to this fantastic forum, I, like the rest of you am a keen property investor. My wife and I have an unencumbered house in cairns and I also have 2 rental property's one in Melbourne & the other in Cairns. I have a pre approved loan of 200k to get my next one, and I am considering Brisbane this time. Can any one recommend suburbs in the area for less than the 200k range within the 12Km range of the CBD that is not a slum area, your views would be much appreciated.
Cheers John
 
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Reply: 1
From: Nigel W


Hi John

Step 1: buy a Brisbane UBD/refidex/street map book.

Step 2: examine it for suburbs within that 12 k ring you've selected

Step 3: get some historical data.

Step 4: fly to brisbane and hire a car and drive the burbs.

Step 5: meet agents and look at their stock.

Step 6: go to some opens on a weekend once you've narrowed the 'burbs.

nothing like seeing for yourself.
 
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Reply: 2
From: Rolf Latham


Hi John

Todays slum may be tommorows well to do area. Plenty of examples in Sydney.

Ta

Rolf
 
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Reply: 2.1
From: Tibor Bode


Completely agree with Rolf. In Brissy the inner suburbs had a good run (does not mean they had stopped) and now some outer areas (some not so desirable areas like Logan,Ipswich, Deception Bay) started to have some run. I am also sure that within your radius there must be some slum where the neighborhood had a good run and as people are getting priced out will start to have a look at these slums. I still wish I had bought in some of those slums in Sydney 10 years ago!

Tibor
 
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Reply: 3
From: Derrick Barden


Originally from the Southside of Brisbane. A couple of Suburbs that come to mind are Tingalpa, Morningside, Mt. Gravatt.

Cheers
Derrick.
 
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Reply: 3.1
From: J Parker


Cannon Hill and surrounds would be my pick- Camp Hill has already taken off but Morningside still has some good buys. Look for something that would be popular to rent though. Have fun!
Cheers, Jacque :)
 
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Reply: 2.1.1
From: Henry Ye


Hi Tibor,

I am looking to buy an IP in Logan. Could you please tell me why Logan
is not so desirable? (I am from Sydney) does it have high crime rate?
or high vacancy rate? or lots of bad tennants?

Thanks,
Henry

-----Original Message-----
From: propertyforum Listmanager
[mailto:listmanager@bne003w.webcentral.com.au]
Sent: Friday, 19 July 2002 6:58 AM
Subject: Next Property?


From: "Tibor Bode" <keygate@presto.net.au>

Completely agree with Rolf. In Brissy the inner suburbs had a good run
(does not mean they had stopped) and now some outer areas (some not so
desirable areas like Logan,Ipswich, Deception Bay) started to have some
run. I am also sure that within your radius there must be some slum
where the neighborhood had a good run and as people are getting priced
out will start to have a look at these slums. I still wish I had bought
in some of those slums in Sydney 10 years ago!

Tibor



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Reply: 2.1.1.1
From: Tibor Bode


Hi Henry,

I might reasoned in the wrong way regarding to the areas I have mentioned. Yes, Logan used to have quite a bit of reputation (my local friend was absolutely amazed when I bought my first property there) due to lots of public housing, high unemployment rate,
drugs, etc, it had it all. The point I tried to make that these suburbs with the "questionable" reputation are changing to the better socio economically, some has quite well developed infrastructure or desirable location, or something else going for it AND they are not far from areas that HAD a good run in prices, so these less desirable areas start to be attractive. In Sydney, just think of the HILLS districts. Obviously some of them are vey expensive and as people can not afford any more to buy (sometimes even to rent) they move to the next affordable area, which is no so good, but still good. These areas start to improve and the prices are going up. I personally bet very heavily on Logan after lots of careful research and while hearing, a reasonable ignorance of the locals opinion about the "bad" reputation, but rather focusing on the positives (very good infrastructure, Parramatta type location - but about 15 years behind Sydney, reasonably business oriented and supportive council, young aged population, high percentage of renters, increasing income and socio economic status, lack of free land available for new developments, lack of interest by developers - lower profit margins than other parts of Brissy, possibility of buying properties well below replacement cost, high rental yields compare to the 10 years average yield, AND the relative mispricing of the shire within Brisbane (I use some figures what the price difference ratio should be between a "desirable" location and an "undesirable" one), as well as some other things I just can't think at this moment.

So my apologies if I misled you or someone by indicating that these suburbs really undesirable as an investment. The intention was to point out that they are turn arounds and I personally would expect quite a good run in each due to the reasons mentioned before.
BUT please don't take my word for it, check the facts and figures yourself via web sites (there are excellent and reasonably priced QLD government stats available), talk to lots of RE agents in the area and also talk to other investors, check the local council's x year plans, planned developments in the area, etc, etc, basically do your due diligence. You will also learn heaps while you are doing it and it is also fun.

Anyway, sorry again for the the misunderstanding.

Tibor
 
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