Purchased investment property in QLD, any feedback or opinions?

I am curious as to what sort of information you are looking for, if you have already bought it. Didn't you do that research BEFORE ?
 
Hi TRAG,

Yes of course I did my research, just interested to know what fellow investors think. Im not from QLD so I didnt get the chance to do as much DD as i would like but the market is getting extremely hot and fast, so I had to make a decision based on the DD i did.

Cheers

sasjes
 
sasjes, interested to know what motivated you to purchase this one? What's the rent return like? What's the lot size? frontage? High side/low side?

Why this property and not a unit/townhouse/villa? Why this suburb and not another suburb?

Seems to me you want validation that you have done the right purchase. Really comes down to what you are trying to achieve out of this purchase and where it fits in your portfolio.
 
"sasjes, interested to know what motivated you to purchase this one? What's the rent return like? What's the lot size? frontage? High side/low side?

Why this property and not a unit/townhouse/villa? Why this suburb and not another suburb?

Seems to me you want validation that you have done the right purchase. Really comes down to what you are trying to achieve out of this purchase and where it fits in your portfolio."

Hi Ms ALi,

Ill try to answer you questions:

1: Why this property and not a unit/townhouse/villa? The demographic for this suburb is one suited to houses. Houses in in this area have also seen better CG than units.

2: Why this suburb and not another suburb? I'm not sure how much you know about Holland Park West but this is one of the 10 most researched suburbs in Australia. Everything you see is under contract and prices are heating up fast. Its a well located, affluent suburb about 8.8km from the Brisbane CBD. The street its self is one of the best streets in the suburb, surrounded by the most prestigous schools. The property is on high ground with views. The land is 945sqm so huge property with development potential to split the block. The CMA on this was 650-740. Recent sales in the area for lots 600sqm sold for 740k plus.


3: Seems to me you want validation that you have done the right purchase.
Im not sure how you come to the conclusion im looking for validation. I simply asked fellow investors their opinion etc. There might be some suggestions that may be great eg changing the layout etc. Many ppls brains looking at something is better than 1.

Thanks

sasjes
 
sasjes said:
2: Why this suburb and not another suburb? I'm not sure how much you know about Holland Park West but this is one of the 10 most researched suburbs in Australia. Everything you see is under contract and prices are heating up fast. Its a well located, affluent suburb about 8.8km from the Brisbane CBD. The street its self is one of the best streets in the suburb, surrounded by the most prestigous schools. The property is on high ground with views. The land is 945sqm so huge property with development potential to split the block. The CMA on this was 650-740. Recent sales in the area for lots 600sqm sold for 740k plus.
Click to expand...

with no sarcams, what does, "most researched" suburb mean>?
 
"So you're insecure about it and just seeking justifications from others?"

Jesus christ.. all im asking is opinions on the place.. I dont understand where all this hostility is coming from.

Never mind.
 
Hi Sam, as you were only just recently asking advice (27/3) on the forum about Mount Gravatt, Holland park etc, I'm assuming you've just signed a contract on this, not yet unconditional? Conditional upon building, pest and finance, the usual suspects? Have you had a chance to come down to examine the property yourself in person?

What I observe about this property is that it's built on a pretty steep slope towards the back part of the land. There are a lot of retaining walls. Building insurance mostly do not cover repairs to retaining walls that are not part of the structure of your house/building.

Steep slopes may have implications for water run-off in heavy rains. I would recommend to check with your building inspector if this will affect the water-proofing of any of the ground floor rooms or any rooms that are below ground level (if any)

According to Price Finder, the primary land use is SINGLE UNIT DWELLING

Property Description
RPD: L1 RP131248:pAR YEERONGPILLY
Volume/Folio:
Pri Land Use: SINGLE UNIT DWELLING 2nd Land Use: NONE
Land Area: 943 m? Building Area:
Land Area ($/m2): $244 Building Area ($/m2):
Heritage Indicator: Tenure type: Freehold [Issuing]
Water: N/A Sewerage: N/A

Zoning is Residential A. Have you checked with BCC if your property can be subdivided in the future of building of townhouses/duplexes/units etc?

Lastly, seems that you've bought pretty much at land value, congratulations!
Just that the number '41' may not be the most auspicious number for Feng Shui for the Chinese. But if you don't care about that, if the Chinese are not your target market for future sales, this is a buy-and-hold forever for you, then it doesn't matter.


Land Valuation History
Valuation Type: Valuation Date: Issue Date: Effective Date: Valuation Amount:
Site Value 01/10/2013 12/03/2014 30/06/2014 $630,000
Site Value 01/10/2012 20/03/2013 30/06/2013 $630,000
Site Value 01/10/2011 28/03/2012 30/06/2012 $630,000
Site Value 01/10/2010 03/05/2011 30/06/2011 $630,000
Unimproved 01/10/2009 22/03/2010 30/06/2010 $630,000
Unimproved 01/10/2007 17/03/2008 30/06/2008 $570,000
Unimproved 01/10/2006 26/02/2007 30/06/2007 $475,000
Unimproved 01/10/2004 29/03/2005 30/06/2005 $415,000
Unimproved 01/10/2000 $155,000
Unimproved 01/01/1995 $116,000
Unimproved 31/03/1989 $85,000
 
Hi Beanie,

Thank you for your reply.

"What I observe about this property is that it's built on a pretty steep slope towards the back part of the land. There are a lot of retaining walls. Building insurance mostly do not cover repairs to retaining walls that are not part of the structure of your house/building"

Thank you for this feeback and I will check with the insurance.

"Steep slopes may have implications for water run-off in heavy rains. I would recommend to check with your building inspector if this will affect the water-proofing of any of the ground floor rooms or any rooms that are below ground level (if any)"

I am having building and pest done soon and I will make sureto bring this up with him to get him to check and give an opinion. Thanks a lot for identifying this.

"Zoning is Residential A. Have you checked with BCC if your property can be subdivided in the future of building of townhouses/duplexes/units etc"

I actually bought this place as a good stand alone investment even if i dont develop it. From my understanding with a town planner the minimum size to cut the block in half and frontage requirments, this block passes both.

"Just that the number '41' may not be the most auspicious number for Feng Shui for the Chinese. But if you don't care about that, if the Chinese are not your target market for future sales, this is a buy-and-hold forever for you, then it doesn't matter. "

haha well no i didnt think of feng shui.. didnt come into my equations.. hopefully the future buyer (if i ever sell) wont be a superstitous chinese person! :p


Thanks again for all your feedback. Much appreciated. zhen de hen gan xie :)

sasjes
 
Normally it would be the best idea to ask for an opinion on a property before you bought it. Unless you thought someone on the forum was going to snap it up of course. ;)
 
"Normally it would be the best idea to ask for an opinion on a property before you bought it. Unless you thought someone on the forum was going to snap it up of course."

Haha..you never know mate :p :D
 
sasjes,

What is your strategy for using this property as an investment? You mentioned that you expect to see capital gains but specifically how will this property increase your financial standing.

I may be missing something, but like XMW said:

"Was it for your POOR?"
 
"What is your strategy for using this property as an investment? You mentioned that you expect to see capital gains but specifically how will this property increase your financial standing"


Yes, its for investment. The suburb is a well lestablished and affluent one close to the Brisbane CBD less than 9km. Rental demand is strong. Properties in this area with 600sqm are being snapped up 550-650k and above. (This land size is 956sqm.) Land in Holland Park West is getting snapped up, therefore I wanted to purchase a house on a large land (not easy to find) at a great price. I believe this will have good to great CG over the medium to long term. Also, demand for prestige homes in Brisbane is on the rise with a Million dollar plus price tag. Ive been able to build up my portfolio to double digits..so hopefully im doing something right :) Look at links mate:

http://www.brisbanetimes.com.au/que...roperty-in-brisbane-grows-20140329-35pvs.html

http://www.couriermail.com.au/news/...ver-past-quarter/story-e6freoof-1226547776760

Cheers

sasjes
 
sasjes said:
Hi Guys,

Just interested in any beedback about this property/area/street I just purchased. Paid 640K.


Thanks guys



http://www.domain.com.au/property/for-sale/house/qld/holland-park-west/?adid=2011087088
Click to expand...


All I can say is well done,the land "UCV" land value alone on that block would be above 600k for the land,house looks good,clean, and would rent very easy in that sleeper-blue-chip,, you can be in the CBD within 15 minutes on a good day maybe half hour in peak traffic,it's central to the MI,Garden City,everything,look at it in very simple terms without any negative effect on your reputation and the predictors ,,compare this property to 2 in Logan and see what value,"CG" stands up in 24 months time.."well-done"..imho..

BTW and only my simple opinion,but the price you paided for that sqm,s block is in some eyes land value only,plus the property seems to have been on the market for a while imho..good luck..
 
sasjes,

I hope I'm not prying too much but when do you benefit from the CG? How much growth do you require? ie. What percentage increase in value is needed to offset the negative gearing that will have occurred up to that point?

Or did you only get a small loan?
 
Well done! I agree with Willair's comments. Nice house and views! It's a great location and good value. If you wanted to add value, I think if the car ports at the front were painted white it would look a lot nicer. -if you could be bothered!
 
According to Price Finder, the primary land use is SINGLE UNIT DWELLING

Property Description
RPD: L1 RP131248:pAR YEERONGPILLY
Volume/Folio:
Pri Land Use: SINGLE UNIT DWELLING 2nd Land Use: NONE
Land Area: 943 m? Building Area:


Land Valuation History
Valuation Type: Valuation Date: Issue Date: Effective Date: Valuation Amount:
Site Value 01/10/2013 12/03/2014 30/06/2014 $630,000
Site Value 01/10/2012 20/03/2013 30/06/2013 $630,000
Site Value 01/10/2011 28/03/2012 30/06/2012 $630,000
Site Value 01/10/2010 03/05/2011 30/06/2011 $630,000
Unimproved 01/10/2009 22/03/2010 30/06/2010 $630,000
Unimproved 01/10/2007 17/03/2008 30/06/2008 $570,000
Unimproved 01/10/2006 26/02/2007 30/06/2007 $475,000
Unimproved 01/10/2004 29/03/2005 30/06/2005 $415,000
Unimproved 01/10/2000 $155,000
Unimproved 01/01/1995 $116,000
Unimproved 31/03/1989 $85,000[/QUOTE]


With the rateable land value at $630k could someone tell me what the rates per quarter would be on a block with that value.
 
You must log in or register to reply here.

Similar threads

M
Invest in Brisbane
Replies
6
Views
2K
Rixter
Rixter
W
Whether to invest in Springwood QLD??
Replies
3
Views
2K
Investor78
I
R
Hornsby or Castle Hill
Replies
5
Views
2K
bumblegoodie
B
M
Another Brissie thread - but a bit different
2
Replies
32
Views
6K
LeoT
L
C
First IP property
Replies
0
Views
1K
Caleb
C
Back
Top