Queensland - Advise on suburbs

A

andrew12121980

Hi all

I’m living in Brisbane, I am currently selling my main residence apartment in Hawthorne.

I now am looking to buy a “Fix me Upper” (quick facelift) house.
My aim is to get in and out with a three to six month time frame. I will be living in it as my main residence, it will not be classed at an “investment”.

I have up to $350,000 to spend but would rather spend around the $250,000 price range, but will spend my max. if it is property is right.

Could anyone recommend a suburb that is up and coming and that has good growth, to maximise our profit.

I also read that first time buyers from May 1st will not have to pay stamp duty. What is the opinion, on buying before or after May 1st. Should the value of property increase due to the demand of first time buyers after May 1st?
 
Firstly if it is your place of residence you will need to own for 12 months for it to be classed as your principal place of residence and not pay capital gains tax on.

Suburb the closest suburb to the city I can think of that you can get for $250K is Rocklea. You can get some places on double blocks (2 lots) in Rocklea for around the $260K, which could increase you're profit. All the other suburbs I operate in have a renovator entry price of $350-400K

Good luck

Darryl
 
Just a thought about Rocklea

I just read in the latest issue of API magazine that Rocklea was one of the suburbs hardest hit in the 1974 floods, Not sure what that would mean for investing there now however.
 
Darryl,

I saw your feature in Property Lifestyle mag - congratulations! You certainly came across as committed and determined.

Curious to know what your "picks" would be for the best future growth in Brissy suburbs at the moment. I've heard that Kelvin Grove has benefited from the Urban Village and Roma St gardens infrastructure recently, and that places like Nundah have improved due to traffic changes.
Would love to hear your opinion and what the market is like at the current time up there. Nothing like hearing from someone who lives in the area and has their ear to the ground, so to speak :)
 
liverpoolharryk said:
Darryl is pretty much on the mark. You could also try some pockets of Capalaba, Birkdale or tingalpa.

Jarrod
Jarrod Lane Real Estate
Click to expand...

Thanks Jarrod!

Oddly enough, I'll agree wholeheartedly with Capalaba and Birkdale... :)

For example, we have a house on our books at the moment listed at $249k, with about 25 - 30k reno it would re-sell around 315k ...

andrew12121980 said:
I also read that first time buyers from May 1st will not have to pay stamp duty. What is the opinion, on buying before or after May 1st. Should the value of property increase due to the demand of first time buyers after May 1st?
Click to expand...

Interesting point, I know we have mentally marked quite a few of our houses which are under the 300k-ish mark as 'will be gone by 9th May' (the exemption starts May 2nd, and we are giving them a week to be gone).

This is your last week to buy before all the First Home Buyers come back into the low-end market. :eek:

asy :D
 
Dammit dammit Asy!
My flight isn't booked until May 20th!
Ah well, looks like I'll have to fight it out with the buyers slow off the mark....
Such is life :)
 
Rent in Capalaba

Asy

Quote
For example, we have a house on our books at the moment listed at $249k, with about 25 - 30k reno it would re-sell around 315k ...

How much rent would you expect for the above property?

Regards
 
Gladstone42 said:
Asy

Quote
For example, we have a house on our books at the moment listed at $249k, with about 25 - 30k reno it would re-sell around 315k ...

How much rent would you expect for the above property?

Regards
Click to expand...

Hiya Dave,

thanks for your question, in the condition and configuration it is now, just putting carpet down, it would rent around $220/week. With the full reno, it would be around $270/week.

It's about 2 blocks from the Capalaba Park Shopping centre and near the Capalaba Primary school.

asy :D
 
Hi Jacque

I think the most potential of any suburb is one that is officially called Brisbane city but often referred to as Petrie Terrace. It is a tiny pocket of a couple of hundred houses that are among the oldest in Brisbane.

They are mostly on tiny blocks, I have one that is on 184sqm and it is one of the biggest blocks in the street. The house just about takes up the whole block, being 100mm from one side boundary and 500mm from the oher side, 800mm from the front and 8m from the back.

You can still buy run down houses there for under 400k,It is < 1km to CBD It is 2 mins walk to suncorp stadium,5 mins walk to caxton st, <10 mins walk to paddington, roma st parklands, roma st transit centre, milton station, 10-15 mins walk to CBD. Lots of the houses are very run down ,but I know of 3 brand new ones being built on vacant blocks (150-184sqm blocks). I belevie that given there access to facilities and location , and the fact that they are all quiet local streest there is going to be a $1mill minimum buy in price there in the next few years.

Generally I think that the the suburbs within 5K of the city are under valued at the moment (for houses). You can buy are house in the 7-10k area for almost the same price as the inner ones. Inner has been at a premium for a long time and either the middle needs to go down or the inner needs to go up.

Rocklea is the cheapest suburb I know of and it is 7-8km from the CBD. The area between Ipswich rd and Beaudesert rd is close to the state school and the train station. Lots of run down house but they are being done up.

QUALIFIER, I have read some pepole criticise others for talkingup suburbs that they own property in. I primarily own property within 5km of the CBD, due to good long term historical growth, I also own property in the pocket I talked about above because I beleive what I said about, I also own property in Rocklea because it is very cash flow positive (or at least it was when i bought). I can comfortably recomend suburubs I won property in or near the ones I onw property in or in suburbs I am looking to buy in because I have down my reasearch about those suburbs. I do not reccommend them in the hope that others might be tempted to buy in them to help increase the value etc.

Hope this helps

Darryl
 
Andrew

You are already in one of the highest growth suburbs of Brisbane. A blue-chip suburb so to speak.

Have you thought about leveraging off that as apposed to selling, or do you need to sell?

Brendon
---------------------------------------------
Acute Mortgage Reductions
ww.acutemr.com.au
[email protected]
 
Why not consider slightly West of the city.
I have bought 11 properties in Bellbowrie over the last 12 months and subdivided them all and then resold.
Usual course of action is to split up the back block of land and then renovate the front house. With many large blocks over in the suburb both properties get around 1200 sq M each.
Prices are still under <$400K for a property and vacant land is hard to come by anyway.
 
QLDsOO7,
What problems if any did you have with splitting the blocks,and what time frame
did you work on for each block.11 properties in 12 months thats well done..
good luck
willair..
 
asy said:
Thanks Jarrod!

Oddly enough, I'll agree wholeheartedly with Capalaba and Birkdale... :)

For example, we have a house on our books at the moment listed at $249k, with about 25 - 30k reno it would re-sell around 315k ...



Interesting point, I know we have mentally marked quite a few of our houses which are under the 300k-ish mark as 'will be gone by 9th May' (the exemption starts May 2nd, and we are giving them a week to be gone).

This is your last week to buy before all the First Home Buyers come back into the low-end market. :eek:

asy :D
Click to expand...

Asy,
Have they gone? Has the exemption had an effect?
Teresa
 
Hiya Teresa,

Actually, it's been slower than we thought it would be...

The reno house I spoke of has gone ! :)

We have had a marked increase in enquiry, but they are just slow going to contract, lots more inspections, but not progressing, mainly due to people waiting to "see if the prices go down"...

There are lots of good buys out there at the moment!!!

asy :D
 
You must log in or register to reply here.

Similar threads

F
Buy now in Sydney or Queensland for the long term?
2 3
Replies
43
Views
7K
jerrybee
J
T
Watsonia Suburb Review
Replies
3
Views
1K
Younginvester
Y
T
Advise on what to do next
Replies
3
Views
1K
tegs77
T
W
Whether to invest in Springwood QLD??
Replies
3
Views
2K
Investor78
I
A
First time investor needing some help
Replies
9
Views
2K
Nattl3s
N
Back
Top