[REDCLIFFE PEN] 2 Offers Accepted, Only have finance for 1

Ahhh! Have had two offers accepted, and torn between the two. Appointments to sign first thing tomorrow morning.

Both properties in Kippa-Ring QLD

Property 1 - Corner block 656m2, 33m frontage
3 beds / 1 bathroom / 2 garage
lowset brick and tile, original kitchen & bathroom, carpet/lino throughout, all bedrooms with built ins, new colorbond fencing at rear and shared side, 200m from bus stop on Anzac Ave, property is almost in Rothwell postcode, 2km from both proposed Rothwell and Kippa-Ring train station, although old, ready to be occupied by a tenant the day after settlement

Property 2 - 673m3, 15.8m frontage
3 beds/ 1 bathroom / 1 garage
queenslander, neat kitchen and bathroom, floorboards, 200m from bus stop on Anzac Ave, walking distance to Kippa-Ring shops, property is almost in Redcliffe postcode, 1.3km from Kippa-Ring train station, property freshly painted, but needs screen doors repaired, and locks on most doors replaced, plus a thorough clean as previous tenant was a disaster.

Both properties I think are being purchased under value, property 2 $9k more..

My partner and I are torn, if we had the money, we'd buy both, but we don't.

So turning to you guys, as our pros and cons to both still end up in a tie-breaker.
 
What's stopping you from buying both? Lack of equity or savings or just don't have the borrowing capacity/affordability?

Cheers

Jamie
 
Impossible for us to judge
But if I had to pick one based on the info you gave I'd be inclined to go with the second which is closer to train station sub 20min walk
 
Id go for number one

Closer to the beach
Closer to redcliffe which is better than kippa ring
Corner blocks are great for future development - also most blocks on the peninsula are tiny so even more long term value

If you were concerned about the train station then why not just buy in kippa ring?
 
Either of those may be in the new medium density areas in the new Moreton Bay town plan but without addresses impossible to tell.

Can you contract on both subject to 7 days Due Diligence and investigate further. 7 days is not a long time for the vendor in the market up there.
 
For those playing at home, despite my gut feeling, went for the corner block slightly further away from Redcliffe. My partner was leaning towards this one more as the low set brick and tile was going to be less in maintenance until we knock down, and we believe that corner blocks allow for better duplex designs that are more individual and will have better resale.

I guess only time will tell whether email made the right choice. Ideally both would have been great, but we're still about four months off having the funds to purchase IP4.

Here's the link.

http://www.domain.com.au/2011729692
 
http://www.domain.com.au/2011776790

Don't be fooled by the photos. They must be from when the owner lived there and photographs from before renting it. 90% of the downlights needed replacing, every screen door needed new meshing or replacement, damaged kitchen and bathroom cabinets, and most locks needed changing. Small things, yes, but costs we didn't need.

I thought the location was perfect across from the shopping centre practically, the other half thought that would just attract the lower socio-economic tenant.

Time will tell.
 
If my memory serves me correct min. lot size for duplex is 700m2.

But upon application they are accepting smaller lot size, and frontages <20m as is currently in their docs. I have acquaintances that purchased 12 months ago and have gone through the process. The only catch is that whilst it's still zoned as low residential, can't be sold as DA approved split block.

The new zonings should be published soon and hopefully reflect what's already been given the tick of approval in the past.
 
But upon application they are accepting smaller lot size, and frontages <20m as is currently in their docs. I have acquaintances that purchased 12 months ago and have gone through the process. The only catch is that whilst it's still zoned as low residential, can't be sold as DA approved split block.

The new zonings should be published soon and hopefully reflect what's already been given the tick of approval in the past.
Have you spoken to councils town planning dept for confirmation as to development potential? I always find this essential if you are buying for future development. Don't assume they will do it ...... we are talking local government here, .... common sense doesn't always come into play.

Mystery
 
Perth resident here.. just curiously clicked the domain links and boy gosh... the urban sprawn that side in Brisbane is a sight to behold.. thought Perth/WA was bad.. was wondering how the property could be so cheap... well the new land im looking at it just under that amount that your paying for a house and land... and it looks like the urban sprawl is at least littered with more infill inbetween....

I like both... but have never been to Brisbane... haha so I guess my contribution tot his thread is nil bar conversational purposes.

I have the same feeling with the land I'm thinking of putting a deposit down... i'm aware of potentially new developments to come abouts and trying to work out how to purchase them... but just can't get enough for two!! Really wish I had the capital some did...
 
Perth resident here.. just curiously clicked the domain links and boy gosh... the urban sprawn that side in Brisbane is a sight to behold.. thought Perth/WA was bad.. was wondering how the property could be so cheap... well the new land im looking at it just under that amount that your paying for a house and land... and it looks like the urban sprawl is at least littered with more infill inbetween....


I have the same feeling with the land I'm thinking of putting a deposit down... i'm aware of potentially new developments to come abouts and trying to work out how to purchase them... but just can't get enough for two!! Really wish I had the capital some did...

So why buy new land in an estate?
 
Sorry come again? Are you referring to price or location??

Both really. Are you going to buy new in an estate north of Brisbane or are you comparing these prices with somewhere in Perth that you are investigating. Maybe I misunderstood the intention of your comments.
 
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