Should u buy in Pimpama, Ipswich, Woodridge or Toowoomba

[donny17984]

Hello everyone,

I'm fairly new to property investing, but looking to purchase my 2nd Property. I currently live in Sydney, own 1 property in Tasmania, where I have pulled out 100K equity from. bought when I was young. Decided to pull my finger out and set myself up for the future. Over goal is a 10 year plan to buy as many properties as I can, using the equity to buy .again, in areas with good CG potential and positive rental yields.


Speaking to a few guys who I work with suggested in Pimpama the growth corridor between Brisbane and Gold coast. He had 2 places there now, I done some research and looks to be a good /safe Investment.I just don't want to by a Lemon that goes know where in 10 years. Place there have been getting snapped up pretty quick. So I?m in the process of buying my second place there for 385K. 4 bed, 2 bath, double garage, 7 years old 600 m block, looks good purchase. Only just made an offer yesterday, and got accepted. Hoping to get around $430 per week rent. So from that 100K equity I will use roughly 60k in deposit/fees/etc for my loan.

I will have around 40k for deposit to another loan,and have been reading that areas such as Woodridge in Logan can provide good CG and positive rental yields. Like the St. Marys and Blacktown areas of Sydney a few years back. I was thinking of using the 40k For deposit to buy up a couple of 1 or 2 bedroom units in Woodridge area.

Questions are:

Is Pimpama a good investment, for future capital growth. The place I wish to buy will be slightly positively geared?? Or is Ipswich better option

Should I use all of the 100K Deposit equity to buy up in Woodridge or even Toowoomba and forget about Pimpama, get a few places under my belt at once?

Or buy the Pimpama property (as it seems like a safe investment) and use the remainder 40k for investment in Woodridge or Ipswich?

Is there any area you think that are comparable to Woodridge that may be better investment, but still are in the same price bracket?

Thanks

 

[RPI]

Hi and Welcome

You have some varied choices there.

People have done well in all those areas.

Pimpama and Ipswich have huge amounts of future supply coming on so you need to pick a good location there, what defines good I'll leave to people who have know those areas

 

[donny17984]

Yea I know, my worry with Pimpama as I'm just about to sign contract of sale is the over supply of land in that area and the place being a lemon purchase. I've read a lot of people that say stay away from there.

What would you do in my situation, with the 100k equity?

 

[Cash Flows]

I would stay clear of pimpama and Ipswich for reasons stated above.

Logan - Woodridge is a good option, however, prices have had a good run in recent times. Do your due diligence as rates, water and body corp fees are quite high in the area.

Toowoomba has also had a good run. Recent supply of units and small parcels of home and land packages will lower the growth rates in the short term. Vacancy rates at 4% with interstate investors enquiry slowing.

disclosure, I have property in toowoomba.

Cheers

Cash flows

 

[donny17984]

So we have established that Pimpama is not the best option.

Where would you suggest might be a good area to invest in?

Do you think a Buyers agent could be helpful?