Where to buy :(

M

mumbai

OK. I am officially confused and frustrated now.
I am looking to buy my third IP before my wife goes on maternity leave as it may (or may not) effect the loan process.

I am looking.. well anywhere and everywhere. I have 2 IPs in Sydney, so was trying to spread wings to Brisbane, Vic or WA.
My budget is 350k-400K and looking for houses with land in a rentable condition, with good (neutral will do) yields and can be developed/subdivided later in the future.


So far, in Sydney, I looked at from Blacktown to Mount Druitt, Casula and surrounds. Looking currently at Penrith and surrounds.

I got recommendations to look at some suburbs in WA (Girrawheen, forrestfield and nearby) QLD (wynnum, Manly, etc) and Vic (Sunshine west, Thomastown, Epping and nearby).
Some had poor yields, some were too overpriced and some got snapped up pretty quick. Not knowing good suburbs and areas in these states impaired my search a lot.

I did ask several times on the forum regarding specific suburbs, but I am still totally lost and back to square one.

Can someone provide me more options based on the budget and criteria, please?
 
Have you looked at northern suburbs in Brisbane like Chermside,etc and the southern suburbs like Upper Mount Gravatt and surrounding suburbs.

Andrew
 
Wrong question.

Where are the new zoning laws going to be most beneficial in the short to medium term.

Where is money being spent on new infrastructure.

What is the population growth in each area. etc.

Researching suburbs people mention is like throwing darts blindfolded.
 
nhg said:
Wrong question.

Where are the new zoning laws going to be most beneficial in the short to medium term.

Where is money being spent on new infrastructure.

What is the population growth in each area. etc.

Researching suburbs people mention is like throwing darts blindfolded.
Click to expand...

Thanks. If only, you could also answer those questions as well.
 
nhg said:
Wrong question.

Where are the new zoning laws going to be most beneficial in the short to medium term.

Where is money being spent on new infrastructure.

What is the population growth in each area. etc.

Researching suburbs people mention is like throwing darts blindfolded.
Click to expand...

Which new zoning laws? In Victoria?
 

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Hi r@j,

I think Rochedale South in Brisbane in the Logan City Council
is a good suburb to buy into. Middle-class suburb, mostly owner-occupied, tenants love the area, easy to get tenants. New Rochedale South busway to be built soon. I think there is a busway nearby in Eight Mile Plains.
People who can't afford Sunnybank and Eight Mile Plains are buying into Rochedale South...I think capital growth will be very quick.
Plus enhanced ability to build granny flats and rent it out separately in the very near future.
 
If in Brisbane...

(1) Logan 2014 proposed zoning, to come effect end of year(?)
700m2 corner block in Logan council.
Favorable option: keep existing and sell backyard land. only pay 1 set of council infrastructure fees.
Worst case scenario: build granny flat dual occ, if cant subdivide.

Or 1000m2 block with good side access

(2) BCC 2014 zoning
600m2 within 200m walking distance to 2000m shopping.
some 2x400 already subdivided blocks.

It's easier to achieve (1) with your budget + you can have a income stream with existing house while waiting for build that could be next year or some years later.
 
North Brisbane, family-friendly area

http://www.realestate.com.au/property-house-qld-eatons+hill-117422091

This house is up the road from me. It is five minutes' walk to sought-after primary school, IGA shopping centre, medical centre and bus to city. Parks and bike tracks everywhere, massive sports fields nearby. The hotel - far enough away that there are no issues, about seven or eight minute's walk. The house is small but there is space to extend out the back if desired. I'm personally not aware of any water issues in the floods.
 
I was thinking something like these houses in Rochedale South:

Offers over 410k. Highset brick. 612 sqm. Possible dual living.
http://www.realestate.com.au/property-house-qld-rochedale+south-117341211

Highset, 32 sqm back deck, great views, be careful of slope left to right though
http://www.realestate.com.au/property-house-qld-rochedale+south-117020411

Highset. 399k. 678 sqm. Views, back deck, pool. North-facing
http://www.realestate.com.au/property-house-qld-rochedale+south-116990611

799m, Lowset. Potential to build granny flat at back if side is sufficiently wide. East facing.
http://www.realestate.com.au/property-house-qld-rochedale+south-117316147
 
Thanks BG, I am looking at those. I loved the

What do you think of this one:

708 sqm, priced at 399K
http://www.realestate.com.au/property-house-qld-rochedale+south-117202039

The agent said it needs TLC, probably renovating kitchen and bathroom, which are money guzzlers. I cant see the bathroom in the pictures, but the kitchen looks alright to me.

The problem is I am based in Syd and cannot view the property. I asked for more photos. But, the agent is not being super helpful :(
 
Last edited:
Hi r@j,

I saw that one but I was a bit hesitant to recommend to you because
a. I thought it had gone - 1463 views already
b. it is a corner block, side faces Underwood road which can be get a bit busy sometimes, not back to back traffic but definitely will hear some traffic noise

Pros - Corner block of 708m and 5 minute walk to Rochedale shopping village, IGA supermarket, tavern, takeaways, pharmacies, Aust Post

As rr1 said above, if Draft Logan Plan comes true, corner block of 700 sqm and above, can subdivide land into 2
This house goes sideways across entire land so can knock down house in future and build 2

Con - What kind of TLC needed? Is it structural? How much $$$$ to make it tenant safe?
 
No structural issues. Tenant is presently there on a periodic lease.
Agent said kitchen and bathroom are original and needs to be changed, which can be decided once I see them.

How do people normally buy a interstate property if they cant personally inspect it?
 
Sign an REIQ contract which agent will provide with buyer details and owner details.

Make the contract subject to

14 working days finance (if finance needed - finance clause)
14 days - building and pest inspection
14 working days - Logan Council searches and due diligence

Due diligence clause (can pm you)
Best to fly down to inspect, at least one day, just see with your own eyes
If not, get a trusted building inspector to check the place out for you.
 
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