Which City/town/suburb Are You Buying Your Next IP In & Why?

Where are you buying your next IP & why? Give 3 or more reasons to justify.

If you bought in the past 6 months, why did you buy that IP in that location? Your purchase stats including what you paid, return, etc would appreciated! For privacy reasons you can leave out the actual address: ie. 6 Smith Street.
 
Locally. Most likely we will build right next door unless something cheap comes up.

Reasons?

Love the area, other people seem to love the area, and it gets better all the time.

Catch is there's only 3 or 4 houses available now under $200k, two of those are 2br, one just got subdivided so it literally looks like a bulldozer just went through and one isn't even a house. And we can't afford much.
 
Which City/town/suburb Are You Buying Your Next IP In & Why?

Not telling, because too many people will get in on the action (and it isn't fair to our paying clients) :p :D
 
Brought in Mosman Park, WA. Feb 09
2 bed townhouse $340,000 (loan of $307,000)
12 month lease just signed at $400pw
10ks to CBD
Walk to the beach
Walk to the train
Walk to the river

Looking at Taperoo/Semaphore in SA in the $250 - $350,000 range
Close to Train/CBD/Beach/River
Plenty of development happening
3 bed on largeish block for less then $350,000
 
Kilsyth South/Montrose

1. Looks half affordable (compared to some other places)
2. Backyard
3. Outer suburb

Cheers,

The Y-man
 
Perth Metro - Northern Corridor.

1) Planning rigmorol means land releases are few and far between
2) More immigration than Southern corridor
3) Strong rental yields
4) Huge 2020 plans for all local councils.
5) well serviced by public transport and schools and shops.
6) relatively close to the beach and swan valley.
7) i could go all night.
 
Last bought 18 months ago. Not buying for some time now, will concentrate on putting every spare dollar into paying off the places I've already got, with a view to owning them outright in about 5 years.
 
Where are you buying your next IP & why? Give 3 or more reasons to justify.

Agree with Travel Bug ..another school assignment with justification required as well !

Bought in Feb ..South West Sydney ..dual occupancy with rental yield moving close to 7.5%. Paid approx 350 k
 
Footscray or thereabouts, methinks (see my thread about this)
1. close to home, so we know the area like the back of our hands
2. ticks all the infrastructure boxes
3. can afford it - just
 
IP:1
Brought in Parkwood, WA. March 09
5 bedroom X2 BathX2 Laundry for $445,000 (loan of $356,000), 721 m2 block
12 month lease at $450pw
Walk to the mall, close to bus stop. Revaluation done to buy 2nd IP, Valuation $495K in 6 months.
IP:2
Bought in Parkwood. Paarkwood is growth potential close to Reverton and Willetton. Bought a newly renovated 3X1BDR with swimming pool and 721m2 block size for $390K. Settlemet on 19th Nov 09. Close to high school, bus stop.
IP:3
Offer accepted today. Area: Armadale, not a nice suburb. I did lot of research and took risk. Growth potential suburb. Property sub dividable block 821m2. Quite old house need painting and some land scapping too.
3X1 and extention of gameroom, storage room. rented for $370 per week
Offer :265K, close to school, bus stops.
I am not sure, how fast Armadale will rise. But it is one of the the cheapest suburbs in SOR Perth WA.
 
Bought a 2x2 apt in East Perth in Feb 09 - Walk to river, city, retaurants, pubs etc. Cheapest way to get into that area as it's surrounded by million dollar props. 440k

Offer accepted on 2x1 house on 750sqm in St James, Perth. Zoned R30. 525k will rent for 350pw. Suburb is priced well considering it's location close to the city (8km), and Vic Park. Needs some "gentrification". Possible development when the numbers add up. Holding for now.

Banking on the WA resource powerhouse.
 
Perth Metro - Northern Corridor.

1) Planning rigmorol means land releases are few and far between
2) More immigration than Southern corridor
3) Strong rental yields
4) Huge 2020 plans for all local councils.
5) well serviced by public transport and schools and shops.
6) relatively close to the beach and swan valley.
7) i could go all night.

Blue Card, right behind you buddy. Do you think (with your extensive knowledge of town planning etc) that a suburb like - just as an example - a Padbury, could be rezoned in 10 years time to an R30/R40, just like your whole Doubleview / Scarborough / Nollamara / Balga type areas?

I'm tossing up buying a house in Padbury or area, and hoping for a rezoning over the next decade or so (I have time on my hands...) or buying in an already zoned area and just sit on that for 5-10 years until I'm ready to develop...
 
Blue Card, right behind you buddy. Do you think (with your extensive knowledge of town planning etc) that a suburb like - just as an example - a Padbury, could be rezoned in 10 years time to an R30/R40, just like your whole Doubleview / Scarborough / Nollamara / Balga type areas?

I'm tossing up buying a house in Padbury or area, and hoping for a rezoning over the next decade or so (I have time on my hands...) or buying in an already zoned area and just sit on that for 5-10 years until I'm ready to develop...

no mate - even if Padbury were rezoned, the blocks are still smaller than your average.

it's like Hamersley, they could up the zoning from R17.5 to R20 and R25 and even to R30 and they would STILL be single blocks, because the whole area was ex-civil servant central and all 680sqm blocks.

if you want zoning potential, get something near a train station (coughashfieldbassendeanbayswatercough).
 
OK BC another dumb question coming from me...

What is the minimum size for rezoning potential? If we were looking for something hoping for potential rezoning what size should we look for?

We own a duplex - land size is mid 900's. I understood that this is zoned R20 now and that that means we couldn't build another duplex on the site as it is too small. Is that right or did I misunderstand the original advice? (Safety Bay)

Sorry that's actually two (dumb) questions.

Is there a book or a brochure or a something on zoning so that I don't constantly sound like such a ditz?

ok, that's three questions - actually probably four, there's a two in one there. :eek:
 
lmao!

if the zoning is R20, then ask your local council. only today, a little birdie told me that the "grandfather clause" has been rolled back!!! :eek::eek::eek:

i have yet to verify that, so let's see what comes of it, yes?

you need to look up your local area's structure plan here and find your house in the middle of it all :rolleyes:. thsi si the only way to know exactly what zoning is current.

there may be stuff proposed, but that's a case by case basis and a question for your local planning dept.
 
Thanks to BC for the link. I had a look around, but what I cannot find is somewhere that I can easily find the local government for a given suburb. If you have the time to help it would be great.
 
Was thinking maybe Altona Meadows in Melbourne. Reasons:
1. 19km to CBD
2. Close to Altona beach
3. Sort of my price range - a few months ago I saw a 3 bedroom house for around $290K, but seems that you'd be lucky to get unit for that now. So depends what prices are doing in about 12 months time when I want to buy.

I haven't done much research yet as to where I want to buy next, but I prefer to be near the bay. Water is always in demand and it's limited. Being brought up in the Eastern suburbs, I'm a bit scared of the west, but there's not much in the east near the bay for $300K, even units/apartments and I already have 2 properties that side. So might venture into the West next.
 
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