Woodridge/Kingston QLD could have set you free !

[bornfree]

Back in 03' one could have bought a IP there for $85K and rented for $160 pw. Fast forward 2010 now a house is around $300K and rent for $300 pw. Only if bought 5 of this and gained instant million $$ equity. Even now I walk & drive around the area and still see potentials with good shopping and easy access/transport (some houses are larger & nicer to many in suburbs that closer to the city), it's not that far from Brisbane cbd actually. With more people moving to SE everyday the socio-eco feel of the area may improve.

 

[wobbycarly]

Aaah, would'a, could'a, should'a... the perennial call of the regretful property investor.

 

[mystery]

Aaah, would'a, could'a, should'a... the perennial call of the regretful property investor.

Oh yeah, ... try 3 IP's bought in Perth around 1985-87 .... total cost of $160k for all three, ..... sold in 1992, ...... .. Worth over $2 million today .... oh well, you live and learn eh!

Most of the older investors would have tales of woe like this .....

The advantage investors have today is being able to tap into so much information on the subject from internet, blogs, books, magazines, seminars, media, .... back in 1985 ... you made it up as you went along as there was very little information available, so you usually stuck to buying in your local area as that is all you knew.

Martin

 

[natmarie73]

My first 2 properties were in Slacks Creek and Rochedale purchased in 2002 for $85,000 each. Sold both along the way and wish I hadn't but they freed me up from having to work for a couple of years while I finished my degree full time. Probably wouldn't buy back there though - there are better areas.

 

[bene313]

What

about

Karratha?

 

[Nathan]

Yep! dont want to talk about 4114

If anyone here ever wants to give me excuses on why a house is better then a unit or its too far away from their home or out of their comfort zone, I will share my tales of these deal you are talking of.

I cringe typing this email because in 03, i had a few opinions like this which cost me a couple of $mill in equity. I didnt buy there because was too far away from me (who care), it was a townhouse (whocares), I couldnt do repairs myself (who cares). Sure I have made some good buys in my time, but in the early days I had some reservations and now I always say, "the only deals I regreat are those in which I didnt do".

 

[HandyAndy888]

Yeah, I bought in 2004 for 172K, sold in 2007 for 305k.....told missus we should buy 2 more, she said no, we'd be debt free on our PPOR now...live and learn.

Smack bang in the middle of Kingston suburbia...

 

[HappyCamper]

My first 2 properties were in Slacks Creek and Rochedale purchased in 2002 for $85,000 each. Sold both along the way and wish I hadn't but they freed me up from having to work for a couple of years while I finished my degree full time. Probably wouldn't buy back there though - there are better areas.

Interested to hear your thoughts on why you wouldn't buy in that area today? Also, what are the characteristics of the better areas you see in Brissy (returns, distance, infrastructure, etc)?

 

[bornfree]

Still see potentials in the area .............

 

[Suraj]

Logan Central Inestment

Hi Bonfree,
I am currently looking to buy arround SE queensland eg. Logan central, woodridge or kingston. I saw 2/3 bdr units or townhouse arround 200K giving 220-230pwk rent. You said still good oppurtunities arround there. Would you like to give some idea where and what sort of good opportynities are there if you know about it? I am in Sydney which suburb is best to inest Logan central, woodridge or kingston. I wouuld appreciate your comment. Thank you very much.

Suraj/Hurstille Sydney

 

[evand]

I went to Brisbane in 2002. Looked around Logan, Kingston, Beenleigh, Deception Bay etc but ended up buying 5 x 3/4 br houses in one weekend in the Caboolture/ Morayfield area for circa $100k each, renting for $150-$160 pw.

Worth now $300k+ each and renting for $280-$300 pw each. Still holding.

 

[bornfree]

Hi Suraj, there are other SSers more qualified to tell you where to buy as I've only shifted here. But you can get a highset that needs a bit of touching up for $250-260K and will rent for $320 pw.

Evand, so the growth/yield pattern in Caboolture/ Morayfield is very similiar to Logan. You are exactly the person I said, bought 5 cheap properties and you would become instant millionaire. My buyer's agent wanted me to buy couple of "high growth" inner city old 3X1 weatherboards at $550 - 600K each renting for under 4%, thanks but no thanks.

 

[natmarie73]

Interested to hear your thoughts on why you wouldn't buy in that area today? Also, what are the characteristics of the better areas you see in Brissy (returns, distance, infrastructure, etc)?

Mainly because I've been there done that and the area is not as CF+ as it was and just seems over valued to me. Not saying it is, it just feels that way because it was so cheap when I bought there. Also, the properties I could afford are around 30 years old and I'm only buying newer properties these days. I do wish I had kept one or both of those properties though.

As for Karratha, it's the same with Newman. Even only 3 years ago houses were selling for less than $100,000 and now they're around $650,000.

 

[lura]

You could still look at these areas because...

Logan City council already have plans to permit multi-unit dwellings for areas around train lines and as such some smart investors are already starting to market units off the plab for sale.

Everybody has their own preferences - I think there are still good buying for development blocks.

 

[BeeP]

My buyer's agent wanted me to buy couple of "high growth" inner city old 3X1 weatherboards at $550 - 600K each renting for under 4%, thanks but no thanks.

Totally agree, bornfree. To add a little info here, I bought a 6 yrs new 4-2-2 house in the area about 6 mths ago. Rented out for $400p.w. When I bought the house, all my colleagues and friends were very negative about the area as someone even called it a ‘pit-hole’. They worried about drugs/robbery/housing commissions…But to what I observe, there’re many decent people in that area (though they can be poor), and I do think area/people are changing for better. And I can see the potential for capital growth there. So why not?? Holding it easily and just waiting for it to grow.. Besides, more eggs = lower risk. And I just feel cheaper area can do as good as expensive area.

 

[Suraj]

Thank you every body for advice and coment. I am convienced from looking arround and seeing the cheap area having ecellent growth. Eample Elizabeth in SA in 2007-2008, Lkemba units in Sydney recently, Logan area also had ecellent growth in the past.So there is no doubt about growth.
Do you guys think the queensland property market rebound due to resource activity and economic growth? or the market will remain flat due to increasing intrest rate? Is this the right time to buy in Logan area? Appreciate your comment and advice.
With regards

 

[DanielG]

Hey I just bought in one of the nicest streets in Marsden. I traveled there to check it out as getting information from other is pointless. I made up my mind on its potential based on what I "saw". You need to do the same thing.

 

[Simon]

Back in 03' one could have bought a IP there for $85K and rented for $160 pw. Fast forward 2010 now a house is around $300K and rent for $300 pw. Only if bought 5 of this and gained instant million $$ equity. QUOTE]

Nothing you can do about this.

But what you can work on is 2030 when you can be writing the narrative now:

"You wouldn't believe what prices were like back in 2010, why - I could have bought ....."

Your future is yours to plan. Most people coast along letting life happen to them. Those that write their own future are the achievers

 

[Andrew_A]

.....

But what you can work on is 2030 when you can be writing the narrative now:

"You wouldn't believe what prices were like back in 2010, why - I could have bought ....."

Your future is yours to plan. Most people coast along letting life happen to them. Those that write their own future are the achievers

Well said!

I like this quote in a similar spirit from Robert Kiyosaki.

“If you want to be rich, you need to develop your vision. You must be standing on the edge of time gazing into the future.”

 

[Suraj]

Thank you verymuch for your comment. appreciate it.
[

QUOTE=bornfree;646193]Hi Suraj, there are other SSers more qualified to tell you where to buy as I've only shifted here. But you can get a highset that needs a bit of touching up for $250-260K and will rent for $320 pw.

Evand, so the growth/yield pattern in Caboolture/ Morayfield is very similiar to Logan. You are exactly the person I said, bought 5 cheap properties and you would become instant millionaire. My buyer's agent wanted me to buy couple of "high growth" inner city old 3X1 weatherboards at $550 - 600K each renting for under 4%, thanks but no thanks.[/QUOTE]