Woodridge North legal height property - good place to invest?

J

journeyman

Hi everybody, I'm looking to buy my first investment property for under 350K.
I found this property in North Woodridge which is legal height (if you remove the false ceiling). Just keen to know people's opinion if North Woodridge is an okay area to invest in? Nice, quiet area or a lot of shady characters hanging around?

I know it was formerly housing commission but where I live in Victoria is formerly housing commission too but it's cleaned up a lot 'cos the housing commission sold the properties to home owners.

Anway, not rushing in to buy right away, just want to know people's opinions about Woodridge as a place to invest in. This is the link to the property -

http://www.realestate.com.au/property-house-qld-woodridge-115416259

Thanks in advance!:)
 
I checked out the advertisement in the link. It says that this property is a 4 bedroom, 2 bathroom, with a good sized pergola at the rear. Downstairs looks built-in. Tenanted at $425 per week. Is this good rental return for this area and at this asking price?
 
for 350k, i'd be looking elsewhere. i would definitely get something there at the 250k mark as i see a bit more growth but at 350, thats getting up towards the higher end of the market with little room to move up. For 350, would you want to try somewhere across the highway or closer to the cbd? might be less yield but better capital growth i reckon.
 
Woodridge North

journeyman said:
Hi everybody, I'm looking to buy my first investment property for under 350K.
I found this property in North Woodridge which is legal height (if you remove the false ceiling). Just keen to know people's opinion if North Woodridge is an okay area to invest in? Nice, quiet area or a lot of shady characters hanging around?

http://www.realestate.com.au/property-house-qld-woodridge-115416259
Click to expand...

Journeyman, I bought a property in Woodridge North earlier this year.
It's a legal 5 bedroom, 2 bathroom highset house.
Agents tell me that North Woodridge is attractive and desirable because of its proximity to Compton Rd and expensive suburbs like Underwood and Stretton.
They say that to go north of Smith Rd, Woodridge. So between Smith Rd and Compton Rd.

I scratch my head sometimes because there is only one road, Compton road that can make a difference of hundreds of thousands between similar sized properties! Go figure!

Took a look at the property you found. Looks like it's not directly on Smith Rd but on an access road, high on the hill above Smith Road so definitely won't hear any traffic noise. Anyway, Smith Road is not a busy road.

If you have separate entrances between the top and bottom of this high-set and it is legal height, you can have dual living or dual rental income from top and bottom separately (heck, most owners have dual rent without having legal height!) If it is brick downstairs, that would be nice but not essential.

If you have any questions about what I wrote, let me know!
 
Not supposed to have two rents in Logan, plenty do but the test would be your insurer and a few 'worst case' scenarios I believe.

I just love this description about the ceiling, shall be a little bit flippant and point out that it's probably easier to create legal height by digging down, lowering the floor if you will :)
 
Cherry Pro said:
EBM Insurers will insure as long as the rent is under $1000 per week, they do not ask if one lot or two lots of rent come in.
Click to expand...
I hope I'm not being too cynical but I expect they are going to ask you more questions when the money is outgoing and not incoming, good luck in that event.
 
Andrew_A said:
Probably easier and more sound to raise the house! Apologies for the joke which doesn't translate well into print sometimes.
Click to expand...

I'm not being facetious. I'm trying to learn about IPs. What's the ball park cost of jacking up the house vs the cost of removing a false ceiling?
 
Okay buy?

pinkboy said:
What will the false ceiling reveal?

pinkboy
Click to expand...

I checked with the agent's people and they told me that if false ceiling is removed, it will just reveal the floorboards of the upstairs floor, just like the picture in the garage. I was informed that floor to bottom of floorboards is 2.42m. That's higher than legal height, right?

The REA told me there's separate entrances to top and bottom and the brick downstairs is rendered. Do you think it's an okay buy?

http://www.realestate.com.au/property-house-qld-woodridge-115416259

Thanks everybody for your input especially Cherry Pro, Beanie Girl and kev888.
 
Last edited:
Legal height is uninterrupted height - no bearers and joists at 2.4 m. You dont believe the RE agent, do you?

What about fire-proofing between the two areas, I bet it wont have that. Does Logan council care about legal height and safety issues?
 
Angel said:
Legal height is uninterrupted height - no bearers and joists at 2.4 m. You dont believe the RE agent, do you?

I spoke with a building inspector and a builder. They said that for the lower floor of a high set, legal is is 2.4 m measured from the floor to the underside of the floorboards of the upper floor (i.e. where the top of the joist meets the floorboards).
Click to expand...
 
Thanks noobinvestor, I didn't know that. I was taught it was below the joists.

Rushing downstairs now with a tape measure......
 
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