Would you invest Reservoir in Melbourne or somewhere Brisbane???

Right, first time poster long time stalker.

My wife and I are getting onto the property investment wagon and we're looking for some advice.

We have a property in Reservoir, Melbourne, that we could put 3 townhouses on. Debating whether to develop or invest in Brisbane.

What would you do?:confused:
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...What would you do?:confused:

What are your aims? Long term strategy/goals? Develop and keep all, sell all, revalue the 3 and borrow against? Rent all. Sell 1 etc. Have you worked out the sums on the 3 townhouses? Is it viable to develop now, or 5, years, 10 years?

Compare this to a purchase in Brisbane? Which one provides a better result based on high/low and medium projected figures and sums? Have you weighed the two up against each other? Are you looking at Brisbane short or long term? Does the projected growth there outperform the manufactured and projected growth in Reservoir?

Also, Brisbane just like Melbourne has many different markets and sub-markets. Which market/suburbs are you looking at & which market is better in your situation? Blue-chip or bottom end, and how does this compare to a development?

I would work out my long term goals and write down/work out which one gets me there, or gets me there faster. Some of the things I would consider just briefly.
Impala, thank you for the reply, I've been out of touch the last few days so first chance to respond.

Our strategy is to build a decent portfolio over the next 10-15yrs, we're not looking to be millionaires in 5yrs. We believe that development is the way to go rather than relying on direct growth. The idea being develop, maybe sell one and hold the rest, revalue and use the profit to do it again.

Anywhere we buy we're going to be looking longterm unless we know the market is likely to drop.

Like you say Brisbane is like any city, could be good in some areas and not others. We're familiar with Melbourne and Sydney but no idea in Brisbane. If we were going to invest there we would be reliant on a buyers advocate (probably) and our own research which isn't as comfortable as buying where you know. But a lot of people are recommending Brisbane.

Thanks again and I hope I've explained our approach a bit better, didn't want to overload the first post with too much info.