1 Bed Units

Hey,

I'm new to Property Chat!

I had a brainstorm this morning and am chasing some information about one bed units.

I am 26, have very modest savings and am eligible for the first home owners grant. The cheapest dwelling I have noted is an existing 2 bedroom unit in Toowoomba priced between $150, 000.00 and $200, 000.00.

I would like to use the first home owners grant to contribute to the cost of a dwelling.

As you may be aware, there is more money available for purchasers of brand new dwellings if the the purchaser is eligible for the first home buyers grant.

Is it possible that development property into multiple one bedroom dwellings priced between $150, 000.00 to $200, 000.00 makes a profit in a Good area in Toowoomba.

If so +1 for demand and can we talk.

Cheers,
Tom

 

Are you asking about buying a flat/unit or about pros/cons of property developing?

 

Buying a flat/unit. I don't know if this is helpful but I would buy a brand new $200, 000.00 flat/unit if one were to become available. I'm just wondering why there aren't any on the market. How does it stack up financially? If the land is reasonably cheap and the build is kept economical there is reasonably the largest market available ie, the most people of any demographic can afford a $200, 000.00 unit. There is a market for them. I suppose, looking to the future I see this as a space for opportunity to make bulk coin but right now, I need a cheap unit!

 

Search for "development" or "feasibility" on here for a start to get some idea of costs. Consider this post for example and change some of the numbers Nollamara Development Advice

More than likely no money building $200k units in your area. "build is kept economical" cheap quality is not appealing to me but ymmv
Older ones often have better build quality, location and land content then new builds.
Look for one you are happy to live in that only requires minor renovations like paint and cleaning up gardens etc Very easy to over capitalise.

 

If you're willing to move to Brisbane for a while, it may just be possible to get a 1br for under $200k in an inner suburb that some say will gentrify.

Eg 5/79 Koala Road, Moorooka, Qld 4105

No balcony, not greatest part of suburb and only 48m2 (check for financing issues).

But it gets you on the property ladder with something that has significant land component.

 

Good thread, im watching it