200k positive/ neutral cf where would you buy?

What kind of attitude is that? You should start familiarising yourself, especially with your budget.

 

I have decided to now concentrate on the areas in Bris and Mel because I am familiar with them. I have never been to Adelaide, so it makes sense to narrow down areas to ones that I am a little more aware of in terms of demographics, infastructure etc.

 

With the budget you have, you basically have 1 council to choose from.

 

Playford, onkaparinga
Maybe around port

 

Stick to Geelong.....where you are looking is definitely a look in...

 

Cmon guys
Give the guy a break

Buying interstate in unfamilar areaea is very daunting.

Buying your first one in your back yard or familiar areas isnt a bad idea unless the areas are so bad or the interstae ones are miles better

 

Thanks TMNT, i get the sentiment about looking further afield, but as I mentioned it is obviously easier as a full time worker to be able to inspect locally, or have friends look at Brissy.

 

You could look in the back of a recent property magazine, looking at the median prices for suburbs to understand where you can buy, then ask targeted questions about particular suburbs and familarise yourself with the suburb(s) then (I think these figures are about 3 months old but give you a good indication of what each place costs for a 'median' property). The search function is also great for searching through the forum about particular areas/topics.

When you narrow down on an area, you could employ a Buyers Agent. I've bought both myself and using a BA (I'm also a full time worker) and have found BAs useful. But using a BA doesn't take away the need for Due Diligence (it's your money, your decision ultimately).

 

Hi Mabelle,
No probs. We bought in Eastern Heights on a quiet street, 700m+ block. There are lots of pretty houses, not too many at my price point but if you had some money for a PPOR there are some beauties.

 

I'd try to scrape into the Salisbury SA council, but that'd be a tight budget for the area. Otherwise a reno potential in Playford SA.

 

Hi Mabelle20

In terms of Body Corp fees in Cairns (and North Queensland), these are determined by the size and inclusions of the complex, whether they operate under a Standard or Small Schemes Module, and largely due to the cost of insurance.

I do recommend sticking with buildings with 5 or less, so that you can operate as a Small Schemes Module. It means you have a lot more control over the budget and expenditure.

Suncorp have recently (~April 2016) brought out a new policy specifically for NQ Strata style properties, including blocks of non-Strata flats. The policy is not based on location, as are the house-based policies, which means it can now be considerably cheaper to insure a block of units in Cairns than a house!

Most importantly, the above information is not even slightly well known by owners, Sales Agents, and even Body Corp Managers. This means that the actual fees do not reflect the potential fees.

As an example, I just negotiated a 75% reduction in insurance on a Strata property in which I own. From over $12,000 for a complex of 5, down to around $3,000 total per annum. That's a savings of almost $2k p.a per owner. That's not just a fluke, as I obtain insurance quotes for clients as a matter of course, and have been astonished by the changes.

I'm not necessarily advocating Suncorp, but in this instance it has helped a lot of struggling owners.

Cheers

Jen

 

If you're not comfortable with it, don't get talked into it.
It would suck getting talked into it, and the market tanks over there.
Not much in Brisbane, further out you'll find something. The islands are in your budget, but check their previous performance.

 

Thats interesting Jen, you mentioned previously that it was coming. There hasn't been much publicity about the changes which have the potential to make units/townhouses in small blocks much more attractive.
Rents are fairly high already so that sort change in body coporate fees could make some units and small blocks strongly CF positive.
I'm wondering how long before this policy change becomes common knowledge and has an affect on market sentiment for small unit blocks in particular.

 

Crikey, that's a massive difference.
Could be some bargains around before this becomes common knowledge, maybe in places like Port Douglas as well?

 

Hi Hugh

I think it will be years before it becomes common knowledge, as the perception of high body corps in North Queensland is widespread and entrenched.

Also, unless one is actively involved in obtaining new insurance quotes across multiple properties, how would they know otherwise? Even Body Corp Managers and Insurance Brokers aren't necessarily aware if they base their future actions on previous knowledge and policies. Plus obtain a commission.

The other thing to note is that for the first time in years, you don't have to go through a broker to obtain Strata Insurance (sorry broker's). You can readily obtain quotes on multiple potential properties with a single phone call.

Cheers

Jen

(Disclaimer: This is based on my personal observations and not to be taken as professional advice. Always do your own research on what insurance product is right for you.)

 

Azazel, it is a massive difference that not even unit owners would be aware of. One of the quotes I obtained for a block of 5 came in at around $1750, although I think they under quoted on the assumption that it was owner occupied.

Cheers

Jen

 

We've been buying in Brisbane in the last year , though stopped around three months ago .You will struggle to get a house under 200 in Brisbane ( unless it has major issues ) . We picked up one in Ipswich for 199 but it's on a busier road , it came with three other places ( investor selling portfolio ) and that's around 8 months ago now . Any thing else I saw in Ipswich at the time under 200 was flood , mining or reactive soils affected .

You would pick up a unit , but the BC's tend to be higher and can be a killer .

Personally I'd be looking at Adelaide , Hobart or Launceston at under 200 . All of these have dodgy areas

Cairns is moving , but is tourist dependant ( though less so now days ) . Jen Jen knows it as well as anyone . Rocky would have places under 200 but it's vacancy rates are high as is Townsville . I wouldn't be looking there at the moment .

There are some long threads of Adelaide . Read those and then talk to DT , Dave M and Corey . They know the bottom end of Adelaide as well as anyone . It's their play ground . They're well known on the forum and generally well respected . . If you want to talk to them either pm or hang around in the chat room . They're ALWAYS there ....

We've just bought in Adelaide , though it wasn't under 200 . DT inspected it for us . It was just round the corner from him .

I don't know Geelong .

Cliff

 

That's pretty good, especially divided by five.
Would it be different if it was mixed with investors?

 

What he said!
You couldn't ask for better advice!

Cheers

Jen

 

Ipswich busy road/floody or Adelaide?
Easy to please Jen.