Hi All, Looking for some advice here please. I have 268k that I just transferred to my SMSF and I want to buy a property with this. That would include the property, stamp duty and all the legals, so that needs to be taken into consideration. I was originally looking at a townhouse or unit but there are some areas that I can still buy a house/duplex for around the 245k - 250k mark, so that would be good to avoid body corporate and strata fees etc. I would be looking for a decent yield and hopefully some chance of growth for a longer term hold. I have been looking at Goodna (QLD) but worried it could be too flood prone, Ipswich (QLD), Salisbury (SA) and Orange (NSW). Not too concerned about what state, so if you have any good ideas I'd love to hear them. I don't want to get a loan on top of the money I have, I would rather just buy the property outright with what I have. Regards Bill
Take a look at Mildura. Vacancy rates always around 1% for the last decade. Capital growth ticks over at 2-4% per annum. I own there and have never been vacant, when a tenant leaves my manager always has someone lined up. Yields are good, about 6% for detached houses. Costs about $5,000 per annum to hold a detached house, which is pretty cheap compared to other cities and towns. You can get a nice 3 bedroom house for around 240-260, which would rent around 280-300/week. The town has a solid future, it services the whole region and population is slowly growing and it's a fairly diverse economy with education, tourism, agriculture, health. Has a busy airport with direct flights to Melbourne and flights via Nerrandera to Sydney. 3 hours drive to Adelaide. Large stores like Bunnings, Harvey Norman etc have moved in over the last 5 years. Buy on the west side of town, which is west of the highway in to town. It's a much nicer side of town and properties for rent are sought after that side. Look between 14th street and the city centre. Ray White Mildura are great property managers, i have been very happy with them, and they will give you rental estimates and inspect properties on your behalf.
Todd, Thanks for the information on Mildura, I'll be sure to add that to my list of suburbs and have a look.
You could get into Salisbury but it would be a renovator at that price, which may be a challenge with the cash available
Hi Rolf, I still have my work super fund open, so at the end of the year I will be looking to transfer that money and use it for some other investment assets such as shares etc. Thanks for the response.
I would not rule out a unit inner Brisbane if you can find a nice old walk up in a small block on prime land. Just avoid the Milton, Newstead and Hamilton areas. If you are happy to ride through the current unit oversupply, this might yield a better return than a house much further out.
+1. Or a unit in Perth < 8km to CBD. Search in these areas in price range $300-400K and low ball at circa $268K. Might get a bite if you're lucky.
I meant inner Brisbane (3 to 5 kms, 10 min travel max of CBD). The typical rings are much closer in Brisbane to the CBD than Sydney or Melbourne. For units, in your price range, I would look for old style walk up, small block (<8) and prime land (not on main road and not floodable) in following areas: - inner North West: Herston, Red hill and maybe Newmarket - East: New Farm and Kangaroo point - South: St Lucia and maybe other side of river i.e. Dutton Park but stay away from large developments in West End / Woolloongabba. Note my advice might be biased as I own one of those in Herston and one of those in St Lucia. But I was happy with the outcome of these type of investments after significantly renovating them.
I have been looking at Goodna (QLD) but worried it could be too flood prone Check the flood maps and buy on a high location well away from flooding and it's not a concern at all. There's still some good buying in Ipswich for mid 2's. Logan has moved but you could possibly engage a BA to find something off market and still be around your budget if you move quickly.
