QLD 2bdrm Unit in Brisbane Southside (As a PPOR investment)

Hi,

So I'm looking finally move out of home and add a 5th property to the portfolio (to live in)! Of course I want to consider the investment side of things.

A 2bdrm unit in Southside Brisbane. Cooparoo and Holland Park look good to me in terms of future development in the area (new entertainment precincts nearby), proximity to the CBD. It's also <15min to work (I'm a 26yo teacher). I feel like the market has recently hit the bottom. You can get an older one for as low $250k. Crazy!

What are your thoughts?

 

Good locations both of them, 2 br for 250K good price, as long as body corporate fees are not exorbitant and the unit has something unique in that block. Good luck.

 

Geez wow. For $250k I'd go for it. I don't think it could get any cheaper, there's only upside. Follow @ndpjai's advice. Also check what's in the sinking fund and check the strata records.

 

I'd be a bit careful..just make sure it doesn't have structural issues or anything like that. Plenty of really good ones in that area in low 300s.

 

Good time to buy I reckon.

 

The only reason I'd consider buying is if it turns out its cheaper to buy then rent.. you stay in the unit for the long term pay down non-deductible debt and you've set up your disposable income for some good investing. Downside is you've tied up quite a bit of equity on an asset that's not going to move - indefinitely. As developers get a sniff of some sort of recovery in the unit market.. bam, you've got another 10x 10 storey buildings going up in a 100m radius.

Depends on your strategy, but I'd prefer to make use of the CGT free thing with a house that goes up in value. I'd prefer not to be at the mercy of developers.. potential for more units is infinite, land is finite

 

Thanks so much for all the advice. Makes me feel a lot more comfortable going into any decision. Will update in the future to see how things go!

 

I would suggest one of the older 6 or 8 packs.
Make sure you get a lock up garage.
Go for a good location close to city transport and shops.

There are quite a few scattered in very good locations.

PPOR advantages now, possible 6 year exemption if appropriate. Keep any extra $$$ in an offset account.

Select carefully to suit yourself now, but mindful to ensure broad appeal in case you turn it into an IP one day.
Marg

 

What is the vacancy rate for units in cooparoo?

 

The same has happened in Moorooka Annerley Dutton Park on the inner south-side ..The ones to target are in blocks of 4 on anything above 800sq ,most are weatherboard some brick and for 250k depending on the sinking fund all would need internal work..
The only problem may be the price can still drop more as more of the older 10-20 year range come onto the market ..

 

But for just 250k.... I reckon you'd pay 650k+ for the same thing in Sydney

 

Yes it make's investors wonder,when the circuit breakers become dangerously overloaded as the old 4-6 packs blocks of flats are still in freefall--compared to Sydney prices values and i cant see any plans ahead to restore price stability,unless the rates just keep hammering upwards over the next 2 years..imho..