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$420K 2 bedrooms apartment in Sunnybank Qld

Discussion in 'General Property Chat' started by tom, 23rd May, 2016.

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  1. tom

    tom Member

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    hi Everyone.

    I know that Qld is now on the hype and apparently will catch up Sydney and Melbourne in near future, especially popular asian/chinese area such as south bank, new farm, sunnybank, etc.

    apparently I have been proposed to buy an off-plan $420k apartment: 2 bedrooms, 2 toilets, 1 car park and the location is just 200m away from Banoon train station, the builder promise us the completion day will be early 2018. this is my first property and I'm happy to hear your 2 cents.

    cheers!
     
  2. EN710

    EN710 Well-Known Member

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    @tom $420K for an apartment in Brisbane sounds like poor value to me. You can get houses on the north and a bit further south with that amount.

    Why this one?
     
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  3. HUGH72

    HUGH72 Well-Known Member

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    Is this in Lister street?
    I know nothing about this development but my initial thoughts would be that you can do better. The market in the area is presently strong but it's primarily a house/townhouse market.
    Come settlement in 2018 there most likely be numerous other investors looking for tenants.
    Have you looked at many comparable properties to determine if its reasonable value or is there a fair slice of developer's magin built into the price?

    Who knows what the unit market will look like in Brisbane in 2 years but I would rather not be holding onto one if I could afford a house.

    This suburb in terms of houses has already grown >20% in the last 2 years, if I was buying now I would expand my search outwards from there as it is probably too late in this suburb IMO.
     
  4. MsAli

    MsAli Well-Known Member Premium Member

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    Run!
     
  5. tom

    tom Member

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    because of the location - i dare say will be very easy to lease out once it done. plus we don't have to put down a huge amount of money for deposit only $40k (10% of total value) for now and the rest 10% will be pay when it finish (early 2018).
     
  6. tom

    tom Member

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    it's in troughton rd indeed.

    the reason why i choose apartment because it's easier to lease or sell to youngsters. chinese community present strongly here and their kids won't be able to afford the house, plus chinese wants to stay close to their parents.
     
  7. thatbum

    thatbum Well-Known Member

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    Yeah but you could also buy established property with 0% now, and then whatever deposit you need in 2 years time.

    The best advantage is not having to lock yourself into some contract you have no control over for two years before you (hopefully) settle.
     
  8. tom

    tom Member

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    can you be more specific about this? I had no idea of buying established property with 0% deposit?
     
  9. thatbum

    thatbum Well-Known Member

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    Sorry, I wasn't clear before - but I meant just not buying anything for 2 years. Almost certainly a better option than an off the plan contract now that settles in 2 years anyway (if it settles at all).
     
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  10. Marg4000

    Marg4000 Well-Known Member

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    Why would you buy a 2 bedroom unit OTP for $420K in Troughton Road when you can buy a 3 bedroom fully furnished townhouse in Dixon Road at a list price of $425K?

    Probably even get a rental history.
    Marg
     
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  11. Hung

    Hung New Member

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    EeeK. Don't do it! Use the search function and research about buying OTP
     
    Last edited: 23rd May, 2016
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  12. cheekykoon

    cheekykoon Well-Known Member

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    It's the cornerstone estate alright. The townhouses are better value. Lower body corporate as well.

    The market is soft now.
     
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  13. tom

    tom Member

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    definitely some wise words
     
    Last edited: 23rd May, 2016