hi newbie first post here and never bought before. I've been renting for four years in south Brisbane and have 300k to buy a unit. Most of my friends will only spend $300-$350 in rent for a 2 bed, so these are the places I'm familiar with. I see there r 2 bed units going for 300k in Annerley. Most units are pretty old. Are they worth buying? I loved the location when I rented a house here. Or looking further afield in coorparoo, Holland park, garden city etc will b better? I know green slopes is popular on forums here, my husband rented there, but as a renter I never considered sifting thru this suburb to work out flooding, so chose neighbouring suburbs. Maybe no one else thinks like me as a renter? I have family to rent from us for a while so not worried about finding tenants.
What's your goal with this purchase? While it's easy to buy where you know, if it's purely an investment you're best off starting with the end in mind and let that determine your area. For eg, if you need capital growth will your area provide that? Are you happy with the rent return? Are you still happy with the rent return when rates are at 6 or 7 percent? Just a few thoughts to help you start filtering
Flooding is pretty easy to avoid in Greenslopes. I'd favour an old apartment there. (I lived in Annerley as well). Rezoning draft out this morning shows medium residential (up to 5 stories) running right along the freeway, centring near the busway. Something to keep in mind for future supply... There is an old unit in Drummond St thats in a good spot, although I haven't looked at it - it was also rezoned this morning to med res.
Yes the drummond St properties look really good. Anyone had good dealings with Jeff Jones real estate? They're pretty big round there. I've had a tricky situation with them once with friends but it might have been because my friends didn't speak much English and rented out a very rundown unit so problems were inevitable.
I maybe biased but always think Greenslopes is a nice area. So near the city and yet so peaceful, not many cars on the road... As the name suggest, there are "Slopes" there so there shouldnt be any major flood problem. In the recent cyclone, a tree fell on road, and the creek was very full. No one property is ever the same, so it is hard to generalise whether a $300-350k is good or not. You must inspect, and inspect properly, not just the Unit itself, but the Complex and the surrounding. You should be able to pick one that is very well maintained and still has many years to run. All the best.
