QLD Areas to consider near Brisbane for first house

Hi all,

My partner and I have a 450k budget, with a 20% deposit. We have worked quite hard to save this money, and are considering to purchase land and build a house.

We both work in Brisbane CBD, but understand we are priced out of the inner city region. Both of us don't mind a train or bus commute which is under 40 minutes, as that is what we are currently doing.

Our goal would be to buy land, build a house, live in it for a few years, and build some equity. We would then use the equity and savings to rinse and repeat the process, by placing the existing house up for rent to build a property portfolio. Mind you this strategy is in an ideal world...

My question is what suburbs should we focus on with our budget?

Also would love to know what free research tools you guys use on a regular basis.

Thanks
Ron

 

I'd go anywhere but Ipswich... generally i would look East, South, North or inner. I personally like to stick closer to the water rather than inland. Logan council area is ok because you'd be between Brisbane and the Gold Coast. Plus you could granny flat there whereas you can't in BCC.
I personally have houses in the Moreton Bay and Redlands council areas. I like to own near the water, because it has a bit of a unique and scarcity factor. (And the same sort of location in Sydney is 3 mill plus)....

Otherwise, you buy as close as you can to Brisbane city on a good block of land... generally a safe bet. Watch out for flood zones everywhere in the Brisbane region.

 

Maybe Springfield Lakes

 

In all seriousness, the suburbs that have land available within 40 min commute of the CBD (at any budget) and slim.

Springfield Lakes (which appears to be your location) or North Lakes are likely to be the options, Unfortunately they are both more likely a little longer commute, and possibly higher spend.

 

Too much risk building new if it's your PPOR (you don't need depreciation), buy established houses, acacia ridge / forest lake would suit your budget on the south.

 

I would recommend somewhere near water, do you really have to build?? Can you buy and renovate?

 

Honestly, try and stretch your budget to at least 500k. Even if you have a slightly less than 20% deposit, LMI wont be much and you will be able to buy a decent property in Keperra or Ferny Grove area. I would actually suggest putting down a 12% deposit if you can and that way you will have some extra cash for repairs or value add. Keperra is a perfect spot for first home buyers who work in the cbd.

 

Personally i dont think building is the way to go
Your just paying someone elses profit

A house with good size and bones is a much better option in my opinion

I would be looking around Thorneside, acacia ridge, brighton, deagon

If you really insist on building what are your land vs build costs?
To build.something worthwhile you woild need to be buying the land for 250k at most w8th your budget

 

We currently live in Springfield Lakes atm, the only issue we are hearing from friends who have invested in the area is that there not much capital growth. Which may hamper our ideals of building a solid property portfolio.

 

We do travel to costco regularly, so North lakes may be another option. Our first option was Springfield Lakes, but was quite curious to see what other Suburbs are out there

 

Yeh I understand that maybe building may not be the best option, the extra costs for landscaping, fencing, driveway, and basic extras would not be worth the money. It could change our plan to look for an established house that is maybe less than 5 years old?

 

My partner family live in forest Lake, we are considering this area as it had richlands train station and good transport options. My only concern is growth potential or how easy it is to rent a property in this area? Are there specific tools thay can help me understand the suburb more?

 

I am swaying more to an established house at the moment, would like to live near the water but we are trying to be strict and purchase something we can afford abs repay if the rates jump to 11%.

 

Keperra would be ideal but we are trying to stick to our budget, could be an area to look at for our next house. I really don't want to pay LMI if I am in a position to avoid it, just a personal preference. We do have additional funds but are budgeting them for furniture and costs that may come up.

 

Remember furniture and appliances dont need to be brand new. Huge savings buying second-hand.

Have you considered Strathpine and Bray Park for your budget?

 

So you would build in North lakes because it has a costco?

 

Many suburbs in redland and moreton bay have houses below your 450k budget
I think 11% is ultra conservative. Its almost triple current rates

 

No, I am saying we do visit the area. But haven't considered actually living there so it might be a possible suburb to live as it is quite similar to Springfield Lakes.

 

I would stretch just above 500k and buy as closer to city

 

Thank you for the suggestion, I will add these two Suburbs to the list. We do have some furniture to take with us, the only new items we will purchase are a fridge, washing machine, partner would like a dryer but I'm competent with using a hills hoist. Won't spend the entire budget on furniture, but I feel as if it is enough to furnish a house for two people and a dog.