QLD Bailey St, West End

Discussion in 'Where to Buy' started by matty_fu, 1st Jun, 2020.

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  1. matty_fu

    matty_fu Member Premium Member

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    Hi all, just beginning my property search and have come across a few apartments under construction. Either on or around Bailey St in West End (e.g The Bailey, London Residences)

    My plan is to purchase and live in for 1-2 years before moving out to rent. Anyone know much about this area and whether it's a good/bad investment?

    I looked up the Brisbane flood map and it falls inside the medium-chance (1% annual) area. On top of that it also has a few patches of "Overland flow"... but I'm not quite sure what that means. Will that have any impacts on insurance availability and/or pricing?

    Any tips would be greatly appreciated! Thanks

    Matt
     
  2. Hebro

    Hebro Well-Known Member

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    a lot of proposed development
    check body corp fees
    maybe better value second hand
     
  3. Lindsay_W

    Lindsay_W Well-Known Member

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    Out of interest, why are you looking at brand new apartments in Brisbane? What appeals to you?
    Brisbane has had a massive amount of apartment supply, if you're buying for capital growth it may not be your best option.
     
  4. matty_fu

    matty_fu Member Premium Member

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    First home - so wanting to get all the benefits that come along with. They're tax free, right? So $15k grant is $28k+ in equivalent income on the highest tax tier. Don't want to miss the chance to use it since you only have access to it the once. Since I don't know much about property, I don't really know how I would put a price on forfeiting the benefits (e.g. as you say, new homes don't have as much capital growth?)
     
  5. willair

    willair Well-Known Member Premium Member

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    Maybe start with the flood insurance costs as I know that street ,then the BC costs .. From a investment what way does the floor plan face the river city or facing all the other units being built.good luck..
     
    Angel likes this.
  6. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

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    You get the $15k once, but you’re going to be holding this property for 20 years or more.

    Don’t be distracted by the $15k - if you’re on the highest tax bracket you can save that in no time.

    This is an investment, first and foremost, so make sure it stacks up as such. Or that could be the most expensive $15k you ever get your hands on.
     
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