QLD Bray Park strathpine lawnton...

hello all just wanting some advice on a Bray Park house but it’s not walking distance to train station maybe a 2 minute drive I’ve heard to only buy walking distance should I rush in or wait for one to come up closer to station my budget is $390.000 max the house I can buy is low set $385.000 rents for $380 a week.

 

Should I wait a few months so I have around $400.000 and get closer to station or am I putting to much emphasis on walking distance to the train advice would be great thanks guys.

 

Walking to train is more important in inner suburbs I think. I'm not sure I'd want to be too close to a station in the less affluent areas.

 

Three or four minute drive. Allow for the one set of traffic lights

 

Have a look at other houses online. What price have they recently sold for and what condition are they in? Then you will know whether this one is fair market value or not.

 

I would say keep looking if you're not completely comfortable with the current deal you're looking at. Good stock is hard to come by so best to keep an eye out on it all the time to maximize your chances of getting a decent IP1

You will not find the perfect property that ticks all boxes. Which is why most importantly you need to define your selection criteria. I've covered the 4 high level criteria that I use in my 7th lesson so hopefully it'll give you some guidance.

Given it's your first IP I would say location will be absolutely paramount. By buying close to public transport you get ahead of the crowd as Brisbane population continues to grow...more and more people will eventually find that public transport will be a cheaper and less time consuming alternative to get to work. It's all about future-proofing yourself in my opinion.

Cheers,
David

 

Thanks David you are a huge help i check about 4 times a day as i have a bit of time up my sleeve was just wondering your opinion on renting rooms out to students from the uni i know a few people that do it close to the Deakin uni in Waurn ponds Geelong and they make alot more then renting it out normally i know it would be risky but with uni students would any insurance cover this?

 

Think i might skip the property Angel if its a 5 minute drive i also called translink and the trip can sometimes take 34 minutes so with the drive its more like 40 minutes to Brisbane i know most people drive in Brisbane but i think that will change as population grows.

 

i am Talking in 10 years thats how long i plan on holding kinda the reason i am put off Logan also the M1 is a discrace now i can imagine what that will be like in years to come and the train from say like Beenleigh to Brisbane is 50 minutes might be 5 minutes faster express.

 

Hopefully the traffic on M1 is only a short term problem and the upgrade will contribute to the area actually improving in the long term.
Are you aware of the federal governments $1 billion pledge?

 

Hey Jesse yeah I am aware of it but I wonder how much of a difference it’s going to make with the amounts of people moving to the Gold Coast/Logan areas and they just keep making new housing developments like yarrabilba and pimpama and has the funding for it even been approved I think it’s 3 years away to before it starts.

 

Or have they started I’m not sure not from up that way.

 

I'm sure there would be investors doing it and it'll depends on the student demand once the uni is completed. Keeping in mind there are also a whole heap of new townhouses being built around Petrie and surrounding suburbs, so not sure how much profit you can actually make by renting by room when there are so much rental supply available for competition.

As for insurance you may want to check with an insurance broker and I can only guess the insurance premium will be much higher than usual due to the associated risk. Same with finding a PM that's willing to do this as they will charge a higher fee due to the amount of work required to secure new tenant and relatively high turnover.

Cheers,
David

 

Make sure you check zoning of properties within walking distance of stations.

If ‘Urban Neighbourhood’ or ‘Next Gen Neighbourhood’ then they have Development potential, particularly if 15m frontage and 600sqm. Zoning allows units or townhouses. Get planning advice.

Might not have funds to develop now but could add value down the track.

 

Yep...every mom and pop and newbie investor wants to build T/H

Too many idiots out there buying because of the University the game has changed....this is investor driven.

Time to change the game and have a look at the potential of O/O areas in Moreton Bay this is where the CG is gain is....clue it ain't in Petrie......or Kallangur......

 

care to share Sash? redcliff strathpine?

 

Well where is the CG potential then? Are you talking about OO areas closer to train line or away from them?

 

Be talking about south end (hills district) I imagine

 

Hills district is so far out .... did not appeal to me much ...