Hey guys, Thinking of taking my PPOR/IP and have been presented two for house and land options. 1st- Bray Park block - Around 675m2 block pretty well crowded area in Bray Park which seems to be doing great...Around 24 kms from city The quoted price seems to be 540k for land + house i.e 4bed/2bath... Based on the median at RE website at Bray Park of 435k,it seems way high profit margin for the builder. 2nd- Narangba block- Around 575m2 ...Around 24 kms from city The quoted price seems to be 460k for land + house i.e 4bed/2bath... Based on the median at RE website at Bray Park of 456k,which doesn't seem too bad... But 38 kms seems way too much away from the CBD...for Brisbane at least.. Also Narangba to Petrie seems to be 11kms and Bray Park to Petrie is 5 kms... As the whole play is on the the new Uni I feel Bray Park seems to have a distinct advantage... Both properties are out of the flood zone,haven't looked much into schools/crime yet... My goal is :- I want to use the 20k FHOB+Stamp duty grant and live in there for like 12 months and rent it out especially when the Petrie Uni starts out... Should i take this approach or go for something cheaper/established home in the area so I dont have to live in it and can directly rent out...Problem with this being I probably need to wait out for 2 more years to build a deposit of 20% for an IP...Loss of any capital gains from no asset is also a factor.. I am 26 no kids and work in CBD and dont need the 4 bed house but looking for a strong capital growth asset... I like Bray Park as a suburb but the premium I am being slugged with seems a bit too much... I am kind of in a catch 22 situation here as I dont have enough deposit to take an IP...Dont have the need for a big house far out of CBD.. Only thing I have is a decent cashflow...Can save 40k/year... Opinions /advice are welcome...
Bit confusing here. In your post you initially mention that Narangba is 24 km from GPO then later you said it was 38km which I think is correct. You get what you pay for so go the Bray Park home.
Assume you are being influenced by new and shiny. Neither of those locations will deliver you the best growth. You can get much closer for the dollars, and as you suggest established is the way to go. You indicated living in the property initially, both locations are an hour plus from the CBD. How far is your current commute? Put it into perspective. If you don’t want to do it, neither do others...
Not actually... A train will get you to CBD in 30 and 40 minutes from bray Park and narangba respectively...
You seem to be missing the going to a station, parking and a couple minutes buffer to make sure you catch the train. I think it would be 50 mins plus from bray park to central
@KnockKnock - Reckon it's wise to make use of first home buyer benefits while you can. It gets you in the market with stamp duty benefits + it's possible to go to a higher LVR (upto 95% including LMI with the majors), which isn't possible with an investment property. Provided you make a decent lender selection, and that you don't need full applications in the future to make variations, it will be easier to do loan splits and pay down part of the debt and reborrow for further investment. Don't know alot about Narangba. I'd pick Bray Park anyday - a flat block near the train line with a future upside. 450k+ seems on the high end. I wouldn't pay more than $400k-$420k in Bray Park. And I'd focus on established rather than H&L. Good luck!
Bray Park over Narangba any time. No body would want to commute to the CBD from that far out and rent unless they are really desperate. Even FHBs would have to think very hard about living so far away. Have you ever been to Narangba? It is a "get in the car and drive to (the station) everything" place. I dont understand what you mean by the above description in Bray Park unless the real estate agency is misleading you - offering a new H&L in an adjoining suburb maybe. But as you have realised, that price is way over the median. If it is a new house built in a new subdivision, I dont know about it. Would you show us the details? That price is way over the top for Bray Park and Strathpine demographics. Is it the new places in Graham's Rd Strathpine? Is it in Warner? Have my neighbouring suburbs boomed last week and I dont know about it yet?
Nah it's this guy on Sparkes Road... Lot 51 Sparkes Road Bray Park Qld 4500 - Residential Land for Sale #201934562 - realestate.com.au Thats the land and a 220k house on it almost... Obviously I am not going for it...Too much price for me...Really wanted to use the grant + stamp duty rebate though...Well tough luck..
Ah, a sub divide. It backs onto the school which from personal experience in that area wont be too pleasant. Fairly heavy traffic on that road too, and hoons. Nah. Around Symphony Dr is the most prestigeous.
Have a look at comparable sized blocks in nearby suburbs. This is a large flat block reasonably close to the train station (still a long walk). Bray Park extends more than three klms west of the train line. However the block next door is a battleaxe, (see the sattelite map) so if this is also a battleaxe, then the amount available to build on will be a lot smaller. Brisbane people traditionally dont like them either. I dont look at land prices so I am not familiar with comparables. Have you decided on what facilities you desire where you decide to live yet?
Well the only thing I am looking at is a 30 minutes train to CBD and capital growth with decent yield... If only it was that easy...
@KnockKnock without knowing the other details I would go bray park in this instance. A 675sqm block is a good size block in bray park, whereas a 575sqm is considered small in Narangba. In Narangba there is much more land to be filled out and a lot of the houses are on much bigger blocks. Just did some quick calculations and you're still paying $800/sqm for the H&L in both scenarios - considering this, I would much prefer Bray Park for the same money per sqm. As you mentioned too , BP is 15km closer to CBD, and closer to Petrie. BP is more densely populated and not as much stock getting built. Narangba has a lot more new builds getting built out there. Regardless, I still think you're over paying in both scenarios. There is a a lot of fat for the developer here.
