Good evening everyone, I have just had my offer accepted on a property in Burpengary and was wondering what your thoughts on this property were. It will be my PPOR for the next year or 2 then will be rented out. 3 Springfield Dr, Burpengary. Link: Property Report for 3 Springfield Drive, Burpengary QLD 4505 Offer accepted for $326,500 Thanks
Nearest value property was listed at offers over $340,000. This was also on a larger block as well. There were competing offers on the property “supposedly”. I was afraid I’ll lose to another buyer so offered the stated amount. I’m wondering if the action I took was appropriate or not.
That’s what I thought too. Close to the main shops as well. Zoned as a “Urban Neighbourhood” so higher density meaning I could look at building units or subdividing in the future.
The block is big. So has potential. If it will be your PPOR does it really matter? For me, with PPORs it’s the emotional attachment that matters the most.
That’s true. One of the main reasons that I purchased this property was so I was closer to work. It won’t be my PPOR for long so wanted some confirmation that this won’t turn out to be a lemon.
I guess if your plan is for it to be rented out in a year, then what can it rent for? Is there a rental demand for a small older house like this one? Whats the rental return? Do you actually plan to develop it or should you look at how it performs as an investment now. Do you think it's going to have good capital gains? I have recently been in a similar situation, was going to buy something where I am living currently although only intend on staying another year. I had a really long think and although the property would have positive cashflow it wouldn't have had much capital gains and so I have decided to save my money and buy a PPOR in the next location, rather than use part of my deposit.
