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Buying a Property In Brisbane

Discussion in 'The Buying & Selling Process' started by MelbInvester, 3rd Aug, 2015.

  1. MelbInvester

    MelbInvester Active Member

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    Hi All,

    Im looking to buy a property in Brisbane. I'm looking for CG and areas around Coorparoo.
    Also with rent to cover.

    Do i need an BA or recommend to do own due diligence but purchase without sight unseen?


    MI
     
  2. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    What sort of budget?

    Why not jump on a plane a few times, suss the area out yourself, get to know the market and take it from there?

    If you are time poor and have plenty of cash, a BA might make sense.
     
    EN710 likes this.
  3. wylie

    wylie Moderator Staff Member

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    The "rent to cover" is going to be the hard part. I've found several townhouses, units around this area where the rent would go a long way towards covering, using IO, but it is the other things that push it over, rates, insurance, BC fees, maintenance.

    Do you want rent to cover all costs?
     
  4. Plutus

    Plutus Well-Known Member

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    Rent to cover is going to be a huge challenge around that area. Prices are up a tad in last 2-3 years (not massive like syd), rents haven't really grown that much & you've got a tonne of new development stock popping up slightly closer in kangaroo point & Woolloongabba.
     
    KayTea likes this.
  5. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    A BA would be helpful if you're time poor and/or don't have confidence in your own due diligence.

    If you do have the time and ability - there's HEAPS of research you can do from behind the PC. Once you've honed in on a particular area/property, it prob wouldn't hurt to inspect the place in person. It's a relative small price to pay in terms of the size of the purchase.

    Cheers

    Jamie
     
  6. Jacque

    Jacque Buyers Agent and Bookworm, Sydney Business Member

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    Plenty of great BAs in Brissy- including some on this forum. Check out buyers agents at www.rebaa.com.au Happy hunting!
     
  7. Lu Bracher

    Lu Bracher Active Member

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    I agree with Steven - jump on the plane and come up to see for yourself. If you have someone you trust - all good for them to see for you.

    Putting contracts down sight unseen - not a problem in a fast moving market - secures you and you can also take a chance to check it out properly.
     
    EN710 likes this.
  8. Richard Taylor

    Richard Taylor Mortgage Broker & Brisbane Buyers Agent

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    Hate to say it is unlikely you will find a property in Coorparoo where the rent covers all of your expenses especially if you intend to finance 100% of the purchase price plus costs.

    Good suburb but very unit orientated. I prefer Norman Park, Morningside or even Carina.
     
    MelbInvester likes this.
  9. wylie

    wylie Moderator Staff Member

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    I live in Coorparoo and there are areas full of units, areas I wouldn't go near and areas I would. Like any suburb you need to choose carefully.
     
    Leo2413 likes this.
  10. MelbInvester

    MelbInvester Active Member

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    Can you tell me some areas to avoid? also can i buy a house around 450-500K mark?
     
  11. wylie

    wylie Moderator Staff Member

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    It would be easier to know a street you are looking at and I would be happy to take a look and let you know my thoughts. Off the top of my head, I would avoid anything around the train station. Long ago there was talk at NHW meetings that people would get the train, do some B&E and then back home on the train. Also there can be flooding down that way.

    There are whole streets full of units dotted about. There are great streets with multi-million dollar houses that run into streets with fibro houses. I doubt you will find a house under $500K.

    There are areas with DCP so no moving of houses, and other areas where prices have gone mad due to people being able to remove houses and build mansions. So it very much depends on what you are looking for.
     
  12. MelbInvester

    MelbInvester Active Member

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    Thanks, I just thinking something like this.

    11 FAIRLAND ST Mount Gravatt East Qld 4122
    102 Marshall Road Holland Park West Qld 4121
    529 Creek Road Mount Gravatt East Qld 4122
     
  13. CU@THETOP

    CU@THETOP Well-Known Member

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    All main roads. The 1st has a UCV of 290k-been on market since 28 July
    The second has a UCV of 270k and been on market since 28 July
    The third has a UCV of 250k & been on market since 20 Jan (RP data refers to it as Mansfield not Mt Gravatt East.)

    Personal preference the Marshall Road one- near (but not visible) to the Freeway/Bus stop.

    I'm sure some of the buyer's agents on here can add their comments.
     
  14. MelbInvester

    MelbInvester Active Member

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    Thanks,

    Like to know how this Unimproved Capital Value used to take the decision and how can we find it?

    MI
     
  15. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    I had my eyes most closely on the space/star named streets in Coorparoo.
     
    Last edited: 12th Aug, 2015
  16. CU@THETOP

    CU@THETOP Well-Known Member

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    I had a look on RP Data for you. For me, if all else goes wrong you still have land value. The higher the UCV the higher the inherent value of the property.
    Although UCV is compiled by a bunch of public servants based on suburban averages my view is that they have a better idea which is the more valuable piece of land. Having said that I went with the 270k as my preferred candidate based on proximity to public transport and ease of car access to SE Freeway.
     
  17. MelbInvester

    MelbInvester Active Member

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    Thanks, How do i find this is in flood zone or not?
     
  18. Roosterman

    Roosterman Well-Known Member

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    Google "BCC Flood Map", a guide for residents, and click through to the interactive flood awareness map
     
  19. HUGH72

    HUGH72 Well-Known Member

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    Marshall rd is very busy, its a major access rd to the SE freeway.
     
  20. wylie

    wylie Moderator Staff Member

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    I'm guessing you mean Orion, Sirius, Procyon etc (space) but cannot work out what you mean by "start" names?