QLD Buying from Interstate during lockdown

Discussion in 'Where to Buy' started by d3outguncom, 6th Aug, 2021.

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  1. d3outguncom

    d3outguncom Well-Known Member

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    Posted on "Investment Strategies" page by accident, reposting here. If mods want to remove from other page please.

    We are in Sydney, looking to buy on Sunshine Coast, budget about $800k.

    We have 2 IPs there already and know the market pretty well.

    The challenge is that, if we were able to get there, we could probably buy something. With the lockdown, it is probably going to be months before we can even think of getting there, and even then it could go into lockdown again without notice.

    The market there is red hot. Stuff goes before being listed. Feet on the ground and relationships is what is getting stuff bought.

    We can wait it out and hope to get there before the end of the year, get a BA to do the legwork and negotiating for us (cost about $16k), or try to buy "sight unseen" on the phone, hassling agents until they listen.

    Every month we ait is costing up to $40k in a market growing 5%/month.

    What do you think? Wait until sky is clear to fly there and cross fingers? Get a BA? Look at another market we can travel to (e.g. Central Coast)?

    We are looking to hold for 6 years and sell to then buy our retirement PPOR. Capital gain is our only interest.
     
  2. Branden

    Branden Well-Known Member Business Member

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    If I was in your shoes I would do it myself assuming I had the resources (someone on the ground). If not, I would just engage a credible BA. As you said, if you wait until borders open up the market could have moved 5-10% by then.
     
    Colin Rice likes this.
  3. Frenchie

    Frenchie Well-Known Member

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    Do you really need someone on the ground, if you know the area well?
     
  4. Branden

    Branden Well-Known Member Business Member

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    You are right, it most definitely can be done if you know the area well. It just makes it easier when inspecting a property.
     
  5. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    This seems like the logical conclusion.
     
    HenryC and craigc like this.
  6. d3outguncom

    d3outguncom Well-Known Member

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    Thanks @Branden , we would prefer to do it ourselves, lockdown makes that impossible. Lockdown won't be going away for months and, as you say, the market will have moved at least 10% by then ($80k).

    I think it will have to be a BA
     
  7. Clean Cookie

    Clean Cookie Well-Known Member

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    If you want to buy in bracken ridge (-/+10kms) I'll do an inspection and electrical safety check for a case of beer:D:D
     
  8. d3outguncom

    d3outguncom Well-Known Member

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  9. Sam654

    Sam654 Active Member

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    I had a similar issue at the beginning of the year while in Sydney looking to buy in Adelaide while Adelaide were (and always are) being strict with their rules on entering.

    I waited, but even when after restriction I found that I needed to fly over choose to 10 times to find the right place costing a fair chunk and wasting time.
     
    HenryC likes this.
  10. lil85

    lil85 Well-Known Member

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    Location:
    melbourne
    I live in Melbourne. I was thinking of using a BA to purchase something in Brisbane.
    Then contacted a BA, and seems what he does is just being helpful for inspection in the current market.

    I knew nothing about Brisbane. Only relied on this forum, realestate.com.au, google map and various info on Google, as well as asking agents how much the properties were sold for (the one fresh under contract).

    But i think I did ok. The property im purchasing was listed in Aug, and the previous contract fell through. Snapped it on the day it was announced. Luckily the agent did not wait for other offers. So i got aug price, and roughly $35k gain by now (around $7.5%), and save BA fees
     

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