QLD convince me deception bay is a bad idea

Beautiful Deception Bay..

 

What does it cost to maintain a Trust?

I know you are in high risk profession....so it makes sense.

My land tax in Qld is probably about 2.5kpa...if I put 2 per trust that would be 8 trusts assuming it costs about $600 per annum to maintain each...that would be about $2400pa so it would be same as keeping it off a trust. But a trust does allow you to distribute gains to lower tax earner.

 

That's a bit of a difference.
Slower over the holidays?

 

I almost bought my first property in Deception Bay before they renovated the shopping centre (about 2 years ago)... I did the figures and couldn't work out why people weren't investing there. Properties back then were like $240k for a decent house and the returns back then were like 8%. I honestly think there is huge potential for gentrification due to its proximity to North Lakes. Plus there is some really lovely waterfront space which I don't think gets the recognition it deserves. When I was looking at the properties there I was in a 9 month relationship with a guy living in Deception Bay...The stuff I saw during my 9 months semi living in the DBay area was mindblowing. I might live a sheltered life, but Deception Bay is the only place I have ever been where you can go to the local shops and someone is openly smoking pot outside the front doors of the local IGA and cars are pulling up with notices on them to say they are illegal to drive and that they are subject to being seized for hooning. I think give it 5-10 years and it will be similar to North Lakes - new development and a mini-city in its own right. If you are looking to invest, I would be investing in something with decent land content so that there is potential to subdivide once the suburb takes off. One major negative for the suburb is the level of flooding that occurs. I ultimately decided to invest in something much closer to the city as there wasn't that much difference in price and I thought there would be more potential for capital growth further in.

 

How did you get a description of DBay in ONE single paragraph.

I nearly gave up until I read.....

 

Bancroft is a pretty decent area. It's quiet and the worst I witnessed was waking up one morning to find my car had been egged. But that's quite common for DBay haha

 

Neighbours are good on either side and across the street from our IP. There's housing commission in the street & ours is ex housing but the street is 40/60 housing versus private stock. It seems like an ok neighbourhood.

 

Any disadvantages of buying in a trust apart from annual cost of 600?

 

There are bad parts like anywhere, but the majority is good.
Sure it will all improve over the next few years as well.

 

You can't negative gear , however we aim to be cash flow neutral . We always find when we buy cheapies which should be neutral or positive , there are additional costs in the first year or two , stoves go , drained need unblocking due to lack of maintenance from previous owner .

We have a trust which is well and truly positive so if we have any short fall we can do a distribution form that fund to the others .

It gives you flexibility to direct Capital gains in different directions .

Cliff

 

Any care to share their thoughts on buying ex housing comm places? Had one go to contract last week. flying up later today for the B&P. Should I be on the lookout for anything in particular?

Cheers

 

It really sux that these loopholes exist, but I guess the pollies are in on it too, so little chance of change at the moment.

 

You're from Sydney or Melbourne?

 

What water front development?
I was there on the weekend, it was a dead hole.

 

Sydney. What difference does it make?

 

He's referring to the observation that Sydney and Melbourne have a bay and harbour focus , so bay or harbour properties are considered prized , while in Brisbane there's a large group of people who want to be close to the CBA rather than close to the bay .

This view point is very prevalent with Brisbane residents on the forum , and they seem to think that people who want to live near the bay are ' wrong ' and assume that any one who suggests this is from down south .

We have Brisbane properties in the Manly Wynnum area , Teneriffe and in an out Lower SES area .

If you actually met people who live close to the bay in Brisbane , most love it and wouldn't live anywhere else .

There's also a view common amongst many that the only decent beach is a surf beach

Redcliffe does have nice ( non surf )beaches , manly has the biggest marina in Australia so there are people who want to live in the bay . Not every one who wants to be on the water wants a surf beach.

Horses for courses .

When I first joined the forum I was told ( by probably the leading Brisbane expert at that time ) that Redcliffe was deadcliffe and I should look elsewhere . I found out later she was looking in Redcliffe at the time ....

Cliff

 

My 2 IPs are 5-10 mins drive to nearby beaches and my initial scoping relates to burbs near beaches in SEQ. Like @See Change has pointed out this preference is not often shared by others on this forum which is a great thing to be challenged.

 

Yes, look under the house (if off the ground) in particular the bathroom area, they are notorious for leaking, a quick inspection with a torch will show that. They usually had timber slats under the concrete, I have seen a fair few rotten one's Not a deal breaker but need to factor the repair costs at some stage.

 

Q'land houso properties have a reputation of being well built .

Obvious do B& P . Termites are the major issues . we've never had an issue with bathrooms , outside normal wear and tear .

Most of our Q'land properties have been ex housos' , ones we bought in early 2000's and one's we've just bought .

Cliff

 

why do I feel @See Change is buying this part of SE QLD?

few months back, he was suggesting buying 'few cheapies' but would not tell where as he didn't want to create competition before he finished buying.

cheapies, the bay, and the most contributed to this post...