Durack QLD Buying a house for future IP

Discussion in 'Investment Strategy' started by Dan.DK, 10th Jan, 2017.

Join Australia's most dynamic and respected property investment community
  1. Dan.DK

    Dan.DK Member

    Joined:
    19th Aug, 2016
    Posts:
    8
    Location:
    Brisbane
    Hi Guys,
    I am looking at buying a house in Durack QLD. or any suburb around (25mins from Brisbane CBD) Somewhere around 390k-420k. ( possible 3BR,1Bath, 2 CarParks) for the first few years I will live there. but after that I want to rent the place out. Do not necessarily want to sell the house but I want to keep the property and rent the place out.

    1. Do you guys think it is a good decision to buy a house in Durack to live in for some time and rent out afterwards?
    2. I think I will not have any problems finding a tenant in for the future.

    Really really appreciate any feed back as I am scratching the back of my head thinking to whether jump in to biggest decision in my life or not.

    Thanks a lot :)
     
  2. vbplease

    vbplease Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,575
    Location:
    Brisbane
    For $420k I'd recommend trying to get into Oxley rather than Durack.. I think most ppl would group Durack together with Inala which is not a good association.
    $420k will be tricky - there are a lot of threads on this forum that detail tips and tricks with buying e.g. get your finance in order, get friendly with local agents etc.
    You may need a bit of elbow grease to do it up, but that's part of the fun with buying your first place :) good luck
     
  3. Heinz57

    Heinz57 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,962
    Location:
    Paradise
    I think Durack is OK and Inala is starting to get quasi trendy with the great restaurants and Asian grocers. Inala and Oxley both have train but watch the flood maps for Oxley.
     
    Dan.DK likes this.
  4. RetireRich101

    RetireRich101 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,149
    Location:
    Sydney
    Inala house median:
    2013 280k
    2016 355k
    27% increase in last 3 years...
    outside might see stigma, but local Nguyen, Ngo, Tran, Troang do not see this...
     
    Dan.DK, MikeyBallarat and Heinz57 like this.
  5. Dan.DK

    Dan.DK Member

    Joined:
    19th Aug, 2016
    Posts:
    8
    Location:
    Brisbane
    Thanks for the input VBPlease. I looked into Oxley as well. There are some properties for that price in Oxley but it is extremely hard to find. Because most of those properties are inside the flood zone so you will end up paying 5x more for the insurance. Personally I like Oxley as well. but with the financial restrictions it is bit hard. I can stretch my budget a bit more and I will be fine under this economy but considering the future, interest rates are going to go up and I will have to pay much more than I am willing to pay for that property.

    That is the thought process went through my head. but I am definitely going to do my research on the possibility of buying a house in Oxley before investing.
     
  6. Dan.DK

    Dan.DK Member

    Joined:
    19th Aug, 2016
    Posts:
    8
    Location:
    Brisbane
    I think Durack is an OK suburb as well. since I am not going to be living there for a long time. probably be there for 2 years and move on. rent the place out. :)
     
  7. Dan.DK

    Dan.DK Member

    Joined:
    19th Aug, 2016
    Posts:
    8
    Location:
    Brisbane
    Thanks RetireRich so you think it is going to be a worthwhile investment ? considering living there for a while and rent it out
     

Buy Property Interstate WITHOUT Dropping $15k On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia