Hello from Brisbane. Looking for my first property

Hi everyone.

Basically, I'm 26, living in Brisbane and have a bit of spare cash handy and work a professional job with a good income potential and was looking at putting my savings to good use with my first property.

I was looking at buying an investment property somewhere around Brisbane for around the $500k mark but really don't know where to start so I found this place. What are some good threads out there you recommend to someone new to the game? Whether its on location, finance, legals or whatever, I'm happy to do some reading! Thanks

 

See some guidance I posted here:

Checklist/Questions for Property Experts.

 

Thanks heaps for that @wombat777 . I think I will consider a buyers agent at least for this first property, I really don't know where to start with where to look!

 

You really have to have some clear idea of what you want before you decide to engage a buyer's agent, who will act on your instructions.

After all, you would not just go to a car yard and ask a salesman to choose a car for you! Or would you?

House or townhouse or apartment?
Close to... bus? Train? Schools? Shops?
How big? Bedrooms? Bathrooms? Car accommodation?
How much land?
Brick or timber?
New? Older? How old?
Is your priority higher rental return or capital gain?

Drive around suburbs on the weekends. Visit any open houses. Talk to agents (ignore the sales pitch, ask why this is a good property). Attend a few auctions. Talk to friends, relatives. Ask why they bought or live in the location they chose. Look at bus routes and train lines.

Once you boil it down to something like ... I want a house, at least three bedrooms, on at least 400sqm of land within walking distance of shops and a train station somewhere around Coorparoo or that area. .... then you have something to work with and a starting point for discussions with a buyers agent if that is the way you choose to go.

Of course, the buyers agent may have other suggestions and you may even finish up buying something completely different.

Or you just might find something yourself.
Marg

 

Hi @Marg4000

I've had a think about this, I'm after capital growth. House 3 bedrooms in Brisbane. Budget around 500 to 550k. I don't know where to get one or where to start, I have spoken to one buyers agent who has said the first thing she will do is narrow down locations based on my criteria and go from there. Being close to schools and public transport is obviously a bonus.

One of the reasons I was looking at a buyers agent is I am time or working 45/50 hour weeks.

What else should I look out for?

 

Before diving into the deep end to buy consider what you are keen to achieve? What outcome do you want to achieve and in what timeframe? Are you keen to buy and hold or sell within five years time? To build wealth you need equity - are you purchasing for capital growth as being more important than yield? Perhaps read a few books such as Margaret Lomas' book on 20 Questions to ask before you purchase when assessing a property as one book of many.

Send a private message (PM) if you would like any research reports of specific areas in Brisbane, happy to send any information we have ...enjoy the acquisition journey