Hey from brisbane

hey guys!!

After some help but here's a quick little run down of me, the girlfriend and the situation.

-21 year old with the girlfriend(22) looking to invest in Brisbane
(Lived together for 3 years and being together for 5 years)

-live south side in calamvale but grew up in Sunnybank

-traded as a coach builder but work at a custom 4wd shop and metal fab shop.

-we have saved around 100k and save about 900 a week right now. ( we live with her parents rent free)

Anyway, we have being looking at houses around Logan ect. All the cheaper "investment" around Brisbane.

But I feel if we sink our money into a house out Logan and a "boom" happens we will miss the chance to buy in around Brisbane.

We are getting a bit older so I'd say this would be the last year living at home and guessing we will be out on our own by the end of this year/start of next year

Should we just bite the Bullet and buy within a 15km radius of Brisbane city and owner occupy get some equity then look to invest further out in a few years, and maybe get lucky with a boom? Also pay a lot more and stretch the budget.

Any help would be great

Cheers guys !

 

Yes. I think your analysis is quite sound whilst Logan is good for it's price bracket I really don't think you're going to get the same sort of capital gains as your will closer in to the city. Historically that's been the case. There is a bit of a correlation between capital gains and distance from the CBD additionally it's going to be easier to tenant without issues in a nicer suburb.
I think really look at getting something as close in as you can afford with good transport options good schools and good amenities and I think you'll be doing quite well over the medium to long term given Brisbane's affordability.
Try and aim for something with some value add potential don't go for anything that's too renovated make sure you get a decent block with decent access onto the block. You might not be in the position to add any value at the moment depending on your budget but give it a few years and you will be thinking about what you can do with the place.

Edit: I see you are looking to owner occupy you are in a good age range to be doing a sublease kind of arrangement so try and get something with an upstairs downstairs set up and put a few of your mates downstairs.

 

Welcome aboard

$100k is a good start - depending on your borrowing capacity you might be able to buy something in Brissy sooner rather than later.

Perhaps chat with a decent finance person about your options - plenty on here that would be willing to assist.

Cheers

Jamie

 

Hi Jayden
Welcome, good effort saving so much already, that's a great start. It sounds like you are both able to save money easily. I would see a broker to understand your borrowing power but first look at a budget including realistic expenses to see what you could comfortably afford and your SANF.

As you are familiar with Calamvale and surrounds I would look to buy locally for a ppor first and preferably a house. If you looked at areas nearby like Algester, Rochdale South, Springwood, Runcorn or even Shailer Park I don't think you could go wrong. FHBers and OOers are being pushed out of adjacent areas like Mansfield, Wishart, Sunnybank, Sunnybank Hills, Eight Mile Plains, Calamvale and Parkinson and even Drewvale. I think those sort of areas will grow in value with plenty of OOers in the market.

There might be a little LMI to pay and keep some cash in reserve, IO loan with offset but pay P&I equivalent payments into the offset so the money can be withdrawn if you want to upgrade down the track.

 

Thanks for all the help guys.

At least it sounds like we are heading in the right direction.

I would like to buy in Sunnybank ideally, I know it like the back of my hand. I don't know who's familiar with Sunnybank but there have being
Plans to upgrade market square. If you don't know market square it's the centre of the food and entertainment for the Sunnybank. Never can get a park there and always busy as anything.


Is there a broker on here anyone can let me know about around brissy?

Thanks guys

 

Hi Jayden,

There's a couple of meet up's in Brissy this week - one in the city around lunch time tomorrow, and an evening one the next day. Link to tomorrow @Gockie will be able to give some info on the other one, I can't find the thread right now.

If you can make one, it's a great opportunity to meet some other investors and get recommendations for brokers and so on.

Also re brokers, there's lots on here and they can work from all over so someone in Brissy isn't really necessary - we all service Australia wide.

 

Thanks @Jess Peletier

I would love to go to one but I work 6am-6pm mon to fri so I wouldn't be able to make them

 

That's a shame - are you feeling unwell at all? If so, I'm certain it will be significantly worse tomorrow. It might even warrant a trip to your conveniently located CBD doctor.

 

Haha yeah my eyes are sore, can't see myself coming in tomorrow

 

Realistically, I think Sunnybank is probably now well out of first home buyer price range. Even old, run-down houses on reasonable blocks are selling for $700K or higher for a knock down rebuild scenario, particularly those within a reasonable distance of Market Square, and are highly sought after.

Runcorn or Sunnybank Hills should still have occasional buying opportunities, maybe a smaller house in EMP.
Marg

 

Yes I agree. Sadly I'd like Sunnybank, I guess I'm "emotionally" attached because I grew up there. On the weekend looked around Runcorn. I did go to Runcorn high so I know a bit about it. I'm pretty sure last year Runcorn got voted one of the top crime spots in qld percentage wise Beating out places like Kingston ect in similar areas. But when your priced out of one suburb I guess you go next closest

 

I don't think you can lose in Sunnybank near market square. Its not subject to the same economic factors as the rest of QLD. That place is unique. I have spoken to chinese people about it and Asian agents and got a good feel for the psychology behind the buying decisions. I wished I had had those conversations ten years ago Expensive, but if its in your budget then why not. I prefer houses but a townhouse walking distance to market square I would still go with.

 

There are very few townhouses within walking distance of Market Square. Some big ones are being built now on the other side of Mains Road, but look to be
very high spec and would probably cost the same as, if not more than, many houses.
Marg

 

Any older brick units around Sunnybank?

 

Only one or two duplex or triplex blocks that I know of.

There are a couple of older blocks in MacGregor, maybe 6-8 units in each. But on the other side of Kessels Road.
Marg

 

I wouldn't be surprised if we see more being built over time. Even medium rise by Market Square. Its so popular