QLD IP in Brisbane 700 to 750K

Hi All,
I am looking to purchase my first IP and my budget is 750K.
Ideally, I would like to purchase a property between 700 to 750K (a house that does not need to be renovated and that I can rent out straight away) where it brings decent cashflow with long term growth potential in areas around 10 to 15 km from the CBD (and somewhere I would move into later in my life).

Earlier this year, my initial goal was to get into Holland Park/ Camp Hill area but I could not find much other than properties that are on the main road (and figured out that those areas are out of my budget).

I have not been an active member of this forum but have been following different posts and it gave me a brief idea on where to look (suburbs that are mentioned quite often).

Based on what I've read, I may be able to purchase a house that is within my budget in suburbs below (please correct me if I'm wrong):

Mount Gravatt, Mount Gravatt East, Upper Mount Gravatt, Carina Heights, Carina, Ferny Hills, Arana Hills, Mansfield

Here are some questions that I'd like to ask:

1. What's the difference between Mount Gravatt, Mount Gravatt East, and Upper Mount Gravatt in terms of capital growth potential and cashflow perspective?

Personally, Mount Gravatt East seems quite appealing as parts of it is within Cavendish Road State High School catchment and other parts of it is within Mansfield State High School catchment. However, I am unsure what the preference/demand is like between these three suburbs.

Also, I hear that Griffith plans to move out of Mount Gravatt, is this going to negatively affect the growth of these suburbs? (and does anyone know what the current campus will be used for?)

So far I could only find "The incorporation of these disciplines onto Nathan will allow us to move out of the Mount Gravatt campus within the next five to seven years, after negotiating with the Queensland Government for an alternative use. While Mount Gravatt has a proud history, particularly in educating teachers, it is no longer viable as a separate campus."

https://www.griffith.edu.au/__data/assets/pdf_file/0037/932698/Strategic-Plan-2020-2025.pdf

2. Is there any other positive factor for Mansfield other than 'good school' and 'close proximity to garden city' for an IP?
Only major things that I can think of is the school and proximity to garden city but I would like to know if there's any other pull factors.

3. I saw a lot of people mentioning Ferny Hills and Arana Hills. Personally, I am not familiar with the area at all (will do more research and visit the area after lockdown), but I wasn't sure what the pull factors are for this area and would like to know what make these suburbs attractive.

4. Similar to Question 1, is there much difference between Carina and Carina Heights in terms of capital growth potential and cashflow perspective?

I think Carina heights being next to Camp Hill is a big plus but I would like to know if Carina is as good of a suburb when compared to Carina Heights (if they are different, could you please tell me how they are different?).

5. Lastly, what's your opinion on Oxley and Corinda area? Just curious as these suburbs are close to where I work and seems to be within my budget.

Something like this?
https://www.realestate.com.au/property-house-qld-oxley-136653002

Apologies for such a beginner questions but I would really appreciate hearing from you all. Thank you in advance and if you have any other suburbs that you'd like to suggest, please feel free to let me know.

Hope you all stay safe and have a great day

 

I think there are more similarities than differences between Camp Hill Carina Heights and Carina. There are pockets of all three that are extra nice and there are some pockets super convenient to transport.

Adjacency to Camp Hill does seem to be beneficial to Carina Heights. Surely it benefits Carina equally? Carina also adjacent.

Both are good options.

Good luck!

 

I got many of aforementioned suburbs from your responses on posts boganfromlogan
I went and had a look at this property:
https://www.realestate.com.au/property-house-qld-carina-136611422
Whilst I like the fact that it is on a quiet street, I am not sure if it'll bring in decent cashflow.
Having said that, Carina seemed like a very convenient area.
I'll definitely keep my eyes out for both of them. Thank you for your response and hope you have a lovely afternoon

 

Mansfield has actually underperformed in last 4-5 years compared to all surrounding suburbs and you may still be able to find an older 3 bed house under $750k specially if the market cools down a bit due to lockdown. It has a decent school and parts of Mansfield are just across the creek from Carindale which has experienced a massive boom with no end in sight. I would highly recommend Mansfield if you can find something in your budget.

 

Corinda house under $750K would be almost impossible now. Check the flood maps if a cheapie comes on the market.

Oxley is gentrifying and fast. My son lives in Jutland street and there plenty of reno's and knockdown/rebuilds going on in that area. Be interesting to see what they get for that property in Landstead st as it looks fairly typical of the type of house you see come up for sale in Oxley.

 

Hi Standtall, thanks for sharing your thoughts May I ask how crime rate is like in Mansfield? I'm curious as I read a few comments on Homely regarding properties getting graffitied and broken into.
Also, is a property without a garage a deal breaker? I came across this property (link below) and it's renovated and all but doesn't seem to have a garage. I'd really appreciate hearing your opinion.

https://www.realestate.com.au/property-house-qld-mansfield-136577534

 

Hi EK01, thanks for sharing your thoughts. The property that've previously mentioned is on a flood free land but it also seems to be quite close to areas on 'low likelihood (0.2% Annual chance)' and 'very low likelihood (0.05% Annual chance)' of flooding. Do you think it is safe as long as it is currently on a flood free land or is aforementioned proximity to land with likelihood of flooding something to take into consideration? Would love to hear your thoughts

 

I have never lived in Mansfield, I just own an IP there and my tenants never had any issues that I am aware of.

With regards to this particular property, obviously not having a garage is a downside. Most likely garage was converted into storage for some reason in the past. You could possibly put up a car port next to where garage entrance was and wouldn't have issues renting out the property. This particular property could actually do very well on Airbnb.

Biggest downside is all the alternations and additions and whether they are approved. That detached studio is most likely not approved.

 

Thanks for getting back so quickly I wasn't sure if it would be possible to turn that storage space into a garage or to put a car port but if that can be done then it'd make things much better.
When I spoke to the agent, I remember him saying that that detached studio is approved (I may have misheard him though) but I will have to double check with him

 

Hi Kimmykim,

I would be happy to purchase in that part of Landstead street based on the Flood Map. It's about as dry as you could expect in Oxley on that side of the railway line.

 

How did you go with above property? I noticed it sold for $880k a few days ago.

 

Oh I went and saw the auction (didn't participate though) and the first price that was called was $750k then it went upto $880k towards the end! (and of course I am now questioning whether I'll be able to find a property under 750k in mansfield or aforementioned suburbs whahaha).

 

I would still like to find out what the pull factors are for Hills district and Ferny Grove as I see quite a few people talking about Ferny Grove. I am aware that Ferny Grove has that train station upgrade but is there any other elements that make these suburbs (Ferny Grove & Hills district) attractive? Would really appreciate to hear your thoughts.

 

I know what you mean .. a friend is looking to buy in Mansfield in your budget and he was even willing to buy this property listed at an asking price of $650k+ plus but by the time he called the agent, it was already under contract for around mid 700s.

67 Eastwood Drive, Mansfield, Qld 4122
https://www.realestate.com.au/property-house-qld-mansfield-129653598

 

It's just pretty leafy, been quite relaxed for many years. Lots of the kids that go to the school come from Samford etc. Decent blocks and close enough to easily commute, although that's changing with traffic becoming worse...

 

Ferny Hills and Grove have some excellent schools which is a drawcard for families. They are both attractive mid-ring suburbs; still delightfully bushy and green as the name suggests.

 

right. I'll have to check out the suburb once the lockdown is over.
Any thoughts on this property?
https://www.domain.com.au/ferny-grove-qld-4055-2017148098

 

I will definitely check the suburb out. I'm leaning more towards Ferny Grove than Ferny Hills as Ferny Grove falls under BCC but I'll have to look into it thanks for sharing your thoughts.

 

whoa mid 700s?!? I saw the ad earlier buut didn't expect it to sell at that price range. I could only find main road or properties that need work in Mansfield and Mount Gravatt area. I might have to look into other suburbs

 

Yes I was quite surprised as well.. it's not far from the flood-zone either, partially fenced and very unusual layout.