QLD Is Redbank Plain with investing?

Discussion in 'Where to Buy' started by Brad England, 8th Feb, 2020.

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  1. Brad England

    Brad England Active Member

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    Hi there,

    I have a investment budget of 350k to buy a house in Brisbane . At the moment there are not much investment option available for my budget. I have tried north brisbane (Kallangur,Dakabin) and there are very few options. I am planning to explore Redbank plain. There seem to be multiple options available and with bigger lot. Plan to hold the property for at least the next 5 years Experets what are your opinion and suggestions.

    195 Cedar Road, Redbank Plains, Qld 4301 195 Cedar Road, Redbank Plains, Qld 4301

    8 Patsy Crescent, Redbank Plains, Qld 4301 8 Patsy Crescent, Redbank Plains, Qld 4301

    23 Peggy Crescent, Redbank Plains, Qld 4301 23 Peggy Crescent, Redbank Plains, Qld 4301
     
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  2. Closet

    Closet Well-Known Member

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    Try Clontarf, redcliffe, margate for a 2br fixer upper that you can convert into a 3br. Much better prospects than redbank plains. Can pick up in that price range if you are very quick and find something on a small block (350 - 400sqm). Checkout the sold history on REA for each of those suburbs and you will see what is achievable. Will need to do a fair bit of due dilligence on those to make sure they are structually sound...
     
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  3. Tom Rivera

    Tom Rivera Property Manager Business Member

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    @Brad England what are your objectives with the $350k?

    For example;
    - Those Redbank Plains properties are going to yield reasonably well and be very low maintenance, but potential capital growth is a bit limited and there's not much you can do to add value.
    - You could alternatively buy something older somewhere like Goodna, Beenleigh, Woodridge, etc (that budget gives you a lot of choice), tidy it up and then use that to leapfrog equity into the next house?
    - Or try to cram in somewhere as close as possible to Brisbane, e.g. Acacia Ridge, to really cross your fingers on capital growth potential.
     
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  4. TMNT

    TMNT Well-Known Member

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    agree with @Tom Rivera

    a lot of land out there, and a few land/soil issue areas,

    ive got one in ipswich, which isnt doing too bad, but long term CG im not that confident,

    if it must be Ipswich, id go closer in and larger land
     
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  5. Brad England

    Brad England Active Member

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    Thanks for the reply. I am a new investor and i am little scared of buying queenslander. The amount of TLC work to be done sometime scared me. I hear this a lot add value to property , can someone please explain what does it mean. Does it mean renovating the kitchen ,bathroom changing the floor all this could cost close 50k . As per market standards how many years it takes for property to appreciate ?
     
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  6. My House QLD

    My House QLD Well-Known Member Business Member

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    Value add can often mean cleaning, fresh paint, flooring, blinds and curtains and light fittings internally and externally can be as little as a yard tidy up. It's a common thing I do for clients in Brisbane, we often find buying a property that needs these basic works it adds value to the property and increases the rental yield.
     
    Last edited: 22nd Feb, 2020
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  7. Tom Rivera

    Tom Rivera Property Manager Business Member

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    Tidy up and renovations can be anywhere from $2,000 to $50,000 depending on the house you buy, your objectives and a variety of other variables.

    That said, I've found most will work with a $5,000-$10,000 budget. You will probably be trying to secure something with a solid kitchen, bathroom and overall structure. That leaves you with items like paint, flooring, window coverings and general maintenance (i.e make sure fittings and fixtures work and are in good repair), which can all be done on a reasonable budget for a high overall impact.
     
    Last edited: 23rd Feb, 2020
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